3 spending tips to meet Trump’s prices: NPR

The impact of President Trump’s prices on all imported products continues.

American and global actions are decreasing because investors deal with the economic consequences of these new taxes. The grocery store should become more expensive. And consumer confidence in the United States is low.

So how should the average American household react?

Personal finance author and Washington Post Columnist Michelle Singletary said Morning edition“S Steve Inskeep that she does not advise people to go out and fill up with goods.

“You don’t want to attach this money. You might really need this money rather than toothpaste, for more food on the table,” said Singletary.

Singletary added that the basic American economy is healthy and that current policies cause volatility, a reversal or any adjustment could lead to the rebounder market. But until this is the case, she said, it is a “very, very scary tour”.

Here are three things Singletary recommends as American households and the market for President Trump’s prices:

Go ahead and make this big purchase – if you are already planning.

Singletary said it recommends moving forward with purchases for which you have already budgeted – especially if you have a fixed income and a good amount of savings.

“If you were on the market for a car, you were already shopping, (and) you have the funds for this, I would say that you are certainly pressing this trigger right now,” said Singletary, adding that some car manufacturers offer incentives in response to Trump prices.

Ford and Stellantis (owner of Brands Jeep and Dodge) now offer employee prices in response to the president’s new taxes on imported cars. Nissan has also reduced prices to some of its best -selling cars.

Otherwise, it’s time to save money – especially if you worry about job loss.

Do not go out and buy a better camera, if you don’t really need it, said Singletary, adding that it is especially true if you fear that the prices can affect your work.

“I wouldn’t do that because if you lose your job, these thousand dollars could go to your rent,” said Singletary.

Employers added nearly 230,000 jobs in March – a little reassuring news after President Trump’s prices shot the markets last week.

Singletary warns, however, that an economic slowdown and a recession could occur fairly quickly and that you will want to preserve as much money as possible.

“If you are already living the pay check at the payroll check (and) your emergency fund is really low or non -existent, please reduce now,” said Singletary. “Do not wait to see the prices increase. Store this money in case you are touched by these prices.”

Do not look at your retirement account portfolio.

Singletary recommends just withdraw the money you need with your account and let the rest stand.

Singletary said that she had not examined her own retirement portfolio since Trump announced her intention to implement prices and the markets started to slip.

It can be difficult for retirees to look at their retirement accounts and not to see losses, said Singletary, adding that she will not tell people not to panic their own money.

“You have worked hard for this and you need to feel what you should feel,” said Singletary. “But please do not act on these fears because, even in retirement, you could still be 20 or 30 years before having to receive all this money.”

The radio version of this story was produced by Milton Guevara and Chad Campbell and edited by Olivia Hampton.