One thing is certain: 2022, is going to cost you.
Consumer goods are rising in price due to supply chain issues and inflation.
Julie Ramhold, a consumer analyst with DealNews.com, said there was no way to escape.
You can shop smarter for the things you need.
Here is a list of items that will cost more in the year ahead, and what you can do about it now.
1. Housing.
Even as mortgage rates hit record lows, buying a house has been one of the greatest challenges for some. Home prices are expected to appreciate two-to- three- times faster than a year ago, and that could lead to another year of new highs. She said that an expected increase in mortgage rates next year will present further challenges.
Higher rates could help to damp 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. It will be a good time to buy with rents going up.
2. Food.
A grocery store is in New York.
Going to the grocery store is going to cost you a lot. Mondelez CEO Dirk Van de said that the price of cookies and crackers will go up in two years.
It will be hard to avoid getting ripped off on groceries. Ramhold advised to watch for weekly sales and stock up when possible. Many stores have digital deals or membership discounts that will save you money, even if you don't use coupons anymore.
3. There is clothing.
This isn't the best time to shop as Americans are ready to say goodbye to their sweatpants. Even though clothing sales are expected to make a full recovery this year, 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.
Turn your old clothes into cash before you buy a new one. You can consign online or in person.
You could be in a cold sweat this season if you have heating bills. According to the Winter Fuels Outlook 2021, nearly half of households that heat with natural gas are projected to spend more than they did last winter. Electricity users are expected to spend more than Propane users and heating oil users are expected to spend more than Propane users.
Consider a home energy audit to spot and fix potential leaks and find areas for improvement, like seal drafty windows. In some states, utility companies may offer the service for free.
5. There is gas.
A gas station is in Los Angeles.
It is hard to imagine paying more at the pump after gasoline prices went up 58.1% over the past year. In some states, including Michigan, Indiana, Ohio, Illinois and Kentucky, gas prices are likely to go up even further due to a rise in wholesale prices.
There can be big price swings between gas stations. It can add up to hundreds of dollars a year if the difference in price per gallon doesn't seem like much.
6. Dining out.
Restaurants have been under pressure since the start of the Pandemic and ongoing staffing challenges aren't going away anytime soon. Menu prices will be going up too because most have had to raise wages to get workers to work for them.
Two-for-one burger nights are a good example of weekly specials. Sometimes getting more for your money is a good way to add value.
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7. Cars.
Used car and truck prices have been driving the inflation burst, making this a particularly challenging time to shop for an automobile, as new car prices are at an all-time high and used car and truck prices have been driving the inflation burst.
If you can't get the price down, 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.
8. There are computers and electronics.
The ongoing chip shortage has made it difficult to buy a video game console, even if you are willing to pay a premium, since there is less inventory.
When retailers mark down last year's models to make room for this year's offerings, the best sales of the year are coming up around Presidents' Day and Super Bowl Sunday. Ramhold said to score what you can when it's in stock. Even when supply catches up with demand, these prices will not come back down.
Even small updates won't come cheap, even though shelter at home sent most people into a renovation frenzy. According to the United Nations Conference on Trade and Development, furniture prices could go up by more than 10% in the year ahead. The price of building supplies is high.
If you want to get a much-needed boost, you should clear out your space and get a fresh coat of paint.
10. Medical care.
Paying for health care was a problem before the Pandemic. The cost of care is out of reach for many Americans according to a medical index published by a consulting firm.
Don't delay going to the doctor. Tax-advantaged accounts for medical expenses are one way to help with the cost. You need to enroll in a high-deductible health plan in order to use an HSA. Contributions grow tax-free and you can invest that money to keep pace with or beat health-care inflation.
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