r e d f c u.o r g
|
11
e cost of many products may go up if
tariffs take effect as planned. ese are
taxes that importers pay on products
coming into our country. As back-to-school
shopping time approaches, parents and
students may wonder about the financial
impact. ere's no way to know for sure –
but don't panic. Plan.
Here's how:
✓
Spend wisely. You may see the biggest
impact from tariffs when you're
purchasing clothing and electronics.
About 97% of the clothes and shoes
purchased in the U.S. are imported,
according to the American Apparel &
Footwear Association. So, consider
low-cost alternatives to the brands you
normally buy and check out thrift stores
and online secondhand marketplaces.
✓
Press pause on payments. Are there
regular purchases you can put on hold or
scale back on temporarily? For example,
you can save money on streaming
services by choosing the option with ads,
or exercise outside instead of paying for
a gym membership. e goal is to free up
funds for the increased cost of goods.
✓
Save more. You may be thinking
of rushing to make a large
purchase (hello, fancy new
laptop) before the full impact
of tariffs hits, but unless you
were already planning for one,
financial experts recommend a
focus on saving instead. Create
a safety net for yourself with an
emergency fund.
✓
Talk to a financial planner.
Redstone offers a team of
accredited financial counselors
who can work with you to create a
plan for building savings, paying
off debt – and meeting your goals.
Tariffs shouldn't change your goals
– whether you're saving for a house
or taking your children school
shopping – but it's smart to plan
ahead and make adjustments to your
budget based on the times. Find
more financial tips at redfcu.org/
personal/financialwellness.
IN A TIME OF TARIFFS
BACK-TO-SCHOOL SHOPPING
