Here’s how to Trump-proof your personal finances against a trade war’s economic fallout

You can’t control Trump, tariffs, trade wars, the cost of living or the economy.

You can, however, control your own personal financial management. And, that’s where you’ll want to focus.

Zeroing in on your budget and savings regime, and not making any impulsive money manoeuvres is a resilient financial strategy, especially in these suddenly uncertain times.

Be ready for rising costs

Sadly, groceries, gas and other essentials may soon get more expensive — all the more painful coming on the heels of aggressive inflation in recent years.

The chaos coming from south of the border is frightening for many Canadians already on tight budgets and struggling with the high cost of living.

One way to protect yourself is by drilling down into your budget and spending history like a detective.

Go line by line through your expenses. Be curious and question everything. Do you really need this? Is there any way to save money on that? And be clear about where the expense came from, or if something could be delayed or cancelled until the dust settles on the economic tornado.

The next part is trimming back, cutting or cancelling, renegotiating and dropping down your tiers of service.

Here are six ways you can make changes to save money:

• Switch to a discount grocery store, and only buy the items on your weekly meal plan (I use AI to help create my family’s meal plan for the week — it even provides a grocery list!)

• Cancel or downgrade subscriptions and memberships. Switch to a lower cost gym, and seek out less expensive physiotherapists or massage providers.

• Switch to no-fee banking and credit cards, which often come with lower tiers of service.

• Delay purchases of non-essential big ticket items like vacations, clothing, home goods — anything you don’t absolutely need right now.

• Make all your meals at home and skip dining out or ordering in. It’s healthier for you and you’ll save a ton of money. Pack a lunch for work and bring a thermos of coffee. Your savings will quickly add up.

• Renegotiate your home and auto insurance policies, and internet and cellular services (we really need to push our MPs for more telecom competition in Canada.) Move any high-interest debt balances on credit cards to lower-rate products like a line of credit. Your interest payment savings will be substantial.

In the event that costs for essentials rise in the next few months, you will be ready to withstand the shock of higher prices.

Build up your rainy day emergency fund

If I knew what was coming, believe me I would share it with you. But, I don’t.

Tariffs or no tariffs, the chaos created by Trump has already inflicted damage, fomenting economic uncertainty for businesses and consumers — on both sides of the border.

Putting aside savings for worst case scenarios is always prudent financial planning, but extra critical right now.

Sock away whatever you can, hiving off a portion of each paycheque to a high-interest savings account.

Have you trimmed expenses from your budget? Save it.

Can you work extra shifts or overtime? Do it.

Do you have perfectly good ‘stuff’ lying around the house you never use? Sell it, using one of the myriad online marketplaces and websites.

Ideally, your rainy day fund will grow in no time to give you a several months cushion against worst-case scenarios.

Investments going into retirement (or already in your golden years)

If you’re of a particular vintage, you’re likely worried about retirement investments. In the current economic maelstrom, will they get hammered? Should you change your strategy? Should you buy gold?

Tap the brakes, and don’t do anything too fast. With this pause, pick up the phone and call your financial adviser.

You need to thoroughly review your portfolio and risk comfort level. They’ll want an update on your retirement income streams, your plans and to get a pulsecheck on how much flexibility your budget has to absorb higher costs.

Most advisers and institutions offering managed products began building resiliency into portfolios last year when Trump came into power.

With any luck, you might be pleasantly surprised by the actions that have already been taken to protect your nest egg.

Most retirees, or near retirees, have likely already incorporated some lower risk investments as a portfolio protection strategy.

If there’s flexibility to extend your work-life before retirement, that might be a good option to build savings. If not, mindful spending is key for retirees.

There is a chance the threatened tariffs won’t come to fruition.

I certainly hope so. But, you can fight back as we await more news on the matter.

Buy local, find out where the products you need are coming from, save as much as you can and take control of your own personal finances.

You’ll feel better knowing you’re as prepared as you can be.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.