On Wednesday, President Donald Trump’s latest tariffs went into effect and raised import taxes on nearly all of the nation’s trading partners ― and sparked tariff retaliation by China and the European Union in return.
Trump soon after said he would do a 90-day pause on these higher tariffs for most countries, but would raise tariffs on Chinese exports to 125%. Despite Trump backing down on his initial promise, the uncertainty remains: There is no end in sight to the ongoing global trade war Trump has incited.
It’s understandable if you’re nervous about your money right now. The stock markets have been volatile since Trump’s proposed tariffs. It can be nerve-wracking to watch your stocks ― which are linked to retirement accounts and are an indicator of investor confidence ― plummet in real-time.
This trade war is almost certain to raise prices on many of the everyday clothing, electronics and groceries you purchase.
When the global economy is uncertain, it’s time to get resourceful. Here are savvy, unexpected tips from finance experts who know best about how to stretch dollars and channel your understandable financial anxiety during this time into meaningful action.
1. Join a CSA.
Since supermarkets import food and spices for their stores, expect to see your grocery bill go up. Fresh produce will increase by 4% as a result of Trump’s tariffs, with low-income shoppers being the most impacted, according to estimates from Yale University’s Budget Lab.
One way to counter this sticker shock is to join your local community supported agriculture programs, which support farmers in your area. You buy a share of a farmer’s harvest upfront, and in return you get fresh, cheaper produce for a season.
Leo Aquino, a financial coach who advocates for queer and trans wealth, is part of their Los Angeles-based CSA. They said CSAs can be a money-saver because “you are buying super local, so you’re not super dependent on what Trump is doing.”
“It’s also a way to be in community with people that live close by,” they added. “We’re just in a time where we need that more than ever.”
2. Don’t panic-sell your stock market investments.
Trump’s tariffs are causing market uncertainty and may make you want to sell off your investments, but financial educator Tess Waresmith said that panicking and pulling out of the market is “rarely the right move.”
“If you’re investing for the long-term, especially for retirement, selling during a downturn is one of the worst moves you can make,” she said. “While your investments may lose value temporarily, those losses only become ‘real’ if you sell. Staying invested allows your portfolio to increase in value again when the stock market eventually rebounds.”
Waresmith said that investing regularly in your IRA, 401(k), or brokerage account helps to “smooth out market fluctuations” like the one we are in currently.
“When the market is down, the price of stocks and funds is lower so your money buys more shares,” she said. “Over time, if the market goes back up, those extra shares can grow in value, helping your money grow faster.”
Amidst this market uncertainty, now might also be a smart time to diversify your portfolio beyond the U.S. investments.
“Many people unintentionally invest only in U.S.-based companies, which limits their exposure,” Waresmith said. “A few well-chosen index funds can provide broad diversification across countries and industries. This helps reduce risk and makes your portfolio more resilient in the face of global events.”
3. Put your money in savings accounts that earn high percentages of interest.
And to counter inflation of products, focus on what you can control by putting your money in accounts that earn high interest.
Ramona Ortega, CEO and founder of WealthBuild, an AI-powered financial assistant, said she is checking rates on Certificates of Deposit (CDs) and high-yield savings accounts “to lock in short-term interest rates on cash, to ensure I am earning some yield in the face of inflation.”
If you have money you don’t need to access for a while, CDs are a type of savings account that can be a great money-saving move, because the bank gives you a fixed interest rate for a set term that is typically higher than other savings accounts ― in return, you agree to not withdraw the money for a duration of time, or else face a penalty.
4. Get creative about free hangouts and workouts.
You don’t need to be spending hundreds of dollars to have a good time.
“Hyper-consumption and billion-dollar advertising budgets tell us that we need new things to look cool, smell good or be smart,” said Kara Pérez, a financial educator and author of “Money for Change.” ”But I often do this exercise with people: Think about the last time you really, deeply enjoyed yourself. What were you doing and what made it fun?”
Often, it was not the location or the restaurant, it was the company you shared the experience with that made your night out fun, Pérez said.
SolStock via Getty Images
When you can’t or don’t want to spend any more, it becomes about building in those experiences where you feel joy without money,” she said. “Instead of inviting your sister and best friend out to dinner, have them come over to help you weed the garden and have a glass of wine. You still get that connection, just without the price tag.”
If exercise is an important part of your daily activity, see if you can work part-time at the front desk in exchange for a discount. Waresmith said she coaches part-time at her CrossFit gym, so that she can get a free gym membership.
5. Join “no-buy” groups or “low-buy” challenges.
Because of these global tariffs, you can likely expect your favorite clothing brand, outdoor gear shop, and sneakers to get significantly more expensive in the near future. The U.S. imports 97% of its clothing and shoes, according to a 2024 report from the American Apparel & Footwear Association.
But you can still get what you need or want without spending beyond your means by hosting or joining swaps for clothing or home goods.
Take it from the pros. Pérez is currently doing a low-buy challenge this year, in part because of tariffs and to meet her aggressive personal savings goals.
“My goal is to spend zero dollars on clothing, makeup, and home decor this year, and to limit spending in other areas,” Pérez said. “For example, I can replace a sunscreen that I empty, but not just buy a new sunscreen to try.”
Before Waresmith shops, she always checks to see if she can find it in her local “Buy Nothing” Facebook group, an online space where neighbors can donate items for free.
“Especially as a gardener, I’ve found lots of great free tools and even mulch for my garden on ‘Buy Nothing,’” she noted.
6. Invest in your community.
Yes, investing in your retirement account can be important for your long-term financial health, but so is investing in the people who will be there for you when times are getting tough. “Being in community, also, especially like intergenerational communities, like that is a retirement plan,” Aquino said.
If you have a little bit of money to spare, use it on mutual aid groups in your community. Mutual aid groups can be as formal as Facebook groups or Slack channels, or as informal as your friends helping each other pool money to help everyone make rent. The goal is to help members meet immediate survival needs when governments can or will not help in time.
Volunteering time and money can be a win-win to get to know your neighbors better and to learn which of your neighbors can be a helpful resource when you need it.
“What we’ve seen repeatedly is that community and sharing is actually how people survive tough times,” Pérez said. “Look at the Los Angeles wildfires; people lost everything they owned and relied on community members to house, feed, and clothe them.”
“So fight the urge to hoard what you can. Think instead about having a conversation with them about what you might partner on to help both of your budgets,” Pérez suggested.
You might be surprised by what your community already has in reserve. Aquino gave the example of taking care of a friend who is preparing for top surgery. Aquino and friends were able to lend help without buying anything new.
“When we’re really scared, it’s like, ‘Oh, what can I get my hands on? What’s going to go away?’” they said. “But for me, the mindset in this scenario was like, ‘What do I already have?’ It kind of forced me to be a little more resourceful.”
We Don’t Work For Billionaires. We Work For You.
Already contributed? Log in to hide these messages.
Apply this mindset to your own life and see which of your friends you can partner with on buying bulk toilet paper and other necessities, and which friends can lend you that power tool.
Beyond saving your own community’s money, you can also think bigger and work to change the systems underpinning this need to budget in the first place. Pérez, for example, said she has been calling her representatives about Trump’s tariffs.
“I want my representatives to know this is a manufactured crisis and to put their efforts behind ending it,” she said.