As our world evolves, so do the economic challenges. There are quite a few things we believe are going to get more expensive in the next few years, and the middle class might not be able to afford them anymore. Here are 25 of these things.
New Cars
Buying a new car used to be a pretty important milestone, but now, it’s becoming a financial burden. Tech and safety features are driving prices up so fast that only those with plenty of savings can swing one. Unless you’ve got a hidden treasure chest somewhere, you might want to hold off on that dream car for now.
Private School
If you’re thinking about sending your kids to private school, then you should’ve started saving yesterday. School fees are climbing pretty high, and the average annual cost is $12,350 for tuition alone. Is it worth adding a mountain of school fees to your daily expenses? We didn’t think so.
Homeownership
With each passing day, the dream of homeownership is getting further and further away for the middle class. Sky-high prices and tough bidding wars have made it a huge challenge that’s not for the faint of heart. Home sweet home will have a new meaning in just a few years, and not for the better.
Doctor Visits and Pill Bottles
Next time you’re at the doctor’s, you might get a bit of shock with your prescriptions because healthcare costs are soaring. Soon enough, keeping up will become a major feat. We all wish that staying healthy was simpler, but now the focus is more on managing expenses than avoiding germs.
Leisure and Travel
The days of spontaneous trips and yearly vacations seem like they’ll disappear in a few years, mostly because of rising travel expenses. Those dreams of sunbathing on exotic beaches? Yeah, they’ll probably just be daydreams. Even the middle class will have to pinch pennies and look for deals just to get away without breaking the bank.
Safe Investments
If you’re looking for a safe bet for your savings, good luck. Interest rates and market predictions are more unpredictable than ever, making even “safe” investments a gamble. Right now, it’s difficult enough trying to protect your savings from inflation, but in a few years? It will be basically impossible.
Childcare
With the price of childcare soaring and available spots disappearing, parents are feeling the squeeze with childcare. According to a Care report, the average weekly cost of a babysitter is $192, while daycare is $321. These figures have been steadily rising, and soon enough, affordable childcare will disappear completely.
Organic Food
Forget about farm-to-table freshness because the way things are going, organic food will become a luxury in the next few years. Sure, it’s already expensive, but it’s only going to get worse. Rising demand and limited supplies are already pushing prices even higher, making the healthier option also the more expensive one.
Organic Cosmetics
Speaking of being environmentally friendly, lots of people are using organic cosmetics to avoid harsh chemicals. The problem? Like most green things, they’re becoming more expensive as material costs increase. You might have to start thinking twice about whether you want your wallet or Mother Nature to feel the punch.
Branded Clothes
It might be time to kiss those trendy brand names goodbye, as middle-class families might have to rely on generic brands to keep their closets stocked. Of course, that doesn’t mean they’ve got to sacrifice their style completely. You can find a ton of unique clothes at thrift stores or even get some gently-used branded clothes online at a fraction of the cost.
New Tech
Those yearly phone upgrades or the newest game consoles will probably be a thing of the past soon. As technology gets more advanced, our current technology becomes useless much faster while their price tags keep rising. But hey, who needs the newest phone when the one you’ve got works perfectly fine?
Film Subscriptions
There are already so many film streaming platforms out there that have their own exclusive content, and it seems like this problem’s only going to get worse. The good news is that you don’t have to subscribe to everything at once. If you rotate which service you pay for each month, you’ll catch up on all your favorites without breaking the bank.
Music Streaming
It’s not just film subscriptions, as music streaming services are set to get more expensive, too. As platforms add new features and exclusives, the costs are creeping up faster than the time it takes to play a CD. If you’re not careful, you’ll have to choose between your morning coffee and your workout playlist.
Gym Memberships
Remember the days when hitting the gym didn’t feel like you were lifting weights and your wallet? Those days are getting further away from us as gym memberships are getting more expensive. And it’s all thanks to that high-tech new equipment, which will have you swapping the treadmill for a run in the park.
High-Speed Internet
In today’s world, being online is pretty much a basic need, but it’ll soon be a luxury with the way that internet costs are going. We’re looking for faster and more reliable internet to stay connected, and lots of providers see this as a chance to raise their prices. Before long, you’ll feel nostalgic about dial-up.
Electric Vehicles
With the world trying to go greener, electric vehicles seem like the future, but maybe just for the wealthy. You’ll save on gas, although the upfront cost looks like it won’t be worth it, and then there are all those extra costs. Most of us will probably be dreaming of electric sheep instead of driving electric cars.
Professional Development Courses
Everyone knows it’s important to keep our skills sharp in today’s job market. Sadly, it looks like that’ll just be an exclusive for the extra wealthy, no matter if you’re learning a new programming language or getting a project management certification. The school of hard knocks is probably the most affordable kind of alma meter.
Premium Coffee
That daily latte habit might become a luxury before you know it, and it’s all thanks to climate change and global demand. Instead of being a morning pick-me-up, your favorite coffee could become a once-a-week treat, so it might be time to learn the art of home brewing. After all, there are a ton of benefits to it.
Smart Home Devices
Everyone’s talking about making their homes smarter with technology because you can control your home’s temperature and lights with just a few taps on your phone. Sounds great, right? Well, the catch is the price tag, as the smarter these gadgets get, the pricier they are, too. Suddenly, flipping a light switch manually doesn’t seem so bad.
Designer Pets
Who doesn’t love the idea of having a fluffy designer dog or a cool exotic cat? But as the demand for these picture-perfect pets keeps rising, so does the cost of bringing them into your family. Instead of emptying your savings for a trendy pet, you’re probably better off checking out your local animal shelter.
Home Renovations
Analysts have predicted that the number of people working from home will increase in the next few years, meaning that more of us will be itching to give our homes a makeover. Sadly, the high price of materials and skilled labor will turn dream projects into financial nightmares. Maybe it’s better to just love your home as it is.
Movie Tickets
A trip to the movies used to be a cheap date idea, but not anymore. Now, with immersive experiences like IMAX and 3D, the cost of a cinema ticket is enough to make you jump out of your seat. If things continue this way, we might find ourselves watching the newest releases at home instead, along with microwave popcorn and a comfortable couch.
Fine Dining
Eating out at a high-end restaurant has always been an occasional treat, but now it’s getting pricier as chefs look for more local or artisanal ingredients. It’s great for our tastebuds, but not for our wallets. What’s the alternative? Become a master chef in your own kitchen for those romantic nights in instead of out.
Solar Panels
Switching to solar panels is a win-win for your electricity and Mother Earth…or at least it is in theory. The initial price to set them up isn’t exactly pocket-friendly, and the costs are only going to continue to climb. There’s definitely some long-term benefits, but that short-term pinch is pretty tough.
Home Security
Across the USA, crime rates are rising and many people are investing in home security systems for peace of mind. Sadly, if you’re thinking about getting one, you might want to do it now because it looks like they’ll get more expensive. Looking after your things will be a luxury just for the affluent to afford.
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