Looking to save money this year? Here are nine things you can get cheaper in 2020.
9. Fresh Fruit
Ever notice how fresh veggies are so much cheaper than fresh fruit? Well, all of that is about to change. Thanks to government allocation of funds to states to subsidize produce, the cost of fresh fruit will decrease in 2020. Although the price has been steadily dropping since 2018, it’s about to get a lot cheaper. This is primarily due to retaliatory tariffs from China and other nations. Because fruits grown in the U.S. aren’t moving as many units, American consumers buying fruits made in America will get them at a discount. In fact, these fruits will be cheaper than they’ve been in a long time.
TIP: Apples and cherries were hit the hardest by the retaliatory tariffs, so you’ll likely see bigger discounts on these items.
8. Natural Gas
It can be expensive to heat your home with natural gas. Thankfully, natural gas customers will see their bill lowered in the coming months. This is all thanks to a warmer-than-normal winter, which resulted in more supply than demand. According to Forbes, the U.S. gas market is oversupplied by 2-3 billion cubic feet per day (Bcf/d). “Already with storage nearly 20% above where it was this time last year, the next two withdrawals are projected at just 55 Bcf and 90 Bcf, as compared to their five-year averages of 184 Bcf and 182 Bcf,” Forbes said in an article published on its website.
Good news! It’s not just natural gas customers who’ll be saving a few bucks on their energy bill in 2020. According to an article published by Reader’s Digest, there will be a potential price decrease — at least in certain areas anyway — thanks to a rise in renewable energy sources. “As more renewable resources come onto power markets across the country, the average power price paid to generators continues to fall,” Riley Adams, a certified public accountant and the founder of Young and the Invested, told Reader’s Digest. “Because renewable resources have zero marginal cost to operate, this lowers the average market power price for all types of electricity.”
6. OLED Televisions
Thanks to advancements in Organic Light Emitting Diode (OLED) technology, premium TVs will be priced lower in 2020. “If you’ve been saving and are ready to upgrade your entertainment experience, you may see prices reduced by 15 to 20 percent on OLED TVs next year,” David Cahill, founder of Finance Superhero, told Reader’s Digest.
FYI, Vizio announced in January that it would begin manufacturing OLED televisions. The new TVs will come out later this year and will be available in 55 and 65-inch models. Pricing and availability for the new TVs have yet to be announced.
5. Delivery Services
If you love having your groceries, meals, and other products delivered to your front door, we have good news for you: delivery services will be cheaper in 2020! That’s because more companies are entering the delivery space, so competition for cheap delivery is on the rise. This translates into lower prices on this service. “With businesses trying to compete with Amazon Prime’s fast and free delivery to members, food and grocery delivery services are trying to stand out by decreasing delivery prices,” Laura Harders, founder of BeltwayBargainMom.com, told Reader’s Digest. In fact, we’ve already started seeing this happen. Last year, Instacart slashed its grocery delivery fees, and Harders expects other companies to follow suit in 2020.
Last year, major brokers like Schwab, E*Trade and TD Ameritrade announced that they were getting rid of stock trading commissions. As a result, investing just got a lot cheaper. And, as more brokers get on board the $0 trading commissions train, the cost to invest — whether it be in stocks, bonds, IRAs, etc. — will continue to decrease.
DID YOU KNOW?
Some brokers also offer $0 account minimums and the ability to buy fractional shares of stock, making it super easy and affordable for you to get started investing.
According to The New York Times, American consumers are bearing the brunt of President Trump’s trade war. Fortunately, some appliance manufacturers have found a way around this. According to an article published by DealNews.com, both LG and Samsung will open factories in the U.S. this year. “Once their products are considered domestic, they’ll no longer be as impacted by tariffs,” the article reads. “So consider waiting to buy unless your brand of choice is something else. In that case, consider saving more and paying more.”
According to AAA, spring (and summer too) brings higher gasoline demand, which consequently brings higher gas prices. But, the U.S. Energy Information Administration forecasts that average barrel prices in 2020 will be down $3 from what it was in 2019. The forecast was based on the expected increase in global oil inventories in the first half of the year. This news comes just in time, too, as, unfortunately, cars are expected to be more expensive in 2020. Well, not all cars, as you can see below.
1. Electric Vehicles
While the cost of most cars is expected to rise in 2020, electric vehicles are expected to be significantly cheaper this year. That’s because, “technological advances, such as cheaper batteries that maintain a longer charge, will reduce production costs and make electric cars more affordable for the masses,” Mike Collins, founder of WealthyTurtle.com, told Reader’s Digest. “Also, the increased popularity of electric vehicles will bring economies of scale.” The term “economies of scale” basically means that increased production will help manufacturers of electric vehicles become more efficient. This efficiency, in turn, could drive costs down even more, Collins noted.
Your turn! Have you noticed any products and services that have gotten cheaper in 2020? Tell us about them in the comment section below.