Tariffs, uncertainty, and rising prices | How you can protect your wallet amid potential price increases
With all of the talk about tariffs and prices climbing, many find themselves looking for ways to save and ways to protect themselves against seemingly unpredictable tariffs.
The answer is yes, but you have to be smart about it.
From sea to shining sea, we, the buyers of all things, are concerned.
"There's a recent AARP poll that found that 73% are worried that prices are rising faster than their own income," said professional shopping expert Trae Bodge.
While some of the bigger, headline-grabbing tariffs have been delayed, there's still a general 10% baseline tariff across the board, which is causing higher prices for groceries, appliances, and other goods.
For Bodge, she is advising people to practice what she calls "saving tactics."
"Using deal sites, looking for coupons, cashback offers, waiting for retailer sales, make sure that you're paying with the right credit cards, so you can utilize points or earn points," she explained. "Also, use your memberships. Look for those available discounts that can be applied to what you need to buy."
While some purchases can be put on hold, others are teetering on the tariffs' edge.
"I'm starting to see prices go up on things like appliances, cars, and more," Bodge said.
When it comes to those big-ticket items, there will be more savings if you act quickly, according to Bodge.
"If a price is going to go up, for example, 10% on something, 10% on a $1,000 washer or dryer, is a much bigger deal than 10% on an avocado," she said.
She added that along with Fourth of July deals, right on the heels of those sales, will be Amazon Prime Day, which also leads to other competitive sales. That's when you can look for sales on those big-ticket items.
Finally, if you're looking for a vacation but your budget is tight, consider a road trip.
"We live in a fantastic country with so many beautiful options," she said.
When you take that road trip, use your card benefits and memberships to find discounts.
The one thing she made sure to emphasize is that you can't just ignore this and hope it will all just go away. Planning is the only defense.
