Welcome to another episode of Tariff Talk! We’re breaking down the latest on America’s new favorite T-word. 🗣️💰
If you’ve been worried about how tariffs will impact your family, you’re in the same boat as us average Joes. 🚢 Fortunately, there are a ton of ways to protect your paycheck and kiss those tariff-ying fears goodbye. 💋
Here’s Five Fast Facts on the impacts of tariffs and what to do:
- 💸 The Price Is Wrong - Experts say certain tariffs could cost the average American household as much as $3,800 this year. Trump put a 90-day pause on some of his tariff plans, but high rates are still on China. This means we can expect the cost of imported goods to go up…and get passed along to shoppers.
- 🔫 Trigger Happy - Wondering if you should still pull the trigger on a new house or car? If you have the money, you should go ahead and make the purchase. You might be tempted to wait until rates fall or something else happens in the market, but we have no idea if or when that will happen. If you’ve been thinking of making a big purchase but it’ll stretch your finances, consider waiting until you have enough money saved.
- 👗 Dress To Impress - The U.S. imports a whopping 97% of its clothes and shoes. The tariffs will likely make things at your favorite stores more expensive. Instead of buying new, try your hand at thrifting or host a clothing swap with neighbors and friends. Now’s also a great time to hop on a low- or no-buy challenge to really boost your savings.
- 🏄 The Save Wave - Sometimes when money’s tight, we go YOLO mode and splurge anyway. With how uncertain things are right now, you might want to be a bit more cautious. If you’re living paycheck to paycheck or worried about job security, think about postponing vacations and other extras until you’re in a better cash position. If you do come into some extra cash, put it in the ol’ emergency fund.
- 🌽 Veggie Tales - The cost of essentials and groceries will likely jump, too. According to one estimate, fresh produce could see as much as a 4% price increase thanks to tariffs. One way to skirt price hikes is to shop through a community supported agriculture program (CSA). Because you’re buying from a local farmer, you’ll get cheaper (and fresher) produce. Find a CSA near you here!
🔥Bottom line: Inflation has us all feeling bloated AF and these tariffs are like the heartburn on top. Stick it to the man by supporting local businesses and save those pennies! Ever hear the word “stagflation” and wonder what it means? Screw the dictionary. Read this article instead.
How do you plan on weathering the tariff storm?
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