Americans Should Cut Spending ‘To The Bone’ Amid Trump Tariffs, Says Personal Finance Expert

President Donald Trump‘s tariff plan has sparked market volatility, prompting concerns about the U.S. economy in 2025, with a personal finance expert advising consumer caution.

Expert Michelle Singletary: Washington Post columnist Michelle Singletary appeared on MSNBC on Wednesday to discuss the preventative measures Americans can take amid a period of economic uncertainty. Singletary says people should be proactive in anticipating potential future hardships.

“If you can cut, cut. Cut to the bone until you see the white meat,” Singletary said. “Here’s the thing — we don’t know where this economy’s going. Lots of economists are saying we’re more likely to have a recession, so… now’s the time to heed the message that bad times may be coming, you may lose your job.”

The Johns Hopkins alum said that Americans should preemptively cancel vacation plans and think carefully about expenditures in the coming months.

Even though financial markets have experienced a downturn, Singletary says retirees should generally keep funds in their 401k’s without panic-pulling.

“I don’t need you to act on that fear,” Singletary said. “Even in retirement, your money still needs some growth. You might have to pull out some money, but perhaps you might pull out less than you planned, and hopefully, you have savings you can live off of until we see where things end up.”

The personal finance columnist said Americans a decade or two away from retirement should not even look at their 401k and “try to breathe.” She noted that historically, markets recover in the long run.

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