How much is a 1 oz postage stamp

The United States Postal Service announced plans to raise the price of Forever stamps and other postage for 2023. Upon approval from the Postal Regulatory Commission, USPS says the cost of first-class stamps will increase from 60 cents to 63 cents on Jan. 22. These proposed prices were approved by the Postal Service governors.

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According to USPS, the proposed price increases include:

• Letters (1 oz.): 60 cents to 63 cents

• Letters (metered 1 oz.): 57 cents to 60 cents

• Domestic Postcards: 44 cents to 48 cents

• International Postcards: $1.40 to $1.45

• International Letter (1 oz.): $1.40 to $1.45

USPS is also requesting price increases for Special Services products, such as Certified Mail, Post Office Box rental fees, money order fees and the cost to purchase insurance when mailing an item. There will be no price change to the single-piece letter and flat additional-ounce price, which is 24 cents.

This price hike is part of Postmaster General Louis DeJoy’s 10-year Delivering for America plan. This plan was intended to reduce the USPS’ massive amount of debt, which stands at $188 billion in debts and unfunded liabilities at the end of fiscal year 2020, says the Government Accountability Office and as reported by CNET. These debts and liabilities are largely from underfunding of workers’ pensions and health care benefits for retirees.

USPS also says that the 4.2% increase for First-Class Mail will help offset inflation. The Bureau of Labor Statistics (BLS) released its Consumer Price Index (CPI) on Nov. 10, showing a 7.7% increase for the all-items index for the 12 months ending October.

The last USPS price hike took place in July, GOBankingRates reported, which raised the cost of the Forever stamp, from 58 cents to 60 cents.

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However, even with higher rates, the “prices of the U.S. Postal Service remain among the most affordable in the world,” USPS said in a statement.

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This article originally appeared on GOBankingRates.com: USPS Forever Stamps Really Last Forever – Stock Up Now Before The Rate Hike In January 2023

The United States Post Office (USPS) recently announced upcoming postage rate increases that will happen in the new year. If you send First-Class mail, like letters and postcards, even occasionally, you'll want to know what to expect so your mail makes it to its destination.

According to USPS, these increases will help combat rising operational costs. The most recent First-Class mail price increase happened on July 10, 2022. Soon, prices will rise again.

Price increases range from $0.03 to $0.05, depending on the product. The price increases will begin on Jan. 22, 2023.

Here's a breakdown of the expected price changes:

ProductCurrent PriceNew Price as of Jan. 22, 2023Letters (1 oz.)$0.60$0.63Letters (metered, 1 oz.)$0.57$0.60Domestic postcards$0.44$0.48International postcards$1.40$1.45International letters (1 oz.)$.140$1.45

Not all prices are rising. Single-piece letter prices will stay the same at $0.24. The additional-ounce price will also remain at $0.24.

What about Forever Stamps?

If you have existing First-Class Forever Stamps that you have yet to use, you can continue to use them after the price increase goes into place.

When you buy Forever Stamps, which you can use to mail 1 oz. domestic letters, you're protected against future price increases. However, you'll be charged more for Forever Stamps if you purchase them on or after Jan. 22, 2023.

Will these price increases impact your finances?

Since the price increases are small, these changes likely won't feel significant. Those who send mail often will feel the impact the most. But no matter how frequently or infrequently you send mail, it's worthwhile to be in the know, so you aren't surprised.

If you're running low on stamps and want to avoid paying more for stamps next year, you can purchase Forever Stamps now and can lock in the current $0.60 per stamp price. You can buy postage stamps online at USPS.com or at your local post office.

How to save money when mailing packages

There's not much you can do about postage stamp rate increases. But if you're strategic, you may be able to save money when mailing packages through USPS. Try these hacks before you next head to the post office:

Don't forget about media mail: Using media mail shipping to send educational materials through USPS can save you money. This is a cost-effective way of mailing eligible items like books, printed music, CDs, and manuscripts. Prices begin at $3.49 (1 lb.). However, media mail packages move slower, so only use this option if you're not in a hurry.

Reuse boxes and packages: An easy way to save money when mailing gifts is to reuse boxes and packages you already have instead of spending money on new boxes. First, get rid of any barcodes or previous address details. It's also not a bad idea to add some extra tape to ensure the package is secure.

Give flat-rate boxes a try: Another way to keep more money in your bank account is to use flat-rate boxes provided by USPS. These boxes are free. You'll pay a flat-rate price to mail your package. This is a good option for heavier packages, as long as you stay within the required weight and size limits.

Unfortunately, price increases are now the norm for us all. Check out our personal finance resources to learn how to save more money and improve your financial situation.

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