So what can I do? DH has a good job. I have a good part-time job. We have some money saved, but it's mostly in stocks (I figured because we're young, it was okay to put it in higher risk funds, and that we would move to more conservative funds right before our kids go to college or before retirement, etc). We haven't stockpiled, but we have a generally full pantry. Our cars are paid off. We have a mortgage, but that's it. Do we just wait and see? Or is there something useful we can do?
*save up a small emergency fund ($500-1k in cash). Keep it liquid, in a fire-proof home safe or in a safe bank. Check out www.bankrate.com for your bank's current rating.
* invest in reusable everything. Cloth dishtowels, napkins, rags, leftover food storage, etc. Yard sales and thrift stores are great sources for these things right now, but might not be in the future. As energy prices go up, the cost to make and transport disposable goods is going up.
* invest in energy efficiency - winterize the house, caulk is your friend, make window quilts, string a clothesline, install LED or CFLs, etc. If you can, when something breaks, replace it with the most durable, high-quality, energy efficient version possible. Energy prices over the medium and long term are only going up.
* stockpile food/toiletries/meds etc. Since food prices are going up much faster than wages, savings account interest rates or inflation this is the ultimate in buying low and "selling" (i.e. eating) high. When something is on sale, buy two. Or, in my case 20. Do you want to see my stash of free oatmeal?
* delay all non-essential purchases.
* learn how to do practical, useful stuff. Garden, can, sew, wire and plumb.
* save up 3-6 months worths of expenses. Keep it liquid to semi-liquid in cash or other FDIC-insured account: high interest savings account, CDs, money market account (which is different than money market funds that are in trouble now).