Spending Power

With the global economic slowdown and I just read from a blogger talking about China's slowest growth in 6 years. China as one of the biggest exportor to US is already feeling the pain. This will surely affect China, hence the region. Furthermore, our Market is not been performing well since early this year and worsen after the G.E.12.

As an ordinary person, I have been feeling the pinch since late last year. It's getting harder to juggle around the salary I have until the next paycheck. Things I don't pay attention like surveying prices, calculate my buying budget, limit my budget on groceries and shopping each time I go out have now became a norm. Life is not easy nowadays. Everyone is waiting for the yearly bonus announcement. We have to wait until our parent company announced theirs in April. Most of us already calculating how much bonus we might get based on the performance reviews. Most of us already planning how to distribute the small bonus that we might have later. I bet all will have the similar answers. The bonus is not enough to offset the credit cards, not enough to offset monthly installment, not enough to pay loan, not enough to pay back friends, or not enough to buy a new furniture for a new house.

My spending power is getting smaller and smaller by the day. The up-market restaurants are not doing so well either (from a conversation with a friend). Shopping malls have to continously promoting "sales" to lure customers to buy and shop. However, from my observation, shoppers are not likely to go to areas with 30% and below. Most will go to areas with 50% or 70% discounts. Even I won't buy anything that starts with a 4. My limits now is at 3. If a shirt cost $30, it's now too expensive for me. Sometimes I will buy if the materials are of good quality but I normally settle for $20+. There is no need to dress expensive as I'm sure everyone is tight on the budget. As for eating out, well, this is the only thing a family can do on an outing that doesn't burn a big hole. Since a mom and dad can't really buy many toys or clothes or holiday for their family, go window shopping and eat at the food court will be the weekend entertainment and family gathering. For budget concious person like me, I don't really go out to eat anymore. I calculate ev everrything I spend and I limit my spending amount every week. Even with that, it's a struggle to keep end meets.

Looking at my situation, I'm consider blessed compare to so many people who go hungry everyday. In my company, most of the staff are unable to save for emergency. Their only saving is the employment provision fund. It's sad that in a civilised world, we are still struggling. Some of them have part time jobs to earn extras. Some share their lunches during month ends. Most of their lifestyle are very simple. Even their food and groceries are simple too. The store below my office usually sells over-night meat or fish in bundles. These are sold in an open space and not place in a freezer. Therefore, its normally not fresh the next day but still edible. They also sells vegetables and fruits in bundles too. What the store assistants did were to cut out all the good portion of the vegetables and fruits. Then they pack it together in a plastic bag. These bundles are sold in a very cheap price. You can get a packet for $1 - $2 only. Sometimes, it's a big packet. This is how most of staff buy their groceries. It's sad that not everyone can afford to eat fresh vegetables, meat and fish.

Being a US dependence country, the global slowdown will affects everyone even more this year. Time to put away as much pennies we can spare.