Looking forward to all that 2020 can bring? Here’s another thing you can add to that list: saving money on things that will be cheaper in the new year!
1. Delivery services
Getting everything from electronics to your groceries delivered straight to your doorstep is becoming the norm these days. This is why the delivery service market is booming. With a lot of new players entering the industry, competition is increasing and companies are fighting over who can offer the cheapest service. it’s very possible that the price of delivery services will fall quite a bit in 2020, and with the price of gas as it is, that might be a very good thing!
Thinking about saving up for retirement? 2020 might be the perfect time to start! According to financial experts, the investment market is booming. Financial institutes are offering zero-trade commissions and competition is only driving the price further down. Online brokerage firms also make it pretty simple for the regular person to invest.
3. 2019 Smartphones
If you’ve been having your eye on a smartphone that came out recently, wait until the new year passes. It’s no secret that large smartphone companies like to drop new models every year, and when that happens, the prices of the previous models are slashed dramatically. Sure, you may miss out on a few of the latest updates, but it doesn’t really matter to the average smartphone user and there’s not going to be too huge a difference, anyway.
4. Premium Televisions
If you’ve got plans to upgrade your television set to a premium model, 2020 may be the right time for you. According to industry experts, technological advances in OLED (Organic Light Emitting Diode) technology can end up causing the prices of OLED TV sets to go down by 15-20%! Not only will you get a better entertainment experience, but it’ll also be cheaper too!
Energy bills are one of the biggest problems faced by modern households, especially since everything these days seems to be running on electricity. Thankfully, the rise of renewable energy may mean that the price of power may go down very soon. This is because renewable resources have zero marginal costs and require little money to operate. Furthermore, solar investment tax credits may be increasing as well, which will make more solar power available, driving the market price of electricity even further down.
Renewable energy is the hot new commodity, but that also means there’s an increased demand for energy storage. Lithium-ion batteries are one of the most popular and efficient forms of energy storage of today. These batteries are used to power a wide range of items from phones and laptops to even electric scooters and cars! Since higher demand requires mass production, costs can be cut down, which means the price to the customer will also be lower. This could even have a ripple effect in causing the prices of phones and electric vehicles to fall.
7. Discount groceries
Your trip to the grocery store could end with a much lower bill than you’re used to paying in 2020! Although food inflation is a real issue, with the rise of low-cost grocery brands like Aldi and Trader Joe’s will see the total cost of groceries falling. USDA analysts also predict that the prices of products like fats, oils, or processed fruits and vegetables will decrease due to “shifts in agricultural conditions, supply or demand could impact consumer costs”.
8. Electric vehicles
Are you coveting an electric vehicle? 2020 might be the right time to take the plunge and get one already! As society grows more concerned with conserving energy and reducing pollution, electric cars are becoming really popular. Technological advances like cheaper and longer-lasting batteries as well as reduced production costs due to “economies of scale” (a term describing the increased production of an item leading to lower costs and more efficiency) will make electric vehicles a lot more affordable to the general public.
9. Real Estate
Are you planning on selling your home or another piece of property? In 2020, you may be able to save a lot of money that is usually taken up by real estate transaction costs. Usually, closing costs and realtor commissions could be anywhere from 8-10%, but the future might be a bit better for home sellers with more competition in the real estate brokerage market and the rise of discount brokerages. Of course, a discount brokerage isn’t suitable for all home sellers but you do have the option.