4 Ways You Should Stop Wasting Money If Trump Is Elected President
Written by
Chris Adam
Edited by
Cory Dudak
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On the presidential election campaign trails and at the Republican National Convention and Democratic National Convention, candidates have been talking about the economy and rising prices.
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While Donald Trump has promised to bring down prices and ease inflation, it may take some time for you to really feel relief to your budget.
In the meantime, as inflation continues to keep prices high, here’s a look at four ways you may want to stop wasting money if Trump wins in November. You may even want to consider consulting a financial advisor to further protect your wealth.
1. Not Searching for Deals
Perhaps you’ve not been searching as hard in recent months for deals as you did before inflation really sent prices soaring. If so, you may not have realized that many retailers and fast-food restaurants have been offering new discounts and deals. Sometimes, these offers are only available online or through an app.
But you may not see the big price reductions from years past. “Another reason that industry analysts and insiders believe a race-to-the-bottom price cycle is unlikely is that firms have built sophisticated e-commerce businesses since 2020,” per the New York Times. “They are able to cater to a variety of tastes and gauge how much customers are willing to pay by using vast troves of data such as credit card info and artificial intelligence.”
2. Eating Out Without a Planned Budget
Speaking of eating out, this time of inflation and higher prices may be a good time to reevaluate your food budget.
Even with some restaurants offering deals, frequent dining out can easily impact your budget. Besides the most obvious step of cutting back on meals out, there are a few other ways to save. You could create a specific budget for eating out, setting aside a certain amount each week. Further, you could make less expensive choices when dining out to save some money.
3. Impulse Buying
Maybe you’re the kind of shopper who makes impulse purchases when you’re at the store for a specific item or when you’re buying online. As you probably know, these purchases can easily add up.
So, how can you cut down on impulse buying? According to Rachel Cruze of Ramsey Solutions, some possible ideas include shopping with a plan in mind and using cash so you have a certain amount to spend and waiting a day or two before you make a purchase.
4. Unnecessary Tech Upgrades
Electronics and technology products may be among the most expensive items you buy on a regular basis. After all, many of them can easily cost hundreds of dollars.
If you’re looking for a way to cut back on unnecessary spending, perhaps think twice before upgrading to the latest phone, tablet or television. After all, if your current device works perfectly well, why upgrade during a time when prices are unusually high? If possible, look for system updates with your current devices or come up with a budget and start setting aside money for a new one. Also, it may be a good time to start looking around for deals on whatever device you want to buy.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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