It’s a new year and Mellody Hobson is here to get us in shape financially for 2013.
So we avoided the fiscal cliff but there are other things in store for us in 2013 and I want you to be prepared. First of all, certain popular items are going to cost more.
For starters, cars will cost more. The government issued new fuel economy standards that require car companies to upgrade engines, and auto manufacturers are passing on those rising costs to drivers. The Toyota Camry will cost $175 more and for luxury cars, the 2013 Lexus CT 200h is nearly $3,000 more than last year’s model.
Next, grocery prices may rise as much as 4% according to the USDA. Last year’s drought led to a grass- and corn-feed shortage. That resulted in higher prices for beef, poultry and grain-related products. We avoided the dreaded “milk cliff” with a farm bill passed by Congress, but if that hadn’t happened the price of milk could have doubled overnight.
A third rising cost is health care. Employee health care premiums are expected to rise an average of 6% in 2013. Again, we’re looking at higher costs for employers who pass those expenses downward.
Finally, state college and university tuitions are expected to rise 4-5%. States have been feeling the economic squeeze and haven’t been able to keep up with rising tuition prices. Compounding that rising cost is the fact that financial aid isn’t rising.
I have one more, and you’re not going to like it. The price of copper is on the rise. Thanks to a move by the SEC to approve a fund to trade the metal, we could face copper scarcity and higher prices. Copper is used in plenty of consumer items, including residential water pipes, wire, pots, and kettles, and here’s the kicker, equipment for brewing beer. Who’d have thought that price of copper could affect how much you pay for a six-pack?
There are ways to save. For college students, it’s even more important to get that FAFSA form filled out early this year. That’s the Free Application for Federal Student Aid. Deadlines vary state to state, but you need to get it in early, so get crackin’!
Also, for as many things that will cost more in 2013, there are popular items expected to cost less.
First, expect lower prices on streaming video. Netflix has a new competitor in Redbox which may force them to cut prices. Also, eBooks will cost less. Last spring, the Justice Department sued five major publishers (along with Apple) over eBook price-fixing charges. The suit was a major win for Amazon and is expected to lower prices on ebooks going forward. Finally, experts are predicting lower prices for solar power and big-screen HDTVs.
Last but certainly not least, oil analysts at Deutsche Bank are predicting pleasure at the pump for a change. They predict the price per barrel to go from $100 to $70, which means drivers will pay less to fill up. This is a great way to save after having to pay a little more for your new car. Next week, I’ll talk about a bunch of great ways to save on grocery shopping to offset the rising costs of food.
Also On Black America Web:
This Week’s Celebrity Instagrams (10/15-10/21)
31 photos Launch gallery
1. Just a NY girl with BIG dreams....
1 of 31
2. HAPPY CHILDREN=QUALITY PARENTING. We don't always see eye to eye on everything and that's normal. We're human beings. But we come together and do it right for what's important, the kids. We are not enemies, we are parents. And we are parents 1st. S/O to @monyettashaw for making Mason's bday memorable. S/O to @itscrystalsmith at home taking care of our other lil' Prince. ❤️❤️❤️ THIS IS WHAT CO-PARENTING LOOKS LIKE. #Blessed #Happy #AboveTheDrama #BiggerThanUs
2 of 31
3. So happy to finally be able to share with you all that I’m the new Global Brand Ambassador for @Revlon! Follow my day on RevlonSnaps. Yay! Choose Love, Everybody! #RevlonXCiara #chooselove #ad
3 of 31
4. Glam on point!!!@makeupbymotoko & @shaylinjoneshair #easybreezy @lifetimetv #beachesmovie #january2017 😘
4 of 31
5. ✨True love ✨📸: @jessiemarrerophotography
5 of 31
6 of 31
7. Today was not easy..but by the grace of God we all got through it. Words cannot express our gratitude for all of your Prayers, Positive thoughts and Support for us throughout the years. Tommy will be missed but most certainly never forgotten...And PLEASE don't ask "Where's Martin?.." he was there too...just not in this picture. Lol! God bless you all.. #LoveConquersAll #MartinShow
7 of 31
8 of 31
9. West coast get ready for #RockyHorror. I will be live tweeting again. #letsdothetimewarpagain
9 of 31
10. #THEKEYS pre order yours now ... Available everywhere #NOV22 #WeTheBest 🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑🔑
10 of 31
11. We about to ROCK at #KCABlackBall!! All for our life-changing effort to end 🌎 AIDS.
11 of 31
12. Today's #SNAPJACK is brought to you by @yazzthegreatest 😂😂😂💋💋💋
12 of 31
13. Damn girl you kinda old to be headed to the Go Go. You coming in at the age they leaving. LMAO
13 of 31
14. Daddy daycare B-Boxin with @acewellstucker @shopraisingace
14 of 31
15. #FBF Naviyd & URV "LIL MONSTERS"
15 of 31
16. HAPPY BIRTHDAY TO ONE OF THE BIGGEST LEGENDS IN OUR HIPHOP HISTORY! @snoopdogg CONTINUED BLESSING AND LOVE FAMILY!!!!! REAL OG!
16 of 31
17. Thank you for a beautiful night VSU! Let's do it again! #HOMECOMING
17 of 31
18. Had a great time this morning with my familia Erica, Griff & Truth!!
18 of 31
19. Check out my interview on @essence facebook live. #inmyownwords #nycpromo #day2
19 of 31
20. #She💋 #tbt #TheCoveAtTheAtlantis #DawgPawsAndAll
20 of 31
21. Bae #retailtherapy
21 of 31
22. Why me and @coryhardrict got the same pose... and notee... new mouth #naked
22 of 31
23. When my husband is my personal 'hype-man'! it kills me every time! 💜😂 #WHATNOW #lostfiles📷
23 of 31
24. Diggy Simmons
24 of 31
25. Hand full of @jacquieaiche 💙💎💍 @esnail_la 💅🏾
25 of 31
26. SuperSoulers! You can watch my interview with Carl Lentz live from my Facebook page, tomorrow at 11a ET| 8a PT. #SuperSoulSunday
26 of 31
27. 💋 .. When the friendship is easy like Sunday morning. ☀️
27 of 31
28. Sunday mornings are the best........... hugs and cuddles with my angel
28 of 31
29. #huggar16 #hellohuggars
29 of 31
30. My gym is everywhere!.. #RnBMoney #TheGeneral 📸: @twelvepastseven
30 of 31
31. Nothing I would rather be doing... Rocko setting up our movie, Romelō working on a puzzle & Laiyah singing and sharing all she's learning at school... I'm so grateful for the joy they've brought into my life ... Praying for peace , joy & love in the home of EVERY family ♥️ #HeadScarfPJSunday LOL 😂
31 of 31