Things You Should Do With Your Money Amid Rising Prices

With the news that U.S. consumer prices rose in June, there are mounting concerns about the impact of President Donald Trump’s tariffs on inflation.

For everyday consumers in this country, the potential for further price increases is particularly anxiety-inducing after years of strain on wallets.

“In times of uncertainty, it’s kind of natural ― or even instinctual ― for some of us to close our eyes and avoid what’s ahead,” Julie Beckham, aka “Ms. Money,” the assistant vice president of financial education strategy at Rockland Trust, told HuffPost. “But when it comes to your money, knowledge is power.”

That’s why it’s important to pay attention to your financial situation and take action when necessary.

“Rising prices can be stressful, especially when it feels like paychecks aren’t stretching as far as they used to,” said Julie Guntrip, head of financial wellness at Jenius Bank. “The good news is there are some steps that could help people stay more grounded financially.”

Below, Beckham, Guntrip and other experts share nine things you should do amid the latest economic news.

“While it’s a natural reaction to want to buy items early when you expect prices to rise, this kind of stockpiling can lead to overspending and waste,” said Kimberly Palmer, a personal finance expert at NerdWallet. “You might end up not even needing the items.”

Instead, she recommended taking time to look at your overall budget and spending needs before making purchases.

“Don’t panic-buy or overextend yourself just to ‘beat’ future price increases,” echoed Jennifer Seitz, a certified financial education instructor and director of education at the family finance app, Greenlight. “Hoarding or chasing deals can lead to overspending and clutter. Be wary of emotional spending disguised as self-care, especially during stressful times. It’s easy to justify retail therapy when prices rise and things feel out of control, but those impulse purchases often compound stress, not relieve it.”

“Now is the time to audit your spending,” Seitz said. “Pull up your last two months of expenses and identify three areas where prices have crept up or where habits have changed ― whether it’s grocery bills, restaurant takeout, or subscriptions.”

An expense audit can provide clarity on where your money is going and what’s actually being used.

“Start by giving yourself permission to adjust to increasing costs,” said Lindsay Bryan-Podvin, a financial therapist with Cash App and founder of Mind Money Balance. “This is a time to review your income and expenses and make sure you can still cover your needs without feeling too tight. Make sure your essentials are covered without feeling overly stretched.”

If things are already feeling tight, Bryan-Podvin recommends looking for areas you can tweak temporarily to create more breathing room. Things like setting spending limits or increasing your meal planning can make a difference.

“I’m a fan of letting tech do some of the extra lifting for you,” she said. “This might mean opting into more coupons and deals and opting out of tempting merchants.”

“Try to stick to your typical monthly budget, allowing for some flexibility around essential purchases while adjusting spending in other nonessential areas, if needed,” said Courtney Alev, a consumer financial advocate at Credit Karma.

Regardless of the economic climate, she emphasized that maintaining a budget that works for you will always strengthen your financial standing.

“Are there areas where you can scale back or shift spending in ways that are more in line with your goals?” Palmer asked. “Applying a budget, like the 50/30/20 budget where 50% of your take-home pay goes toward needs, 30% toward wants and 20% to debt payments beyond the minimums and savings can be a helpful strategy.”

You can also adjust the percentages to whatever breakdown makes the most sense for your life.

“Whether it’s the 50/30/20 rule, the envelope system or zero-based budgeting, having a clear strategy helps you stay in control of your money,” said Janelle Sallenave, chief spending officer at Chime. “A well-defined budget makes it easier to prioritize needs, reduce overspending and continue saving, even when prices are higher than usual.”

“Since the start of 2021, prices have grown by an average of about 25%,” said Ted Rossman, a senior industry analyst at Bankrate. “A lot of the low-hanging fruit is gone. As in, many people have already traded down to cheaper brands or cheaper stores, delayed purchases, shopped around more aggressively, sought out more discounts, etc.”

If there’s still room for you to do these things, that can relieve some pressure. But if you feel stretched to your limit and are worried about sticking to your budget, take a look at everything else at your disposal.

“I’m a big fan of earning and redeeming credit card rewards ― just make sure to pay in full to avoid interest,” Rossman said. “Even things like cashing in unused gift cards can help. Almost half of U.S. adults have these, averaging $244 per person.”

“Given the current economic uncertainty and strain on consumers, many retailers are offering sales and discounts throughout the year,” Palmer said. “Take advantage of those lower prices when you can, especially if you need to purchase an expensive item like a new appliance.”

She suggested price-monitoring tools like the Honey, PayPal and Camelizer browser extensions.

“When you are making a purchase, take time to compare prices to make sure you’re getting the best deal,” Palmer added.

“Don’t panic and make financial decisions from a place of fear,” Guntrip said. “When prices rise, it’s tempting to take on more debt or dip into savings without a clear plan. But try to avoid knee-jerk reactions, like cashing out retirement funds or relying heavily on high-interest credit cards to fill gaps.”

Indeed, “doom spending” is a very real phenomenon that consumers should seek to avoid.

“Don’t rack up additional debt or dip into long-term savings for short-term costs,” urged Bo Tran, a Northwestern Mutual financial adviser. “While the uncertainty remains high, the answer in dealing with unpredictability in the economy and markets is unchanged. This is the time to focus on stability, not short-term fixes, and understanding the broader picture helps to respond thoughtfully rather than reactively.”

Remember that we can’t predict the future, so just focus on what makes sense for you in the given moment.

“One thing we’ve learned about tariffs in recent months is that these announcements can be fickle,” Rossman said. “It’s one thing if you really need a new car or refrigerator and so on. But if you’re stocking up just because you think you’re getting ahead of something that might happen, you might end up regretting that decision.”

He recommended delaying large purchases that don’t need to be made right now. Unless there’s serious urgency, you can probably live with your old kitchen cabinets, car or washing machine for another year or two. Rushing to buy big-ticket items or entering into big contracts can lead to issues like overpaying, not getting the model you wanted and getting stuck with high interest rates.

“Don’t try to time the market, buy into the latest ‘sure thing’/ investment, or take big financial swings,” Bryan-Podvin said. “If you’re tempted to make a major money move, pause. Sleep on it, go for a walk. Giving yourself space to process instead of reacting in the moment can save you from bigger headaches down the road.”

“With ongoing updates and changes in the news, the best approach is to focus on proactive steps to protect your financial well-being, no matter what’s happening in the broader economic landscape,” Alev said. “Building a financial cushion through an emergency savings fund can provide a buffer and give you peace of mind in any economic circumstance.”

She emphasized the value of consistency, whether you’re paying down debt or contributing to savings and emergency funds.

“As much as possible, do not forgo saving and investing for the future,” said Vincent Birardi, a certified financial planner and wealth advisor at Halbert Hargrove. “That means sticking with your investment plans to pursue future goals such as retirement and college planning for kids. Economic cycles are exactly that ― peaks and valleys ― but sticking to a long-term plan helps you to harness the powers of compounding and dollar-cost averaging.”

Overall, try to keep your approach as simple as possible.

“Focus on the basics ― an emergency fund (ideally in a HYSA), paying down high-interest debt, and making sure you have financial space for life’s little treats,” Bryan-Podvin advised. “Even when things are tight, too much financial restriction can backfire.”

“Lean on your community,” Bryan-Podvin urged. “Share with friends and family alternative ways to connect and hang out that are more affordable. Sharing resources, offering support, or staying connected through local events can be just as important as any line item in your budget.”

In particularly difficult times, you may also discover organizations dedicated to helping people make it through ― from community centers to food pantries to councils on aging.

“Reach out to see if there are local resources you aren’t leveraging,” Beckham said. “An organization that helps you today may be the one you end up volunteering for or donating to tomorrow.”

“With ongoing announcements and updates about tariffs and their potential impact, it’s important to focus on what you can control right now,” Alev said.

Understand you can’t change the economy, but you can dictate your reaction to it.

“Life is long, if you are lucky,” Beckham said. “And just because everyone is talking about the economy doesn’t mean you need to let it consume you. Stay informed, but also stay focused on what is important, not just in the world, but what’s important in your world.”

She recommended savoring the little things in life that bring you joy and remembering that the economy tends to be cyclical with ups and downs.

“Enjoy what you have and try different things with the family,” urged D’Andre Clayton, co-founder of Clayton Financial Solutions. “Enjoy simple things with your family that may not have a high expense. Board games and cards, swimming, hiking and exercise also keep a clear mind, so that irrational decisions are minimized.”