Here’s How Much These 3 Staples Have Increased in Price Since the Pandemic — and How You Can Save

Heather Altamirano
Happycity21 / Getty Images/iStockphoto
Happycity21 / Getty Images/iStockphoto

Keeping up with the high cost of living isn’t easy, and many are racking up debt to survive surging prices. According to a recent Experian study, people are turning to credit cards to pay for necessities, but younger consumers are increasing their balances faster. “As of June 2024, average credit card balances for millennials have grown by 8.7% to $6,819 and by 8.2% to $3,407 for Generation Z consumers annually, outpacing the balance growth among older consumers,” the research stated.

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Since the pandemic, prices on just about everything from groceries to cars, houses, and building supplies have soared because of “increased demand for durables and shortages caused by supply-chain disruptions were the main source of inflation in the second quarter of 2021,” per the U.S. Bureau of Labor Statistics. As a result, Americans have tightened their budgets and are seeking cheaper options.

Here are three staples that have skyrocketed since COVID-19 and how to save money.

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Dining Out at Restaurants

While everyone loves a good home-cooked meal, eating out has perks like not cleaning up. But it’s not always budget-friendly. According to Experian, the cost of food away from home jumped nearly 30% from June 2019 to June 2024. It’s become unaffordable for many to eat out, but per Ramsey Solutions, here are a few tips to save.

  • Skip the drink and have water. It’s free. Soda, coffee and tea are not.

  • Save half your meal and enjoy the second portion for the next day. Get two meals for the price of one.

  • Go to lunch instead of dinner. Prices are generally cheaper.

  • Use coupons. Check out deals on sites like Groupon or Slickdeals.

  • Enjoy restaurants that offer free bread or chips and salsa. Put the money you would have spent on an appetizer towards your main meal.

Transportation

Everyone needs transportation to live and work, but the cost of owning a car has shot up over 25% from June 2019 to June 2024, according to the study.

“The cost of used cars now has dropped back to normal, but all other expenses related to cars, like insurance premiums, repair services, and replacement parts, have drastically increased recently,” Rachel Cruze said in a recent YouTube video. “Not to mention, interest rates being crazy high over the past couple of years, which affects you big time if you’re taking out a car loan.”

While that’s not good news for car owners, Cruze shared ways to save.

  • Do an evaluation. Cruze explained, “Make sure the total value of your car or if you have a family, the total value of all the cars you own does not exceed 50% of your annual salary.”

  • Adjust your budget to meet the high cost of owning a car, and consider selling what you currently own if you can’t pay off the loan in 18 to 24 months.

Housing

Housing isn’t an option — we all need a place to live — but costs increased 25.7% from June 2019 to June 2024. To save on rent, InCharge Debt Solutions gave the following advice.

  • Get a roommate. Sharing the costs can relieve financial pressure.

  • Negotiate a new monthly rent when resigning the lease. Many landlords will consider it because they want good tenants.

  • Offer your services in exchange for reduced rent. If you’re handy and do things like painting, electrical, or plumbing, landlords may want to work with you to help them maintain the unit or building.

  • Move to a different location or a cheaper rental.

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