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Also see whyyou must speak to a financial advisor to boost your savings this year.
On the other hand, those with moderate or lower incomes might cut back on luxury spending.
Less Big-Ticket Spending
Its possible for something to be considered expensive without being a luxury item.
This includes real estate and certain vehicles.
Meanwhile, the average cost of a new car was $48,401 in July, according toKelley Blue Book.
Much of the decision to delay also could be due to concerns aboutgeneral or personal economic instability.
Others view them as smart investments.
Either way, a Trump presidency could have an impact here as well.
This is largely because these options are considered safe-haven assets that can combat inflation.
When invested in strategically, theyre also a good way of diversifying an investment portfolio.
As an example, Shirshikov said uncertainty over healthcare policies could cause people to postpone elective medical procedures.
Right now, theres anEV tax crediton new and used vehicles of up to $7,500.
Prioritizing Local and Domestic Goods
Trump has long been an advocate oflocal and domestic production.
This essentially would hike up the price of imported goods.
Or you just might want to be prepared to spend more.
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