With President Trump back in charge, many people are curious about how their money will be affected. GOBankingRates spoke to a financial expert about savings — specifically what should be in your savings account now that Trump is president.
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Also, find out what changes you should consider making to your spending now that Trump is president.
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The Six-Month Rule
Before considering politics, financial expert Anthony DeLuca from RetireGuide said your savings strategy needs to stay strong — with some key adjustments for 2025.
“A general rule of thumb is to float 20% of all earned income towards savings while holding at least three to six months of monthly expenses in a ‘rainy day fund,’” DeLuca explained. But here’s his personal take: “Someone should always hold at least six months of monthly expenses. We humans tend to underestimate emergencies.”
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Factor In Trade Changes
Keep extra cash handy for potential price hikes. DeLuca mentioned Trump’s planned tariffs: 25% on imports from Mexico and Canada and 10% on imports from China in addition to existing tariffs.
While this might boost domestic jobs, it could also drive up everyday costs. Keeping some additional funds in your savings account — as opposed to investments — would give you the liquidity you might need to cover these higher costs.
The Banking Wild Card
Trump has stated his intention to deregulate businesses and financial institutions, which some say could improve the economy, as it would allow for more growth.
However, DeLuca said, “These deregulations could cause higher credit card fees due to a lack of oversight” — another reason to keep your emergency fund healthy.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: Here’s How Much You Should Keep in Your Savings Account With Trump in Office
