One of the big issues in the presidential campaign is the economy. Donald Trump and Kamala Harris have talked about wanting to lower prices and curb inflation.
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As CBS News reported, Democratic presidential candidate Kamala Harris promises, among other things, to “pass the first federal law against price gouging by food suppliers and grocery stores as part of her comprehensive economic plan to lower the cost of living.”
If Harris wins in November and can implement her plan, it would likely take some time for prices to stabilize or even decline. With that in mind, here are five things you need to stop wasting money on to preserve your finances. For even more ways to save, you can also consult a financial advisor.
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1. Non-essential items
Dennis Shirshikov, growth director at GoSummer and a finance professor at the City University of New York, said a Harris administration would likely focus on policies that promote equity and expand social services.
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“While this could bring benefits in areas such as health and education, it could also lead to higher taxes for higher-income individuals and potentially more regulation in certain industries,” Shirshikov said. “In this case, it could be beneficial to reassess investments in sectors that could be affected by increased regulation and consider how higher taxes might affect disposable income. Reducing spending on non-essentials and focusing on value-based purchases could be key strategies to navigate this environment.”
2. Technical upgrades
Overall, according to Shirshikov, it is essential to reassess discretionary spending in times of high inflation.
“Instead of upgrading to the latest technology or treating yourself to luxury vacations, focus on maintaining your current lifestyle without those extravagances,” Shirshikov noted.
3. Coffee and restaurant trips
You’ve probably heard it before, but daily coffee and food purchases can quickly add up and really put a strain on your budget.
“Be careful about the little things you can live without or that are cheaper than buying,” advises Brandon Gregg, financial advisor and market president at BBK Wealth Management. “A good example is the daily coffee or dinner out. These things can add up very quickly and most people are surprised at how much they spend on them in a year.”
4. Overly great gifts
You don’t have to give up your generosity completely, but now might be a good time to buy less expensive gifts.
“Hyperinflation periods are not the time for extravagant gifts or spontaneous purchases. Instead, focus on meaningful, budget-conscious gifts and resist the urge to buy on impulse,” says Shirshikov. “This approach not only protects your finances, but also encourages more thoughtful and conscious spending behavior.”
5. Subscriptions
Have you ever looked at your bank statement and realized that you are paying for a service that you forgot about and no longer use?
“While subscription services are convenient, they can also be a drain on finances, especially when inflation drives up costs elsewhere,” Shirshikov said. “It’s wise to review all your subscriptions – whether for streaming, magazines or software – and cancel those you no longer use or can live without.”
Editor’s Note on Election Coverage: GOBankingRates is nonpartisan and strives to objectively cover all aspects of the economy and present balanced reporting on politically focused financial topics. For more coverage on this topic, visit GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 5 things experts say you shouldn’t waste money on if Kamala Harris wins in November
