6 Everyday Purchases To Cut Before Prices Rise This Summer
Summer fun doesn't have to come with a bigger price tag.
The latest Consumer Price Index showed prices continued to rise in May, with higher energy costs helping drive the increase.
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As households brace for potentially higher costs in the months ahead, a few simple swaps can help stretch a budget without putting the season on hold.
Here are six everyday purchases to cut before prices rise this summer.
Trendy Summer Clothes
Instead: Shop your closet
Clothing prices rose 4.8% over the past 12 months, according to the latest Consumer Price Index.
Before buying a whole new summer wardrobe, consider taking inventory of what's already hanging in the closet.
A favorite sundress, lightweight button-down or pair of sandals can feel fresh again when styled in a new way. Looking through your existing pieces first can help curb spending while still delivering that new-season feeling.
Food Deliveries
Instead: Pack a picnic
A $15 meal can easily turn into a $25 purchase once delivery fees, service charges and tips are added.
That's a cost worth reconsidering as food-away-from-home prices increased 3.5% over the past year, according to the latest Consumer Price Index.
Rather than ordering dinner to the couch, consider taking advantage of summer weather with a picnic.
A rotisserie chicken, fresh fruit, sandwiches or prepared foods from the grocery store can turn a meal into an outing for less. Whether it's a local park, the beach or a backyard gathering, the experience stays the same while the extra delivery costs disappear.
Coffee Shop Drinks
Instead: Create a DIY coffee bar
For many people, an iced coffee is part of the daily routine during the summer months.
But it could get more expensive. The CPI's beverage materials index, which includes coffee and tea, rose 1.1% in May.
Instead of making a daily coffee run, consider putting some of that money toward a few at-home upgrades. A bottle of flavored syrup, cold brew concentrate or specialty creamer can recreate the coffee-shop experience for a fraction of the cost while keeping a favorite summer ritual intact.
Restaurant Dinners
Instead: Go at lunch
Dinner is often the most expensive time to eat out.
The latest Consumer Price Index showed that the prices for full-service meals away from home prices rose 3.8% since last year, and restaurant menu prices remain elevated nationwide. The National Restaurant Association reports menu prices were up 3.6% year over year as of April.
Instead of giving up restaurant meals altogether, consider making lunch the main event. Many restaurants offer lunch specials, prix fixe menus and midday promotions that aren't available at dinner.
Summer Beauty Products
Instead: Experiment with what you have
Every summer brings a new wave of must-have lip glosses, bronzers and makeup palettes.
But before adding another beauty product to the cart, it may be worth taking a closer look at what's already on hand. The personal care index increased 1.0% in May, according to the Consumer Price Index.
A forgotten eyeshadow palette or barely used lip color could be enough to recreate many of the season's biggest beauty trends. Experimenting with products already sitting in a makeup bag can deliver the fun of a summer refresh without the extra spending.
Air Conditioning
Instead: Take advantage of shared spaces
Keeping a home cool gets more expensive when temperatures climb. Electricity prices increased 5.9% over the past year, according to the latest Consumer Price Index, putting extra pressure on summer utility bills.
Instead of running the air conditioning around the clock, consider spending part of the day in places that are already cooled, such as libraries, cafes, museums, pools or indoor public spaces.
A few hours away from home can reduce energy use while still offering a comfortable escape from the heat.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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