2023 has been a challenging year for everyone in terms of finances. With a surge in prices and rising inflation rates, a lot of things had to be left behind because they just didn’t fit inside our budget anymore. However, do not worry because some stuff is going to become much cheaper in 2024.
For those who had to minimize their traveling adventures, I’ve got great news for you. Traveling in 2024 is going to be cheaper because living costs have increased so much that scurrying around the world has become a luxury, which means fewer people will be going abroad. When demand decreases, prices will follow suit as well.
2. Household Appliances
Our economy is still recovering from the aftermath of the global pandemic. During that time, household appliances became so expensive that you would have just opted to get the old one fixed instead. However, as more and more time has passed, the industry has become much more stable, which is why prices are now going down. Get that toaster changed!
3. Used Cars
Similar to appliances, car parts were difficult to find since manufacturing stopped during the pandemic. This meant that all the demand shifted to the used cars industry because new cars just weren’t being made or were way out of budget. Funnily, this caused second-hand vehicles to become much more costly. But as we start to recover, used cars will become a lot cheaper.
If you’ve wanted to get your old television swapped out for a newer model, 2024 is the year you should do it. With technology advancing at an unbelievably high rate, more hi-tech models keep coming out, making the older ones obsolete despite having outstanding specifications. Wait for the latest iteration to get released, and then just buy the older one.
5. Electric Cars
The most significant cost when it comes to electric cars is the lithium-powered batteries that they need in order to function. In the upcoming year, these batteries will be dropping in price, which means that the overall price tag of electric cars will decrease as well. Even though they’ll still be heavy on your wallet, it’s a step in the right direction.
Earlier in the year, a bird flu outbreak caused harm to farmers’ flocks, which resulted in a low supply of eggs. Due to this, eggs became the new caviar. For all the omelet lovers out there, 2024 is going to be your year as eggs drop in value. Farmers have recovered from the loss, and their chicken population is now thriving once more.
7. Natural Gas
Winters are becoming more chilly which means that heating is becoming a more significant need. Though there won’t be a massive decrease in cost, natural gas is on a downward trend, according to the U.S. Energy Information Administration. For everyone who feels extra cold, you’re in luck.
Do you have your eyes set on that gorgeous sofa with smooth velvet cushions, but you just can’t seem to fit it into your monthly budget? Well, now you can! People were obsessing over redecorating because they had plenty of time to kill sitting at home. However, as we’re integrating back into everyday life, furniture is no longer a hot topic, which means now is the time to buy it.
9. Solar Panels
With the technological boom, solar panels will be much more affordable. Whether it’s economies of scale or any other reason, it’s time to rejoice, as your electricity bill will no longer give you a heart attack. Not only will you not have to sell your kidney, but it’s also much better for our environment.
10. Unpurchased Christmas Presents
Since Christmas has now passed, shops will now be putting on incredible sales on unbought presents and Christmas-themed goodies. Buy your wrapping papers, gift bags, and Christmas-themed chocolates and candies now for spectacular prices. Stocking up for the entire year will be helpful.
11. Mortgage Rates
Inflation is cooling down, and with that, the Federal Reserve might stop bumping up mortgage rates and even go as far as reducing them. For younger people and first-time house owners, this is the perfect time to make big moves as it will relieve some of that burden from their shoulders.
For gamers and tech enthusiasts alike, SSDs are becoming more and more affordable, so get your laptops ready for some snazzy upgrades. There is an oversupply of memory chips, and they’re scaling down production as well, which means that companies are reducing their prices to make them more attractive to consumers.
13. Some Groceries
Markets are starting to recover from what we’re calling the silent depression, which means that some groceries will be easier for you to fit into your monthly food supply. These include items that are characterized as dry goods and non-perishable in the aisles. Even though the overall grocery bill will likely increase, you can adjust your spending to lower your grocery cost.
14. The iPhone
Apple continues to launch newer and newer models, which works great for us as we can just buy the older iteration at a much lower price. Additionally, since it now costs so much to buy one, people have also started to go into different companies for their tech, which automatically means that the price is bound to go down. And yes, you don’t need that slightly better camera.