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8 Money Experts Share How They’re Preparing for Trump’s Tariffs
By Julia Glum MONEY RESEARCH COLLECTIVE
From changing travel plans to postponing renovations.
Tips, to-do lists and hot takes are flooding the web ahead of President Donald Trump’s tariffs, which experts say will drive up prices almost across the board for American consumers starting this summer.
But what are those experts themselves doing? While no piece of advice applies to everyone, it can be helpful to learn how the folks who know best are handling sticky money situations. To that end, we emailed eight certified financial planners to find out the concrete steps they’re taking to prepare their budgets for the impact of the tariffs.
Here’s what they said.
Jessica Goedtel, owner of Pavilion Financial Planning
We’ve made a few key decisions in our household in response to tariffs. We’ve paused major home projects and opted to keep the money in savings for the time being. Instead, we’re focusing on small, low-cost projects.
We’re also still making room for travel and experiences. With all the stress and uncertainty in the world, we need even more space for joy.
Melissa Caro, founder of My Retirement Network
We actually started thinking about the potential impact of tariffs at the end of last year… We sat down as a family and did an inventory of major household items we might need to replace in the coming months.
For me, the most immediate need was a new computer. I had been planning to replace mine within the next year or so, but with the possibility of higher prices due to tariffs, I decided to move up that purchase and bought a new one in December.
Once the current tariff plans were officially announced, we did another quick review of our household essentials. That’s when I realized our washer and dryer were nearly 25 years old. They were still working, but given their age, it felt like a matter of “when,” not “if,” they’d need replacing, so we went ahead and upgraded those as well.
Aside from these larger purchases, we haven’t been stockpiling smaller items or engaging in any panic-buying. Our approach has simply been to do a family “spot check” of significant items that we might need to replace anyway and get ahead of any potential price increases or supply issues. In short, we’re trying to be proactive and practical, not alarmist, in the face of these new tariffs.
John Bell, owner of Free State Financial Planning
I have not specifically stocked up on anything yet as I think a lot of the COVID stocking-up was overdone. With that said, port traffic has been down, so I may end up making sure I have plenty of basics like toilet paper, paper towels, etc., but I am not going to be a hoarder.
Catherine Valega, founder of Green Bee Advisory
I’m recommending purchasing (if upgrades are needed) cellphones, computers, etc. Also, I’m recommending an expense audit — where can we cut back? Dining out? Online purchases? If we can tighten our belts for the foreseeable future, we hopefully do not need to stop any ongoing stock/investing (via 401(k), taxable accounts, etc).
Ryan Haiss, CFP at Flynn Zito Capital Management
Personally, I don’t think we need to go into full-on panic mode in response to the tariffs. While buying in bulk might make sense for household staples you already purchase regularly — like paper towels or non-perishables — I wouldn’t recommend stocking up just for the sake of it.
Instead, I’d focus on larger, more impactful purchases. For example, if you’re in the market for a new car, it might be worth looking into how tariffs could affect vehicles manufactured abroad versus those assembled in the U.S. The pricing gap could widen depending on where the car is sourced from.
As for travel, the recent weakening of the U.S. dollar means international trips may be more expensive than they were a year ago. That could make a domestic destination more appealing this summer — swapping a European vacation for a U.S. one, for instance.
Michael Macco, president of Macco Financial Group
Though I have considered potential pricing changes, I haven’t changed my consumer behavior much.
I still must buy a rather expensive part for an auto repair for my vehicle. And we will still consider replacing my wife’s vehicle sometime this year. But those are costly regardless of timing. And like many Americans, both cash flow and the timing of that cash flow is important.
I’m not anxious about accelerating a high-cost item… because it’s still high-cost. And maintaining my monthly budget is an important consideration.
Jon Luskin, owner of Luskin Financial Planning
No real change over here. Personally, I’ve contributed a little bit more to the kids’ 529 college savings plans, taking advantage of the recent market price drops. The same for the company 401(k), putting a little bit more money [in] earlier than usual.
W. Michael Lofley, CFP with HBKS Wealth Advisors
Well, for one thing, my wife is getting all of her last-minute Temu purchases in. I still haven’t quite figured out what she’s “preparing for,” though.
More from Money:
Could Trump’s Tariffs Actually Help Me Save Money?
Panic at the Checkout: What America Is Racing to Buy Before Trump Tariffs Hit
‘No Place to Hide’: Where and When Trump’s Tariffs Will Hit Your Wallet
Julia Glum is Money's managing editor for news and email, keeping her finger on the pulse of financial trends that affect Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. A 2014 graduate of the University of Florida's journalism school, she previously covered breaking news, politics and education at Newsweek and International Business Times. Julia joined Money in 2018; during her time as a reporter, she wrote frequently about Amazon, passive income, stimulus checks and creative ways people make money online (think: Vine compilations, Cash App Friday and Facebook gift groups). As an editor, she oversees Money’s tax coverage, which includes extensive reporting on tax credits, year-to-year policy changes, tax refunds and the IRS’s ongoing efforts to modernize. For several years, Julia has assisted with Money’s annual Best Colleges rating and Best Places to Live rankings. Recently, she also led Money’s 50th anniversary celebrations, producing the Money Classic newsletter and rolling out Changemakers, a project profiling 50 innovators working to revolutionize personal finance. Julia has interviewed National Taxpayer Advocate Erin Collins, actor Danny Devito, Nobel Prize-winning economist Robert Shiller, rapper Killer Mike, real estate guru Ryan Serhant and many others. Her work has been cited or otherwise shared by the New York Times, Washington Post, Vox, theSkimm, Mashable, CNBC and POLITICO. She’s appeared on Good Morning America, CBS News, PIX11, WGN, the Mountain West News Bureau and more. Julia is based in New York City. You can find her at juliaglum.com.