9 Things Experts Say You Should Do Now That Prices Are Officially Rising

“Don’t panic and make financial decisions from a place of fear,” Guntrip said. “When prices rise, it’s tempting to take on more debt or dip into savings without a clear plan. But try to avoid knee-jerk reactions, like cashing out retirement funds or relying heavily on high-interest credit cards to fill gaps.”

Indeed, “doom spending” is a very real phenomenon that consumers should seek to avoid. 

“Don’t rack up additional debt or dip into long-term savings for short-term costs,” urged Bo Tran, a Northwestern Mutual financial adviser. “While the uncertainty remains high, the answer in dealing with unpredictability in the economy and markets is unchanged. This is the time to focus on stability, not short-term fixes, and understanding the broader picture helps to respond thoughtfully rather than reactively.”

Remember that we can’t predict the future, so just focus on what makes sense for you in the given moment. 

“One thing we’ve learned about tariffs in recent months is that these announcements can be fickle,” Rossman said. “It’s one thing if you really need a new car or refrigerator and so on. But if you’re stocking up just because you think you’re getting ahead of something that might happen, you might end up regretting that decision.”

He recommended delaying large purchases that don’t need to be made right now. Unless there’s a serious urgency, you can probably live with your old kitchen cabinets, car, or washing machine for another year or two. Rushing to buy big-ticket items or entering into big contracts can lead to issues like overpaying, not getting the model you wanted, and getting stuck with high interest rates. 

“Don’t try to time the market, buy into the latest ‘sure thing’/ investment, or take big financial swings,” Bryan-Podvin said. “If you’re tempted to make a major money move, pause. Sleep on it, go for a walk. Giving yourself space to process instead of reacting in the moment can save you from bigger headaches down the road.”