As Donald Trump begins his second term, his administration’s policies could reshape the American economy.
Changes from tax cuts to tariffs may affect your wallet in surprising ways. Here are seven actionable strategies to help you save in 2025.
1. Revisit Your Monthly Subscriptions
Trump’s focus on deregulation often benefits industries like telecom and streaming services, because consumer-friendly regulations, like “easy-unsubscribe,” for example, are less likely to be mandated.
Take a close look at your subscriptions—streaming platforms, apps, or fitness memberships—and cancel what you’re not using. Bundling services where possible can also lead to savings.
Pro Tip: Never pay for an unwanted subscription again. Quicken Simplify instantly finds and tracks your subscriptions and cancels unwanted subscriptions.
2. Consider Domestic Travel Options
The administration’s trade policies, including tariffs on foreign goods, often impact airfare. If imported parts cost more, that could ultimately be reflected in ticket prices.
In addition, countries angry about new tariffs could do things like raise fees for foreign travelers.
Domestic travel might be a more budget-friendly alternative. Look for national parks, road trips, and local experiences to keep vacation costs manageable.
Pro tip: When you spend on travel or anything else, always pay with a top ranked cash-back card.
3. Adjust Your Grocery Shopping Habits
Tariffs on imports can increase the cost of certain grocery items, especially produce and specialty goods.
To save, shop seasonally, prioritize local farmers’ markets, and explore private-label store brands. Meal planning can also cut down on waste and expenses.
Pro tip: When shopping online, get 3-15% cash back with easy-to-use rebate services like Capital One Shopping or Rakuten.
4. Maximize Savings on Energy Costs
Energy policies under the Trump administration favor fossil fuels, which could lead to fluctuations in utility prices.
To save, invest in energy-efficient appliances, install LED lighting, and use smart thermostats to reduce energy consumption.
5. Be Strategic About Large Purchases
Tariffs are designed to favor domestic manufacturing by making foreign goods cost more, but that transition takes time and virtually all cars currently use some imported parts.
Timing your purchases during sales events or opting for refurbished can save money.
Pro tip: Repair costs are skyrocketing. If you’re concerned about coming up with thousands for a car repair, consider the cost/benefit of an extended car warranty.
6. Look for Tax Benefits
With Trump’s tax policies likely to be central to his administration, ensure you’re taking full advantage of available tax credits and deductions.
For example, the expanded standard deduction could simplify your filing while lowering your taxable income. Consult a tax advisor to maximize savings.
7. Invest in Skills for Career Growth
Economic policies might create job opportunities in industries like manufacturing and energy, but automation and other trends could threaten some roles.
Investing in professional development, online courses, or certifications can help secure your career and increase earning potential.
Pro tip: If you’re looking for part-time or work-from-home jobs, FlexJobs let’s you browse and apply to expert-verified jobs around the corner and around the world.
Plan to Protect Your Budget
Under Trump’s policies, or anyone else’s it always makes sense to plan proactively to deal with unexpected problems..
By staying informed and making deliberate choices, you can protect your budget and make 2025 a year of intelligent savings.
