If you’re revamping your budget for 2018, you’ll definitely want to take these increased line items into consideration:
Groceries
According to the U.S. Department of Agriculture, grocery prices are predicted to increase as much as 2% in 2018. Americans spend, on average, 6% of their monthly income on groceries and 5% dining out.
JCU Tip: Download digital coupons, sign up for your grocery store’s free reward card and plan meals around what’s on sale.
Health Care
Medical costs are projected to rise by 6.5%, according to the PwC Research Institute. Some prescription drugs will be going off patent in 2018, leading to less opportunity to use generic versions of some medications.
JCU Tip: Be pro-active and take advantage of any yearly health visits covered by your insurance. An ounce of prevention is worth a pound of cure.
Housing
Zillow predicts that the average home price will increase by an average of 3.1% in 2018. Looking to rent? You could pay 1.6% more as well.
JCU Tip: Visit with the our mortgage lending team to see if financing your next home with us could save you thousands in interest over the life of your loan. We can also help you refinance your house, or make improvements with a Home Equity Line of Credit.
The good news is, while some costs will inevitably rise, there are a few items that will cost less in 2018! This includes smart technology (like Alexa and Google Home), cosmetics and clothing!