In the wake of the 2024 presidential election, Ana Thompson found herself grappling with a wave of uncertainty. “The results left me with a profound sense of fear about their implications for our country,” she reflects.
As a TikTok creator dedicated to personal finance education, Thompson began to explore the possible economic repercussions of President-elect Donald Trump’s policies and contemplated ways to help others brace for the future.
Taking initiative, she produced a TikTok video urging women to take control of their financial situations. “We may not know where this country is headed or what the next four years will entail, but having financial resources will provide you with more options,” she conveyed in her post.
“I foresee significant changes in our economy over the next four years, and many individuals are already facing hardships,” Thompson tells TIME. “My goal is to prepare them for what’s on the horizon.”
The Trump Administration has proposed several changes that could have a profound impact on the economy, such as universal tariffs on imports, reductions in student loan relief, and tax cuts that experts warn may disproportionately benefit high-income earners while neglecting low and middle-income families.
These proposals have encouraged many to reassess their financial plans, and some women are already taking steps to adapt—whether by trimming their expenses, shifting their spending away from large corporations, or increasing their savings.
Rethinking Big Business
Sara Belhouari, a financial advisor based in Brooklyn, champions what she refers to as “financial activism,” which involves making conscious decisions about where to spend her money. In light of companies like Amazon and Uber supporting Trump’s inauguration fund, she has reevaluated her patronage of major corporations and chosen to withdraw her support from those that don’t align with her values.
“These corporations have substantial wealth, influence, and power,” she points out. “Many of the businesses I’ve opted to avoid are backing politicians who endorse harmful policies.”
Nabihah Ahmad, a student at Columbia University, has consistently supported companies that prioritize sustainability and ethical labor practices. Last year, she created an online search engine to help consumers find alternatives to products from businesses profiting from the Israel-Hamas conflict. Following the election, she broadened her platform to promote black-owned and women-owned businesses across the United States.
She shares that her site has attracted millions of visitors each month, highlighting a growing awareness of consumer power. “We are witnessing a societal shift towards mindful consumption and using our purchasing decisions to tackle issues like climate change and political agendas,” she states. “The way we spend our money significantly influences these outcomes.”
An April 2024 Nielsen study indicated that women account for about $31.8 trillion in global spending and are projected to control 75% of discretionary spending by 2028.
Thompson believes initiatives like “no-buys,” where participants refrain from unnecessary purchases, or choosing to support small businesses over large corporations, can empower women politically. “With the overturning of Roe v. Wade, many women feel their autonomy is being compromised,” she notes. “Offering them a practical way to influence their communities through their financial choices can be incredibly uplifting.”
Read More: What Donald Trump’s Win Means for the Economy
Saving for Uncertainty
In anticipation of potential economic instability, many individuals are prioritizing their savings. Elysia Berman, a creative director in New York, plans to cut her expenses and shop locally, whether by buying groceries from neighborhood markets or participating in clothing swaps. “I strive to be as intentional as possible with my spending,” she explains.
For Marisa Savegnago, a wedding photographer and marketer in Illinois, this approach has become second nature. During the pandemic, when online shopping felt like the safest way to purchase, she found herself surrounded by unnecessary items.
“One day, I woke up and thought, ‘Wow, we have accumulated so much stuff,'” she recalls. “It was overwhelming.”
This realization prompted her to reassess her shopping habits, leading her to prioritize second-hand purchases and support local businesses, a lifestyle she now fully embraces.
“Coming from a middle-class background, I’ve seen the struggles of those around me, and it’s disheartening to watch massive corporations profit during these tough times for the middle class,” she expresses.
By avoiding large corporations, Savegnago has been able to invest more in her community. She encourages others to do the same. “We need to be more mindful about where we spend our money and whom we support,” she asserts. “It’s vital to cultivate a stronger sense of community.”
If the Trump Administration’s proposals lead to rising prices, Berman anticipates that many will have no choice but to cut back on spending. “Ultimately, it comes down to the challenges of late-stage capitalism. Many are underpaid; prices are soaring. We’re facing a housing crisis and escalating living costs,” she explains. “People are coming to understand that the incoming Administration isn’t focused on lowering living expenses, so they will take matters into their own hands by stepping away from conventional capitalism.”
Belhouari believes that as more people seek to exert political influence, they will increasingly consider their spending choices. “Our political landscape is deeply entwined with corporations that spend vast sums lobbying for politicians who advance their interests, often at the expense of the public,” she notes. “The reality is that the cost of this arrangement has become too high.”