5 Things You Should Stop Wasting Money on If Kamala Harris Wins the Election, According to Experts
Written by
Chris Adam
Edited by
Cory Dudak
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One of the expected topics being hit hard during the presidential election campaign is the economy. Both Donald Trump and Kamala Harris have talked about wanting to lower prices and ease inflation.
Among the ideas, as noted by CBS News, “Democratic presidential nominee Kamala Harris is vowing to enact the first federal law against price gouging by food suppliers and grocery stores as part of her wide-ranging economic plan to bring down the cost of living.”
If Harris wins in November, and if she’s able to move forward with her plan, it would likely be some time before prices would start to level off or come down. With that in mind, here are five things you could stop wasting money on to help your finances.
Non-Essential Items
Dennis Shirshikov, head of growth at Summer and a finance professor at the City University of New York, said a Harris administration could likely focus on policies that promote equity and expand social services.
“While this could bring benefits in areas like healthcare and education, it might also lead to higher taxes for higher-income individuals and potentially more regulation in certain industries,” according to Shirshikov. “In this case, it might be beneficial to reassess investments in sectors that could be impacted by increased regulation and to consider how higher taxes might affect disposable income. Reducing spending on non-essential items and focusing on value-based purchases could be key strategies for navigating this environment.”
Tech Upgrades
Overall, Shirshikov said it’s essential to reassess discretionary spending when inflation is high.
“Instead of upgrading to the latest tech or indulging in luxury vacations, consider focusing on maintaining your current lifestyle without these splurges,” Shirshikov noted.
Coffee and Restaurant Trips
You’ve probably heard it before, but those daily coffee runs and meals out can easily add up and really hurt your budget.
“Be careful with the small things that you can do without or can do cheaper than buying out,” according to Brandon Gregg, a financial advisor and market president with BBK Wealth Management. “A good example is daily coffee or eating out. Those things can add up very quickly and most people are surprised how much they spend in a year on those things.”
Over-the-Top Gifts
You don’t need to give up your generosity entirely, but perhaps it might be a good time to cut back on expensive gifts.
“High inflation periods are not the time for extravagant gifting or spur-of-the-moment purchases. Instead, focus on meaningful, budget-conscious gifts and resist the urge to buy on a whim,” per Shirshikov. “This approach not only preserves your finances but also fosters a more thoughtful and intentional spending habit.”
Subscriptions
Have you ever looked at your bank statement and realized you’re paying for a service you forgot about and no longer use?
“Subscription services, while convenient, can become a drain on finances, especially when inflation drives up costs elsewhere,” Shirshikov said. “It’s wise to review all your subscriptions — whether they’re for streaming, magazines, or software — and eliminate those you no longer use or can live without.”
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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