In the days after the 2024 presidential election, Ana Thompson felt hopeless. “I was very scared about the outcome and what could potentially happen to our country,” she says.
Thompson, who makes TikTok videos focused on personal finance, began thinking about the economic impact President-elect Donald Trump could have—and how she might be able to help people prepare.
[time-brightcove not-tgx=”true”]
Taking action, she made a TikTok urging women to prioritize their personal finances.“We have no idea where this country is headed or what is going to happen over these next four years, but what I do know is that you are going to have a lot more options if you have money,” she said in her post.
“I do expect to see some changes to our economy over the next four years, and people are clearly already struggling as is,” Thompson tells TIME. “I want them to be prepared for what’s to come.”
The Trump Administration has proposed a slew of changes that could have wide-reaching impacts on the economy—from universal tariffs on imported goods, cuts to student loan relief, and tax cuts that experts say could disproportionately benefit high-income taxpayers while leaving low and middle-income taxpayers behind.
These are changes that many believe could impact their own personal finances—and some women are beginning to take action to prepare themselves, whether it be reducing their spending, reallocating their money away from big businesses, or shoring up their savings.
Rethinking big business
Sara Belhouari, a financial advisor based in Brooklyn, is implementing what she calls “financial activism,” a process that involves spending her money with more intentionality. She’s been rethinking her support of large corporations. With companies—including Amazon and Uber—pledging donations to Trump’s inauguration fund, Belhouari plans to stop supporting businesses that don’t align with her values.
“These corporations have so much money, influence, and power.” she says. “A lot of the companies that I’ve chosen not to support are donating to politicians that are going to push forward really harmful practices.”
Nabihah Ahmad, a student at Columbia University, has long made it a point to support businesses that prioritize things like sustainability or fair labor practices. Last year, she built an online search engine to help people find alternatives to products from companies profiting off the Israel-Hamas war. In the wake of the presidential election, she expanded it to champion black-owned and women-owned businesses in the United States.
She says that millions of people have visited the site each month, and that it’s a sign that people are becoming more cognizant of their purchasing power and its impact. “There’s just been this societal shift towards being conscious consumers and using our purchasing power correctly when it comes to climate change or political issues,” she says. “Our money very much controls the outcomes of all of these things.”
According to an April 2024 Nielson study, women control an estimated $31.8 trillion of worldwide spending, and are expected to control 75% of discretionary spending by 2028.
Thompson hopes that individual actions like “no-buys,” in which participants refrain from unnecessary shopping, or supporting small businesses rather than multi-million dollar corporations, can allow women to feel more political agency. “Specifically with Roe v. Wade being overturned, women in general feel like they’re losing control over their bodies,” she says. “Giving them an area that they can focus on, or they can make an impact with their dollars and make a difference, I think, can be really encouraging for women to hear.”
Read More: What Donald Trump’s Win Means for the Economy
Saving for uncertainty
Many are choosing to prioritize their savings to prepare for potential economic uncertainty. Elysia Berman, a creative director based in New York, says that to save money, she is planning to spend less and shop locally—whether it be buying groceries at a local market or participating in clothing swaps. “I want to be as intentional with my money as I can be,” she explains.
For Marisa Savegnago, a wedding photographer and marketer in Illinois, this has become the norm. During the pandemic, when ordering online often felt like the safest option, she found herself stuck at home, surrounded by things she didn’t really need.
“I remember just waking up one day and being like, ‘Wow, we have so much stuff,’” she says. “It was kind of suffocating.”
This realization prompted her to rethink her shopping habits—focusing more on buying second-hand and patronizing local businesses. She now can’t imagine living any other way.
“Growing up in the middle class, I’ve seen everyone around me struggle at one point or another, and seeing the profits that have been coming out of these massive corporations these past couple of years, while the middle class is really suffering, has just been really sickening to me,” she says.
By avoiding shopping through big corporations, Savegnago has been able to invest more in her community. It’s something she hopes more people can begin to do. “We need to hold ourselves more accountable to where we’re spending our money and who we’re supporting,” she says. “I think we should be supporting each other significantly more than we have been in the past.”
If the Trump Administration’s proposals do bring about higher prices, Berman thinks more people will begin to spend less—out of necessity. “Ultimately, it comes down to feeling the pressures of late stage capitalism. I think a lot of people are just not earning enough. Things cost too much. There’s a housing crisis, there’s a cost of living crisis,” she argues. “I think people are seeing that the incoming presidency and incoming Administration aren’t invested in actually lowering the cost of living, so they’re going to do it themselves by just opting out of capitalism.”
Belhouari believes that as more people look for political agency, they’ll turn to their wallets. “Our politics is now so embedded in these corporations that are spending millions of dollars lobbying for certain politicians to push forward their initiatives, and their initiatives essentially are to help the corporation make money at all costs,” she says. “The reality is that the cost has become too high.”
Leave a comment
