There’s an old idiom about saving for a rainy day, which means that it’s wise to save money for a future – and possibly unexpected – need.
Of course, the premise refers to a singular day, not days. It’s hard to save for a deluge on the horizon that makes Noah’s Flood look short.
Unfortunately, that’s what the Cayman Islands – and much of the world – has coming when it comes to the price of oil and many foods.
The cost of living is about to go up significantly for a number of reasons. The unrest in the Middle East and North Africa have already pushed oil prices to three-year highs.
Analysts predict gasoline prices in the US will soar to as high as $5 per gallon by the end of May, which would mean fuel prices here could approach $7 per gallon.
Higher fuel prices mean higher costs of electricity, higher costs of transportation, higher costs of goods and services and higher costs of just about everything.
Food prices, which are already rising for a number of other reasons including weather and biofuel production, will also go up because of higher oil prices.
Prices are going up in several areas and there’s little anyone here in the Cayman Islands can do but grin and bear it. It’s true that rent rates are the lowest they’ve been in a decade, but that’s little comfort to those who own their home or have rental properties.
Rainy – actually rainier – days are indeed coming. However, hard times usually bring opportunity, sometimes in the form of personal betterment.
It can be a time to address unhealthy habits like eating too much or eating unwholesome foods.
It can be a time to look at different ways of spending your free time, concentrating on quality time with your loved ones doing things that cost little or no money.
Instead of a vacation abroad, consider vacationing here in the Cayman Islands, taking advantage of the discounts many tourist attractions offer to residents.
There’s another old idiom that states the best thing to do when life serves you lemons is to make lemonade, and that’s the attitude we’re all going to need in the long months to come.