Buy Stamps Now Before the Price Goes Up: What You Need to Know

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What is happening

The Post Office intends to raise the price of first-class stamps from 60 cents to 63 cents starting in late January 2023.

Why does it matter?

The rate hike reflects the agency’s efforts to rein in its staggering debt: Postmaster General Louis DeJoy estimates the USPS will be down $1 billion by the end of 2022.

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Sending a letter is about to get a little more expensive. The US Postal Service plans to raise the price of first-class stamps in early 2023 to account for inflation and the agency’s large budget deficit.

According to Postmaster General Louis DeJoy, by the end of 2022, the USPS will exceed its planned budget by over $1 billion.

Pending approval from the Postal Regulatory Commission, first-class Forever stamps will increase from 60 cents to 63 cents January 22, 2023. First-class stamps were previously raised in July, from 58 cents to 60 cents.

Even with the new rates, the USPS said in a statement, “US Postal Service prices remain among the most affordable in the world.”

Here’s what you need to know about the new stamp prices, including what you can do to delay paying more for postage. For more money tips, learn cheapest day to fly AND the truth about financial advice on TikTok.

How much is the price of stamps increasing?

The price changes have already been approved by the governors of the US Postal Service. If the Postal Regulatory Commission approves them, as expected, first-class mail will increase by 4.2%, according to the USPS.

First-class stamps would rise from 60 cents to 63 cents, while international letters and postcards would cost $1.45, up from $1.40.

Product

Current price

Scheduled price 2023

Paper (1 oz.)

60 cents

63 cents

Paper (by 1 oz. measure)

57 cents

60 cents

Inner postcards

44 cents

48 cents

International postcards

$1.40

$1.45

International paper (1 oz.)

$1.40

$1.45

When will the stamp price increase come into effect?

The price of Forever stamps and other postage will increase on January 22, 2023.

How can I save money on stamps before the price increases?

Forever stamps are always valid, regardless of when you bought them or the price you paid. So buying Forever stamps in bulk before January 22, 2023 means you’ll avoid the price increase while your supply lasts.

While you can buy stamps at online retailers like Amazon, they’re generally marked up beyond the actual price, so you’ll usually pay a premium — often a big one. Your best bet online is to buy direct from US Postal Servicewhich sends stamps for free and adds only a modest $1.50 fee.

Will Posta raise prices again?

The latest rate hike is part of DeJoy’s 10-year “Delivery for America” ​​plan, which aims to eliminate the USPS’s massive debt. (The Postal Service had $188 billion in unfunded liabilities at the end of fiscal year 2020, the Government Accountability Office reported, mostly from underfunding workers’ pensions and retiree health care benefits.

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The Post Office has also requested permission to increase the price of certified mail and to increase fees for PO boxes and money orders.

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DeJoy’s plans include raising postage rates, extending delivery times and reducing post office hours.

In October 2021, the USPS began new service standards for first-class mail, extending delivery times for about a third of its volume. This means letters, parcels and magazines now take up to five days to arrive, instead of just two or three.

The price of a First Class stamp rose from 58 cents to 60 cents in July 2022, just six months before the next hike takes effect.

The Postal Service said it is also seeking price adjustments for specific services, “including certified mail, fees for PO boxes and money orders and the cost of purchasing insurance when you ship an item,” but did not include specifics.

For more on USPS, learn about the Delivering for America plan and learn how to see what’s coming before it lands in your mailbox.

Updated November 4th to reflect USPS and Amazon prices.

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