The new year is almost upon us, and that means it’s time to update your budget. It’s a good idea to do this just because regularly monitoring your budget is a smart way to get the most out of your money. But there’s another reason your budget needs a once-over in 2019: There are quite a few things that are going to be more expensive next year. Let’s take a look at some of them.
Marketwatch reports that the cost of employer-sponsored health insurance will likely increase by roughly 4 percent next year. That means higher premiums and deductibles for you.
The economy has been doing well in 2018, and that is expected to continue in 2019. On the negative side, that likely means interest rate increases from the Fed. When that happens, you’ll be paying more on variable types of debt in 2019, from credit cards to some mortgages. On the bright side, rate increases usually mean increased yields for things like savings accounts and CDs.
FedEx and the United States Postal Service (USPS) have both announced that shipping through them will be more expensive in 2019. FedEx said they’re raising rates by five percent, starting in January. The USPS said it will hike up the cost of Priority Mail by 4 percent, and might increase the cost of the Forever Stamps from 50 cents to 55 cents.
Taxes on imported steel and aluminum and a potential 25 percent tariff on foreign made vehicles could make 2019 a tough year to buy a new car. While there’s no official word that these taxes will be enacted, if they are, you could end up paying roughly $7,000 more for an imported car and $2,200 more for a car built in the US.