Here are 5 things that will get likely more expensive in 2025 no matter what Trump does in the White House
President-elect Donald Trump is set to take office on Jan. 20. Once he takes the reins, a number of economic changes could ensue.
Trump has proposed slapping tariffs on goods the U.S. imports from other countries, which he believes will lead to more domestic production and lower costs for Americans. Many experts fear costs will go up instead.
But regardless of the actions Trump takes, there are certain goods and services whose costs are likely to climb this year anyway, experts say.
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Here are five you should know about
Homeowners insurance
Homeowners insurance premiums rose 10.7% on average for new policies in the first half of 2024 compared to the last half of the previous year, according to insurance marketplace Matic. However, as of November, rate growth tapered to 6.6% in the second half of 2024. Matic predicts premium growth will continue in 2025, but at a slowed pace.
Of course, where you live and the environment may play a role in premiums changing. Homeowners in some parts of the country could see rates skyrocket on the heels of disasters such as wildfires and hurricanes — if insurance companies decide to even stick around.
If you’re worried about affording homeowners insurance, it’s a good idea to shop around for rates when your policy is set to renew. And if you own a car, talk to your provider about bundling auto and homeowners insurance for a potential discount.
2. Streaming services
Many Americans have decided to cut the cord and sign up for streaming services in an attempt to better curate their entertainment options and lower costs.
But you might pay more for streaming content in 2025. YouTube TV’s monthly rate increased from $72.99 per month to $82.99 per month in January. And some Wall Street analysts expect that Netflix will raise prices in 2025 as well
every day, and 51% purchase coffee outside the home at least once a week.
Now, at the risk of sounding like one of those financial gurus, if you’re worried that your caffeine habit will start hurting your budget, consider brewing your coffee exclusively at home to save on costs. And if you’re going to buy coffee from a local chain, find out if it has a rewards program so you can score discounts or rack up points that are redeemable for free drinks.
