Whether you’re tuned into the news or not, you’ve probably heard the word “tariff” thrown around a lot lately. Maybe you have a general idea of what it means — or maybe it just sounds like something that makes prices go up. Before you panic and start stockpiling goods, take a breath. Will tariffs impact your wallet? To some extent. But here’s what you really need to know.
flat $5 fee surcharge to cover the tariff costs.
still offering returns well above 4% — which is pretty solid for just letting your money sit there.
The LendingClub LevelUp Savings Account, for example, offers a solid APY and it comes with no minimum balance or monthly fees. The Western Alliance Bank High-Yield Savings Account also offers an attractive rate with just a $1 minimum deposit and no monthly fee requirements.
LendingClub LevelUp Savings Account
LendingClub Bank, N.A., Member FDIC
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4.40% (with monthly deposits of at least $250), or 3.40%
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Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- At least a $250 monthly deposit required to earn the highest APY
- No physical branch locations
Western Alliance Bank High-Yield Savings Account
Western Alliance Bank is a Member FDIC.
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Up to 6 transactions each month
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The bank may charge fees for non-sufficient funds
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Pros
- Strong APY
- Low minimum deposit required
- No monthly fees
Cons
- Bank may charge non-sufficient funds
- Doesn’t offer checking account or ATM access
- Accounts are opened and managed on Raisin.com
You Need a Budget (YNAB) app uses a zero-based budgeting method, where every dollar is assigned a specific job — like groceries, rent, or savings. It costs $14.99 per month or $109 annually, but you can try it free for 34 days. If you’re looking for a free option, the Goodbudget app uses a digital envelope system that lets you divide your income into spending categories. It’s free for up to 20 envelopes, or you can unlock unlimited envelopes for $10 per month or $80 per year.
You Need a Budget (YNAB)
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34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
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Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the “zero-based budgeting system” where no dollar is unaccounted for). Every dollar is assigned a “job,” whether it’s to go toward bills, savings, investments, etc.
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Yes, bank and credit cards
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Offered in both the App Store (for iOS) and on Google Play (for Android)
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Encrypted data, accredited data centers, third-party audits and more
Pros
- Offers a 34-day free trial, and college students get 12 months free
- Designed to help you get out of debt
- YNAB website claims average user saves $600 in their first two months and $6,000 in their first year
- Syncs to your bank accounts and credit cards
- Users can set goals, customize spending categories
- Offers educational resources, such as budgeting advice and free, live workshops
- Personal customer support
- Security features include encrypted data, accredited data centers, third-party audits and more
Cons
- Costs $109 per year or $14.99 per month
- Customer reviews note that it takes longer to set up than other apps
Goodbudget
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Free for 20 total envelopes; $10/month (or $80/year) for unlimited envelopes
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Allows couples to use the envelope system digitally for budgeting, and allows couples to track their debt
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Yes, but users must manually input transactions since the app does not sync to your bank account
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No, users must manually input purchases and transactions
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Offered in both the App Store (for iOS) and on Google Play (for Android) and as a version for laptops
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Information is using bank-grade 256-bit SSL
Pros
- Free version of the app
- Helps couples manage their money together, track spending and track debt
- Ability to share budget with your partner
- Digital envelopes help couples save for big goals that matter to them
- Money management courses and resources available
Cons
- Can’t connect bank accounts so users must manually enter transactions
Avoid “panic buying”
While you might also see advice encouraging you to stock up on things before prices rise or goods run out, that can quickly turn into “panic buying,” which results in spending on things you don’t need or won’t use. Instead, McFaddin recommends starting simple and thinking practically about your actual needs.
“In our house, we thought about things that would be really inconvenient if we couldn’t get them for a week or two,” she says. “For those things, we basically said, ‘do we have some already? Let’s get one more package’.”
Avoid dipping into investments
Lastly, be cautious when it comes to your investments. If you’re feeling financially strained, reducing your contributions slightly might be a better route than dipping into your accounts. Just be sure to move carefully and with intention by taking time to review your options, understand the long-term impact and avoid making impulsive decisions out of stress or fear.
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