Live: Tariffs and Your Wallet
Donald Trump will take office in January of 2025 and one of his flagship policies he has promised is tariffs.
Party aside, these policies will directly affect your personal finances through the prices of common goods you consume.
“So what?!?”
You may be asking this question right now. Well this means your finances will potentially be affected in the following ways:
1. Car Prices
Components like steel and aluminum coming from China may cost more. Meaning higher car prices for you.
2. Produce Costs
Imported vegetables and other produce from countries like Mexico may see price hikes at the grocery store, or in your meal plans.
3. Everyday Goods
Tariffs have been proposed on many of the US’ largest trade partners including China, Mexico, Canada, India and more. So prices across the board are likely to increase.
While these price increases are largely unavoidable, understanding their potential impact allows you to prepare and stay ahead. Financial planning isn’t just for CEOs—it’s a tool you can use to safeguard yourself from changes like these.
Learn: Financial Planning
I know. Financial planning isn’t glam. There’s no fancy stock ticker or shiny new car to show off. But here’s what it does give you: peace of mind. When life throws curveballs, such as rising costs, you’re not just ready, you can take advantage.
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Here’s how to make financial planning as easy as (pre-made) pie:
1. Set Clear Goals
What do you want to achieve? Whether it’s a summer internship, applying for a new credit card, taking a spring break trip, or buying a go-kart (zoom!), start by figuring out what you want.
2. Figure Out the Details
For each goal, identify what needs to happen to make it a reality:
Internship? Where will you live? How much will you need for food and transportation?
Credit card? What’s the required credit score? Does it have an annual fee?
Go-kart? How much do you need to save, and what roads will you race it on?
3. Break Goals Into Actions
Big goals are cool but they don’t lead to change without action. Split them into bite-sized tasks:
Look for affordable rental options or roommates for that internship.
Reduce your credit card utilization to boost your score.
Set aside weekly savings toward your go-kart fund.
By planning out what you want to achieve, you empower yourself to create your own reality.
Launch!
Think of a financial goal—big or small—and map out the steps to make it happen.
For example, if I want Boston’s speediest go-kart, I’d research the cost, decide when I want it by, and calculate how much to save weekly or monthly. Maybe I’d even open a dedicated savings account.
Then I can begin to turn speed limits into speed suggestions.
I think you’ll find the more you plan, you’ll go from playing the game of personal finance, to winning it ;).
—Ben Brosnahan
