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Seven Items Going Up In Cost In 2015!

Everybody says that inflation is staying low, but besides what we see at the gas station you wouldn’t know it when you go to the checkout counter.   While it only costs about half to fill up our tanks, some categories of spending continue to defy gravity going into 2015.   Here are seven items that are going to climb in 2015 and your smart money moves alternatives to keep your dollar stretching throughout the year.

  1. BOURBON
    Bourbon sales continue to skyrocket as the demand for higher end bourbon brands continue to be sought out across the country.  These bourbons may need a 10 to 20 year aging process, so production is extremely limited at this time.  However, just like wine, most of the average bourbon drinkers couldn’t really tell the difference between a higher end and lower end bourbon, and some distilleries make multiple brands in the same place just with a different blend.  Try something like Old Crow or Kentucky Gentlemen if you want to do bourbon on a budget.
  2. EGGS
    Starting January 1st, California put in a law for chickens to have more room to spread their wings.  Really, they need more space? Chicken housing is so expensive that farmers reducing the number of birds.  Egg prices could go up by 20 to 30% here in 2015.  You might try egg whites by the carton for a little cheaper price and still get your protein.   Also, bananas can be used as a substitute for some recipes where you would normally use eggs.
  3. COFFEE
    K-Cups will be going up 9% this year and Starbucks should go up as well because of a severe drought in Brazil.  If you are willing to do a 180 on your morning drink, green tea could be an alternative to get the caffeine kick without the sticker shock.  Also, if you can stomach doing a reusable K- Cup, then I might recommend using a less expensive filler such as Folger’s coffee when you use the Keurig machine in the morning.
  4. OLIVE OIL
    Italian olive growers have recently weathered what some are calling the worst year in memory for producing Olive Oil.  Output from Italy decreased by 27%, and Spain suffered a horrendous drought as well.   You might try rationing yourself by doing Olive Oil from a spray can or if you can alter your taste buds just a bit, then use Canola Oil and cook on a slightly lower heat.
  5. HEALTH CARE
    Of course with the 23 million new Americans on health care, costs would inevitably go up.  Many Americans experienced double digit growth of their premiums this year, and their employers are asking them to share more of the burden of responsibility for their premiums.  If you can stay healthy, take a look at doing a high deductible health insurance plan with a health savings account.
  6. COLLEGE EDUCATION
    My friends, this is, simply and purely, supply and demand.  When schools are getting 5x to 10x the amount of applicants as they have spaces to fill they can continue to drive price up in an unreasonable fashion.  At the current inflation rates, a newborn today would cost more than $300,000 for four years at a top end private school for a college education.   Look at testing out the Academic Common Market or exhaust your public in state school options to keep your family budget in check.
  7. MUSCLE CARS
    With some 77 million baby boomers headed into retirement, they have shown no sign of slowing down when it comes to spending disposable income on muscle cars.  Automobiles such as Mustangs or Chevelles have been flying off the shelf.   You might want to consider looking at an Impala or a Pontiac GTO as an alternative.

Each and every year, we want to continue to give you smart money move budgeting information so you can get your dollars working harder for your family.  Keep these seven in mind for 2015.

Written by: Ted Jenkin
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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

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2 Comments

  • Avatar
    Lynne
    February 16, 2015

    Have you renewed your auto insurance lately? The Liability component of my auto insurance just went up by 12%, which the insurance company told me was completely due to the increase in cost of medical care where I live. I thought I had already helped pay for everyone’s health care when my health insurance cost went up by 30%. But the auto insurance companies are also trying to claim a piece of the health care system boondoogle pie. (Having been inside a commercial chicken factory, I want to pay a few more cents for slightly less cruel and unhealthy egg production.)

  • Ted Jenkin @ Your Smart Money Moves
    February 24, 2015

    Wow! Auto costs are skyrocketing as well. Great add to the list!! Thanks Lynne

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