The Wall Street Journal had an interesting article about the hordes of people pledging not to buy anything in 2025. The article describes various people all pledging to cut spending to pay off debt, save money or meet certain goals. People cite high cost of living and inflation as key reasons as well.
Tariffs
While I generally agree with the “no buy” sentiment, I’ve already violated that view by loading up on electronics in anticipation of the new administrations tariff happy trigger. The new administration has already announced possible tariffs on microchips and pharmaceuticals.
Oddly enough, on a recent trip to Mexico, I loaded up on some medicines because they are cheaper and easier to obtain there. I didn’t know it at the time but I was saving myself a ton of money if and when these tariffs go into effect.
Future Spend
The major future spend I’ll likely be making this year are trips to Asia and South America and perhaps a few places in-between. I had planned on remodeling our house but with tariffs, immigration raids scaring off all the construction workers, and expected higher inflation, I’ll have to post-pone that for a while. It may be cheaper to buy a new house if the economy crashes and I’ve stockpiled enough cash to do that in case it happens. I’ll then turn my current home into another rental but our long term idea is to move overseas.
Share The Wealth
Are you stopping all non-essential spending in 2025? Let me know in the comments below.