As Donald Trump begins his second term, his administration’s policies could reshape the American economy.
Changes from tax cuts to spending can affect your wallet in surprising ways. Here are seven actionable strategies to help you save in 2025.
1. Revisit Your Monthly Subscription
Trump’s focus on deregulation tends to benefit industries like telecom and broadcasting services, because consumer-friendly rules, such as “easy opt-outs,” for example, are less likely to be mandated.
Take a look at your subscriptions—streaming platforms, apps, or fitness memberships—and cancel what you’re not using. Pooling resources where possible can lead to savings.
Pro tip: You can also pay for unwanted subscriptions again. Quicken Simplify quickly finds and tracks your subscriptions and cancels unwanted subscriptions.
2. Consider Home Travel Options
Administrations’ trade policies, including tariffs on foreign goods, often have an impact on airline costs. If the imported parts cost more, that may be reflected in the ticket prices in the end.
Additionally, countries that are angry about new taxes can do things like raise fees for foreign travelers.
Home visits can be a budget-friendly alternative. Check out national parks, road trips, and local information to keep vacation costs under control.
Pro tip: When spending on travel or anything else, always pay with a quality cash back card.
3. Adjust Your Grocery Shopping Habits
Import prices can increase the cost of certain grocery items, especially produce and specialty goods.
To save, shop in season, prioritize local farmers’ markets, and check out private label brands. Meal planning can also reduce waste and costs.
Pro tip: When you shop online, get 3-15% cash back with easy-to-use discount services like Capital One Shopping or Rakuten.
4. Increase Energy Cost Savings
Energy policies under the Trump administration favor oil, which could lead to volatility in utility prices.
To save, invest in energy-efficient appliances, install LED lights, and use smart thermostats to reduce energy use.
5. Be Strategic About Big Purchases
Tariffs are designed to favor domestic production by making foreign goods more expensive, but that change takes time and almost all cars use some imported parts.
Timing your purchase during sales events or opting for renewal can save you money.
Pro tip: Maintenance costs are increasing. If you’re worried about coming up with thousands in car repairs, consider the cost/benefit of an extended car warranty.
6. Look for Tax Benefits
Since Trump’s tax policies are likely to be important to his administration, be sure to take full advantage of available tax credits and deductions.
For example, the extended standard deduction can simplify your filing while lowering your taxable income. Consult a tax advisor to maximize savings.
7. Invest in Career Growth Skills
Economic policies may create jobs in industries such as manufacturing and energy, but automation and other trends can threaten certain roles.
Investing in professional development, online courses, or certifications can help protect your career and increase your earning potential.
Pro tip: If you’re looking for part-time or home-based jobs, FlexJobs lets you browse and apply for expert-verified jobs around the corner and around the world.
Plan to Protect Your Budget
Under Trump’s policies, or anyone’s it always makes sense to plan ahead for unexpected problems.
By staying informed and making deliberate decisions, you can protect your budget and make 2025 the year of smart savings.
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