In the aftermath of the 2024 presidential election, Ana Thompson found herself overwhelmed with uncertainty. “I felt a deep sense of fear regarding the results and their implications for our nation,” she shares.
As a TikTok creator who focuses on personal finance, Thompson began contemplating the potential economic consequences of President-elect Donald Trump’s policies—and how she could assist others in preparing for what lay ahead.
Taking proactive steps, she created a TikTok video encouraging women to take charge of their personal finances. “We don’t know what direction this country is heading or what the next four years will bring, but having financial resources will give you more options,” she stated in her post.
“I anticipate changes in our economy over the next four years, and many people are already facing challenges,” Thompson explains to TIME. “I want to equip them for what’s coming.”
The Trump Administration has outlined numerous proposed changes that could significantly affect the economy, including universal tariffs on imports, cuts to student loan relief, and tax reductions that experts warn may favor high-income individuals, leaving low and middle-income families behind.
These proposals have prompted many to rethink their financial strategies, and some women are already taking steps to prepare—whether by cutting back on spending, redirecting their money away from large corporations, or bolstering their savings.
Rethinking Big Business
Sara Belhouari, a financial advisor from Brooklyn, advocates for what she calls “financial activism,” wherein she consciously chooses where to spend her money. She has begun to reassess her support for major corporations, especially in light of companies like Amazon and Uber contributing to Trump’s inauguration fund. Belhouari has decided to withdraw her support from businesses that don’t reflect her values.
“These corporations wield immense wealth, influence, and power,” she states. “Many of the businesses I’ve chosen to avoid are backing politicians who promote harmful policies.”
Nabihah Ahmad, a student at Columbia University, has always prioritized supporting companies that focus on sustainability and ethical labor practices. Last year, she developed an online search engine to help people find alternatives to products from businesses profiting from the Israel-Hamas conflict. Following the election, she expanded her platform to highlight black-owned and women-owned enterprises across the U.S.
She reports that millions have visited her site monthly, indicating a growing awareness of consumer influence. “There’s been a societal shift toward mindful consumption and leveraging our purchasing power to address issues like climate change and politics,” she remarks. “The way we spend our money significantly shapes these outcomes.”
An April 2024 Nielsen study revealed that women are responsible for approximately $31.8 trillion in global spending, and they are projected to control 75% of discretionary spending by 2028.
Thompson believes that initiatives like “no-buys,” where participants refrain from non-essential purchases, or the decision 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 eroded,” she observes. “Providing them with a tangible way to impact their communities with their financial choices can be incredibly uplifting.”
Read More: What Donald Trump’s Win Means for the Economy
Saving for Uncertainty
In light of potential economic upheaval, many are prioritizing their savings. Elysia Berman, a creative director in New York, plans to reduce her expenses and shop locally, whether by purchasing groceries from neighborhood markets or engaging in clothing swaps. “I aim 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 option, she found herself surrounded by unnecessary items.
“One day, I just woke up and thought, ‘Wow, we have accumulated so much stuff,’” she recalls. “It felt overwhelming.”
This realization inspired her to reevaluate her shopping habits, leading her to focus on second-hand purchases and supporting local businesses, a lifestyle she now embraces wholeheartedly.
“Coming from a middle-class background, I’ve witnessed the struggles of those around me, and seeing the profits of massive corporations during these challenging times for the middle class is disheartening,” she expresses.
By steering clear of large corporations, Savegnago has been able to invest more in her community. She encourages others to follow suit. “We need to be more mindful about where we spend our money and whom we support,” she asserts. “It’s essential to foster a greater sense of community.”
If the Trump Administration’s proposals lead to increased prices, Berman foresees that many will be compelled to cut back on spending out of necessity. “Ultimately, it boils down to the pressures of late-stage capitalism. Many are not earning enough; prices are too high. We’re facing a housing crisis and a rising cost of living,” she explains. “People are realizing that the incoming Administration isn’t focused on reducing living costs, so they will take matters into their own hands by stepping away from traditional capitalism.”
Belhouari believes that as more individuals seek political influence, they will turn to their spending choices. “Our political landscape is deeply intertwined with corporations that spend vast sums on lobbying for politicians who promote their interests, often at the expense of the public,” she notes. “The reality is that the cost of this arrangement has become too high.”
