I Asked a Financial Advisor How I Can Dodge Tariffs and Save My Budget
Despite a Supreme Court ruling in Learning Resources, Inc. v. Trump that struck down much of Trump’s tariffs, consumers are still seeing the repercussions in their budgets.
Inflation and the Israel-Iran war are also to blame for higher prices. "Our inflation is soaring,” said Professor Purba Mukerji, professor of economics at Connecticut College. Though it "cooled a bit in the latest numbers due to the MoU [memorandum of understanding] between the U.S. and Iran,” she said it’s likely to go up again now that “attacks and counterattacks have closed off the passage of fuel yet again.”
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In light of these higher prices, I asked financial advisor Steven Rogé, chief investment officer and CEO of R.W. Rogé & Company, Inc., to weigh in on how I can dodge tariffs and save my budget. In the face of what can seem like a losing financial battle, his answers were insightful and creative.
Buy Secondhand
“Buying secondhand sidesteps any tariffs,” Rogé said, “but keep in mind that second hand prices have gone up with overall inflation.” As a result, this strategy works for those trying to avoid tariffs, but it won't necessarily mean you’re paying the lowest price.
But this strategy comes with other benefits — buying secondhand and donating rather than throwing away the things you don’t need anymore, according to the Center for Biological Diversity, puts those items back into circulation, keeping them out of landfills and ultimately reducing their environmental footprint.
Head To the Local Library
When we think of a library, the first thing we typically think of is books. Which is a great place to start when you’re looking to dodge tariff costs and save your budget. While we’re not exactly sure how tariffs impact book prices specifically, borrowing instead of buying books can create some wiggle room in your budget.
Libraries can help you dodge tariffs in other ways, as well. Many libraries now offer a “Library of Things,” and Rogé said these “things” can include “electronics, musical instruments, outdoor games and even odds and ends like birthday yard signs.” My local library even offers tables and tents for patrons to borrow.
Repair Instead of Replacing
One thing that Rogé pointed out is that costs for services aren’t going up as quickly as costs for goods, so another way to avoid tariffs is to repair rather than replace certain items. He uses a couch as an example: “Instead of buying a new couch, hire a skilled repair person to reupholster the one you have.”
Buying items that are built to be repaired rather than “cheap, throwaway goods is the most sustainable way to avoid repeat purchases that are themselves subject to tariffs.”
Buy Out a Leased Vehicle
Rogé pointed out that used car prices aren’t depreciating nearly as rapidly as they used to. Because of this, “it may make sense to buy out your leased vehicle rather than purchase a new one, since the depreciation rate on the lease was likely understated at the time you signed it,” he said.
He shared his own experience of his leased 2017 Mustang GT, which he bought in 2019 for about $30,000. “I’ve enjoyed the car over the past six years and put 25,000 miles on it, yet I could sell it today for roughly the same price I paid six years ago," he said.
So buying out your lease and then selling the car down the road could actually put you in a better position than buying new — but you should run the numbers for your personal situation.
Evaluate Needs vs. Wants
“The simplest way for consumers to avoid tariffs is to tighten their budgets,” Rogé said. One way to do this is to evaluate what purchases fulfill a need or a want. Rogé cautioned that tariffs “on raw materials are so pervasive that avoiding them entirely is nearly impossible.” Where needs like housing and food aren’t going anywhere, he said “wants and impulse buys should be first on the cutting block.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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