SUMMARY:  The uncertainty around the current economy can impact your personal finances and your mindset around spending. Spoiler: There are ways to work within the market to benefit your financial goals.

While the question of inflation is on the minds of financial experts, we know that four out of five Americans voice concern about the potential effects of factors such as tariffs on their budgets, according to a July 7 Yahoo Finance/Marist poll. Nearly half of respondents say they’re shopping around for deals, and more than a third are simply holding off on large purchases. Only a quarter of Americans aren’t making any changes in spending.

While you might feel concerned about your spending habits, the financial uncertainty can be a tool to help you make better decisions around money, explains Christina Lynch, the CEO of Trydent Consulting, a management consulting firm for small businesses.

“If you're feeling uncertain about spending, that's the time that we should strategize to try to gain clarity on how you move forward,” she explains. “That doesn't mean to stop spending, but it may mean using more intention as to what you're spending on.”

Keeping everyday costs low and being thoughtful about major money decisions can be a big help, she says. Here are some strategies to make the right decisions around major purchases such as a new home, college financing or your next auto purchase.

Get Real About Real Estate

While real estate has always been seen as a good investment, mortgage rates are currently hovering between 6 and 7 percent. This limits your buying power. Kara Perez, a financial educator and author of Money for Change, suggests that now more than ever, consumers should look at the total cost of a home and not just the purchase price. “You need to see what your real lived cost will be for a house,” she says.

This includes any repairs that you may need to make, taxes, homeowner association fees, utilities, and landscaping. Older homes may need work done right away, and as the cost of raw goods go up so does the amount you’ll need to set aside to fix everything. Financing is an important aspect. The Credit Union offers competitive rates and a wide variety of mortgage options to consider as you plan if it’s time to put an offer on a home.

Get Smart About Education

The latest federal budget passed in July includes big changes in it for college students and their parents. Starting in 2026, there will be new limits on how much parents and students can borrow in federal loans. Parents will only be able to borrow up to $20,000 per child, maxing out at $65,000 total. There will be a cap on graduate degrees and professional law and medical degrees – $20,500 with a total limit of $100,000 and $50,000 and a total limit of $200,000, respectively. In addition, borrowers won’t be able to defer repayments for economic hardship.

Plan now so that you or your children are making the best choices when it comes to college. Lynch says it may be better to take a nontraditional path to a degree to keep costs down. “Maybe consider a community college for the first two years or stay with an in-state public college versus going out of state and paying more,” she says. The less you must borrow in the long run, the easier it will be to pay off your loans.

Learn more about your student finance options, including refinance options or assistance if you’re pursuing a professional pilot certification. Perez says that parents should be looking for scholarships and grants, too, which typically don’t need to be paid back. “And if you’re already working, your job may have tuition reimbursement or tuition forgiveness,” she explains.

Drive a Hard Bargain

Americans are holding onto their cars longer. The average age of vehicles in the United States is 12.8 years, according to S&P Global, and they start to depreciate as soon as you drive them off the dealer’s lot. Perez suggests buying a car that not only holds its value but also has a good safety and repair record. More expensive cars may also cost more to repair and have warranties that end sooner. “Even an oil change on a luxury car is going to be more expensive than one on a cheaper car,” says Perez.

She suggests asking for perks when negotiating the price of a new car, such as free oil changes for two years or an extended warranty. “Don’t get stuck on the sticker price,” she says. “Try and save yourself money in the future.” And know that you have competitive auto loan rates from the Credit Union to help get you the best deal.

If you’re buying a used car, make sure you research it to make certain it hasn’t been in any accidents or that its previous owners kept up with maintenance and repairs on one of the car-buying sites. Buying your first car in the current economy? The Credit Union’s first-time auto loan is designed for individuals with little to no credit history. You might also qualify for our Timely Payment Discount. Build your credit now and benefit when the market becomes more stable.