Here's a list of some of the major items that will cost more in the year ahead, and what you can do about it now. Housingįor some, buying a house has been one of the pandemic's greatest challenges, even as mortgage rates hit record lows. Unfortunately, 2022 could be another year of new highs as home prices continue to appreciate two-to three-times faster than a year ago - across all cities, according to CoreLogic Deputy Chief Economist Selma Hepp. "An expected increase in mortgage rates next year will present further challenges," she added. Pro tip: Higher rates could help dampen demand for homes, at least a little, which may result in less dramatic home price growth and fewer bidding wars, eventually making it easier for some homebuyers to get in the door. And with rent prices going up, it will still be a good time buy. Going to the grocery store is going to start eating away at your budget very quickly. It's not just staples like eggs, meat and milk that are getting more expensive Coca-Cola and PepsiCo also announced price increases, thanks to more supply-chain and labor problems. Even Oreo cookies, Ritz crackers and Sour Patch Kids will cost more in 2022, Mondelez CEO Dirk Van de Put recently told CNBC - starting with a 7% price hike in the beginning of the year. Pro tip: It'll be hard to avoid getting gouged on groceries. Watch for weekly sales and stock up when you can, Ramhold advised. And while clipping coupons may seen outdated, many stores have digital deals or membership discounts that will save you money. A credit card with grocery rewards can help with your weekly spending, as well. ClothingĪmericans are finally ready to say goodbye to their sweatpants but this isn't going to be the best time to shop. #GOODWAY RAM 4 PARTS LIST FULL#Įven though clothing sales are expected to make a full recovery this year with many shoppers looking to refresh their pandemic-era wardrobes, supply chain pressures will drive retail prices higher by an average of 3.2%, according to a report on the Business of Fashion by McKinsey - and 15% of fashion executives expect to increase prices by 10% or more in 2022. Pro tip: Before buying anything new, turn your old clothes into cash. You can consign in person or online through site like Tradesy, Poshmark and thredUP.Īfter gasoline prices jumped a whopping 58.1% over the past year, it's hard to imagine paying even more at the pump. And yet, in some states, including Michigan, Indiana, Ohio, Illinois and Kentucky, gas prices are likely to bump up even further "very soon" due, in part, to a rise in wholesale prices, according to. Pro tip: Depending on where you live, there can be big price swings between gas stations. Even if the difference in price per gallon doesn't seem like much, it can still add up to hundreds of dollars a year. Restaurants have been under pressure since the very start of the pandemic and ongoing staffing challenges aren't going away anytime soon. As a result, most have had to raise wages to attract workers on top of paying more for food and that means menu prices will be going up, too. Pro tip: Look for weekly specials or dining deals, like two-for-one burger nights. Sometimes getting more for your money is a good way to add value even at a higher price. More from Personal Finance: More Americans took on holiday debt this season How to get back on track after blowing your budget Do you think you have a spending problem? 7. New car prices are at an all-time high, while used car and truck prices, which used to be a good way to score a deal, have been driving the inflation burst, up 31.4% year over year, making this a particularly challenging time to shop for an automobile. Pro tip: You may not be able to get the price down, but dealers are paying more for used autos, which means you could get more on a trade-in, or a lower-than-market price in a lease buyout.
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