By coinnews 
00:00 Speaker A
American consumers are concerned about tariffs. According to a Gallup poll, 89% worry it could raise prices and 70% believe tariffs will cost more than they help the US economy. Joining me now to break it down and a few things that you can do to tariff-proof your finances, we’ve got Yahoo Finance personal finance editor Molly Moorehead. Molly, good to see you. Why Why is now the time to save more?
00:30 Molly Moorehead
Oh, of up. Uh so think about in terms of the things you can control and the things you can’t control. Tariffs very much in the bucket of out of our control. Uh but you can take control of your own money and the best insurance policy to deal with those rising prices or even just your own fear of rising prices is to have more money in the bank. So, it’s just a great time to redouble your efforts, recommit to saving, uh find the best high yield savings account like Vera was just saying.
01:07 Speaker A
So, how can consumers cut back on spending?
01:12 Molly Moorehead
Well, uh this goes back to that savings goal. Uh any money you’re spending on a subscription you’re not really using on uh maybe some money that you are spending a little more of the wants than the needs. This is the time to tighten up and put that money in savings instead of watching it go out the door.
01:48 Speaker A
What about debt? How should we kind of think about that differently right now?
02:01 Molly Moorehead
Yeah, this is a good one because uh and normally paying down high interest debt, getting out of debt is a is a very worthy goal. Uh you know, a top two goal. Your life changes when you’re out of debt. But if you think about what we’re in right now while we might need more money to live on, the extra $200 you’re putting toward your credit card bill might be more needed for groceries if they’re going up by $200 a month or any other cost. And so, this is not to say don’t worry about paying off debt, you know, it’s okay to fall further behind. Nobody’s saying that, but just think about uh the extra money you might be putting toward your debt. Do you actually need it right now?
02:54 Speaker A
Yeah. No, that’s a great reminder. I I mean, look, this next one. I like to think that I’m a smart shopper a lot, but I’m not always. What are the ways that you can be cognizant of your smart shopping habits?
03:12 Molly Moorehead
Yeah, I mean, I’m not really a fan of stocking up. I know people have talked a lot about that with the tariffs like, you know, before the higher prices hit, to stock up on things. Um that’s just spending more money, right? But I do think that if you’re if there’s something that you spend on regularly every month and you can afford to buy more of it, like things like diapers, things like um, you know, certain foods, it doesn’t hurt to to stock up. And then um, you know, really look for, of course, the best prices. That’s tried and true advice, but it’s more important now because we are going to start seeing, you know, the things we buy all the time we’re going to be paying more for them.
04:11 Speaker A
There’s always this thought process of, okay, can I manage all of these different spend considerations, savings considerations or when should I actually pull in a professional?
04:28 Molly Moorehead
Yeah, I mean, I think right now a professional can help you make these little changes at the margins in a way that keep you on track with your goals. So, even when this tariff chaos lets up, you’re still going to want to be saving for retirement. You’re still maybe saving to buy a house or put a kid through college. And so, you don’t want to do things now that put you off that track. And that’s where I think a financial advisor or other type of counselor can help you make those smaller day-to-day decisions that will keep you on your long-term plan.
05:05 Speaker A
Molly, excellent breakdown. Thanks so much for taking the time.
05:10 Molly Moorehead
Good to see you.
05:11 Speaker A
Good to see you, too.