Prices are already high, and tariffs can push them even higher. It's a terrible perspective. But instead of panic, it's time to prepare.
Now is the time to assess your long -term goals and costs and find ways to reduce non -essential purchases, he said Shang SaavedraFounder of “Save My Cents”. That doesn't mean you have to reduce everything you want, but you need to put your financial goals in perspective if you are concerned about the higher prices that affect them.
“The tariffs will hurt everyone so that everyone is in the same boat,” Savodra said. “We all need to make if our income does not grow so fast.”
But how exactly do you do it? Do you need to cancel the summer vacation? Take a second job? Here's what to know now.
Read more: To make sense of phone tariffs: See how much iPhone prices can rise
Do you need to save or buy now?
The big question is, if you Make purchases now Or save money to prepare for more expensive purchases later?
“Take a look at what you are spending money and ask what your spending should happen to maintain a healthy life,” Savodra said. Think about the most important things like housing, transport, health care and food. “Although it's still good to save money there, you don't want to reduce so much that you have hurt.”
Making this decision can be difficult because news about tariffs is still developing, Savodra said. Tariffs are now being established, but it takes time for manufacturers to decide when – or whether – they will raise prices, she said.
“I'm okay now with buying items, but I don't want to do it from panic,” Savedra said. It often leads to uninformed, fast -paced decisions. Plus, you may buy something you won't want to be entirely in the long run, she said.
If you are already planning to buy and are financially ready for it, it's okay to buy it now – especially if you are worried about Price is increasing In the coming months. However, do not make a whim purchase only because of potential price increases.
Whether you use money to save the items now or save them, make sure you look out for your Budget and other financial goals. It is still necessary to have fully stored Emergency Fund And the money has moved away for all the upcoming costs you know about.
Where you save money important
If there is a chance, you will need money in the near future, keep them in A. High yield saving account. Now, the annual percentage gives an average of about 4%, which is about 10 times more than National average the savings rate. You will also have easy access to your money when you need it.
Many high -yield -saving accounts also have features to help you maintain the goals of savings on the right track.
“There are accounts that allow you to assign your money goals without opening up lots of accounts, so they are what I recommend most,” Savodra said.