Black Women, Protect Your Peace and Your Wallet With These Tools To Lessen The Impact of Tariffs
In fact, new tariffs are expected to cost Black households $3800 more a year on average, leaving you with 300 fewer dollars a month. (Source: The Budget Lab)
While President Trump has recently dropped tariff rates to 10% for almost 90 countries over the next three months, the global economy is still attempting to stabilize itself in the fluctuating situation. (Source: CNBC) However, who says you can’t weather this storm?
Although tariffs are on the rise, you can still lessen their impact. We have tapped in with Shavon Roman, founder of Heal. Plan. Invest who is a financial expert here to help protect your pockets and steady your cash flow with some everyday solutions.
- Savings Are Everywhere, If You Know Where To Look
Are you getting the most out of your tax refund? I’m not saying to raise alarms with the IRS, but use your refund to strategize rather than splurge. My money-saving tip: If you get a $2000 plus refund, consider adjusting your paycheck tax withholding to bring home more every month. This extra cash can help cushion higher prices. Just make sure you have some money stashed to pay back Uncle Sam next year.
- Budgeting Apps Are Your New Best Friend
Let’s be honest, how much do you spend on monthly subscriptions? If not, it’s time to lock in on your spending. With the You Need A Budget app, those who need some guidance from the ground up can make sure every dollar plays a role in their financial empowerment. It also alerts you when you hit your spending max. Other notable apps like Albert can connect to all your accounts to make sure you know exactly where your money is coming from and going. Pocketguard also helps first-time budgeters set goals and negotiate bills, while couples can use Honeydue to help blend their lives and bank accounts seamlessly.
- Getting The Most Value With “Great Value”
We know, we know, nothing beats that feeling of stocking your fridge with cutesy items worthy of a TikTok. However, stressful times call for strategic measures, and swapping out name-brand preferences for just-as-good generic options will save you in the long run. If you’re not into coupon clipping, it’s time to get into “Great Value” for everyday groceries, as these small changes can add to major savings.
- Hot (And Fiscally Smart) Girls Buy In Bulk
There’s no better moment to finally get that Costco membership than an expected rise in food items. CNN expects grocery prices to rise for everything across the aisle, whether it’s coffee or cheese. Stocking up on these essentials before the new prices hit is playing defense against this ever-changing trade war. Also, most bulk purchases come with a lower price per unit, boosting savings on every grocery trip.
- Don’t Panic & Have a Plan.
While worries about tariffs have everyone on alert, now does not have to be a time of intense stress. Having a financial plan and sticking to it can help you stay on top of the new changes and price influxes. Our ancestors endured great battles, too, and while we hope these sacrifices are short-term, we can still find peace in taking precautions.
Dealing with an uncertain economy is never easy, but if there’s one thing we can conquer, it’s something tackled together. Supporting one another in our local community can provide an extra measure of security during economic lows.
If you’re ready to take control of your finances and build a future rooted in wellness and wealth, keep up with Shavon Roman’s insights over at Heal. Plan. Invest. She’s the money expert to help you overcome these new challenges while still reaching our financial goals.