Author: Rebecca Holland

For many remote workers, the flexibility offered by working at home can’t be beat.

In a McKinsey survey from 2022, 21% of remote workers reported that getting a remote role was their primary motivation for seeking a new job. Furthermore, according to an independent survey of more than 12,000 respondents who work remotely, the ability to work from anywhere has increased their happiness by as much as 20%.

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So what if you’re currently on the job hunt, and have received a nice offer, but now find out it will mean you need to work from the office for at least three days a week? Is it worth it to trade in your sweats for a rush-hour commute? We’ll break down the added costs of office-based work, plus the benefits that you might enjoy.

The scenario

Say you’re currently making $140K with a 10% performance bonus. Your new offer has a base salary of $170K with a 15% bonus. However, you’ll be leaving a fully-remote role for a mandatory hybrid working arrangement, with three days a week in-office.

The extra salary could help you afford a down payment on your own home, which is your major financial goal.

So what would the extra salary look like on your monthly paycheck? If you live in California, for example, your total income after taxes would be $114,921, not including deductions for health insurance or any contributions to retirement accounts. In contrast, your current take-home pay at your $140,000 salary is $97,119. So the difference is $17,802, or $1,483.50 per month. When you consider your health care and retirement savings costs, you can target about $1,000 extra per month in income — which isn’t bad, but might not be enough to get you meaningfully closer to your goal of homeownership.

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Additional costs for your new role

If you choose to transition back to working in-office, you’ll have to consider your transportation costs. As a remote worker, you may not have a car, or you may not use your car very often. With potentially long commutes ahead of you, you’ll need a reliable vehicle, a healthy gas budget, and some savings set aside in case of accidents or repairs. You may also need to consider whether your current auto insurance will be sufficient for your needs. If you work in the city, parking might also become a monthly expense you’ll need to factor in.

Many office workers prefer the convenience of having their lunches or even dinners at restaurants. Even if you brown bag it two out of the three days you’re in the office, your food budget can balloon when you’re surrounded by options for meals on the go. It’s also true that you’ll feel more tempted to treat yourself to social drinks or dinners with colleagues after work, or other activities that can take a bite out of your entertainment budget each month.

But there’s something to be said for the value of that informal off-the-clock socializing, especially if you’re hoping to climb the ranks at your new workplace.

You just need to be prepared for these added costs because the temptation for lifestyle creep could be a real concern. When you feel like you’re earning more, regardless of what the numbers in your bank account say, you may be tempted to splurge on luxuries like extra vacations, a new car or even more frequent discretionary purchases like clothes shopping and dining out. These costs could quickly eat up your extra $1,000 per month, and even leave you with less money for saving than you had before.

The bottom line

While it may sound as if we’re advising you against taking a new role, the truth is that it’s almost always a good idea. Your role is likely to be additional good experience you can add to your resume and help you in the future in your career.

If you’re feeling underutilized in your current role, or you’re not growing, a new role can break you out of your rut, and also make you more competitive in the job market. In today’s layoff-heavy climate, staying relevant with new skills and better titles is a must.

You can also look at the role as an experiment — if you find that the commuting and lifestyle changes aren’t worth it after six months to a year in the role, you can hit the job market again and find something that suits you better, hopefully this time with even more skills to aid you in your search.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

While President Trump’s aggressive (and changing) foreign tariffs are expected to make the cost of living soar for average Americans, there are some groups who welcome rising prices on imports as a way to boost local trade.

The Trump administration received roughly 200 letters from Gulf Coast shrimpers asking for higher tariffs on imported shrimp.

Prices for the domestic catch have fallen from $2.85 per pound four years ago to $1.64 as of June 2024, down 42%. And shrimpers from the area say imports account for more than 90% of demand for shrimp in the US, according to NBC News. They see the America First policy as a boon for a struggling industry.

“We’ve watched as multigenerational family businesses tie up their boats, unable to compete with foreign producers who play by a completely different set of rules. We are grateful for the Trump Administration’s actions today, which will preserve American jobs, food security, and our commitment to ethical production,” Southern Shrimp Alliance Executive Director John Williams posted on the organization’s website.

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Shrimpers for Trump

Unlike the lobster fishers of Maine, who rely on trade with Canada as their largest export market, shrimpers sell the majority of their catch domestically. Foreign competition has turned the price per pound into a race to the bottom.

“I call it the ‘chickenization’ of shrimp,’” said Jeremy Zirlott, a shrimper in Alabama with three boats, and a Southern Shrimp Alliance board member. “Shrimp used to be a luxury item; now it’s gotten to where it’s one of the cheapest proteins.”

"We’ve been dying for the last 20 years, and the last four years have really been tough," said Acy Cooper, the president of the Louisiana Shrimp Association. "Then Trump comes in — that’s why we voted for him. We want change. We can’t live like this anymore."

The industry’s crisis is one that shrimpers feel the US government has, up to now, compounded.

In early March, Sen. Bill Cassidy, R-La., called attention to the fact that US taxpayer dollars are being used to fund the shrimping industry in other countries. As reported by the Southern Shrimp Alliance, private shrimp producers and exporters in Ecuador have received at least $195 million in development funding since the millennium.

Funding has also been sent to India, Indonesia, Vietnam, among other countries. The Alliance contends that this has led to a “global oversupply that has driven wholesale shrimp prices to historic lows during a time of inflation for almost all other commodity prices.”

Sen. Cassidy has called on Treasury Secretary Scott Bessent to prevent taxpayer dollars from funding foreign shrimp aquaculture. Advocates for the industry say that this foreign supply has been instrumental in gutting the domestic shrimp prices. NOAA Fisheries reported that the total value of U.S. shrimpers’ catch was $522 million in 2021 — and only $268 million in 2023, and remaining near this level in 2024.

Congressman Clay Higgins, R-La., is also calling attention to the issue and on the Trump administration to impose tariffs of up to 100% on foreign shrimp and crawfish imports.

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Shrimpers vs. consumers

"The public has to be willing to pay more for the domestic product we produce," said Zirlott. He anticipates that tariffs will provide some relief, but wants federal funding redirected into the local industry so that it can survive in the long term.

"I don’t think it’s going to solve all of our problems for sure, but it’s a step in the right direction," he said. Public support is crucial to encourage young people to join the fishery that is quickly witnessing a “graying of the fleet.”

By contrast, Maine’s governor expressed worry that tariffs on the fishery will cause major trading partners like Canada to impose retaliatory tariffs. Some products, such as lobster, cross the border for processing as Maine has 15 lobster processing plants to Canada’s 240, meaning Maine’s lobstermen would suffer in turn.

The National Fisheries Institute has also warned that tariffs on seafood and other items could cause inflation.

Some also worry that as prices for foreign imports and domestic shrimp rise, consumers are just as likely to change their tastes as they are to adjust to a higher cost for seafood they expect to be cheap.

John Sackton, a seafood industry analyst, reported to NBC that a recent survey showed consumers are more likely to simply cut back on spending for groceries and restaurants when the economy dips, meaning tariffs may not ultimately bring Gulf Coast shrimpers the relief they’re desperately seeking.

Gulf Coast shrimpers, however, rely on their fellow Americans to do the right thing.

“Today’s demand for shrimp is met at a massive human, environmental, and public health cost,” said said Williams, the executive director of the Southern Shrimp Alliance. “When we outsource our seafood production to industries that use forced labor and environmental shortcuts, we’re making a choice about the kind of world we want to support.”

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

A bill that cracks down on squatting in Texas has passed the state senate.

Bill 38 aims to provide property owners with a faster legal process to evict squatters from their dwellings and reclaim their properties.

“The current process is so broken that it punishes the rightful property owners while rewarding trespassers who know how to game the system,” State Sen. Paul Bettencourt, who authored the bill, said in a press release on April 10.

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The bill would give landlords the right to file for an eviction notice if they have given a tenant at least three days’ prior notice, unless there’s an existing lease or agreement with a different timeframe spelled out. In addition, the courts would be required to act between 10 and 21 days of the landlord’s filing.

“You can’t stay in the home because we have the ability to do a quick eviction process,” Bettencourt told Fox 7 Austin.

The extent of the Texas squatting crisis

There’s limited data available to estimate how many squatters are currently holding property illegally in Texas.

Cpt. Jim Sharmon, Harris County Constable Pct. 4, testified that there are hundreds of cases each year in a single Harris County Constable Precinct, according to a press release from Bettencourt in May 2024.

Bettencourt also cited a third-party survey that reported 475 cases of squatting in the Dallas-Fort Worth area. He estimated there were thousands of cases across the state.

In the April 10 press release, Bettencourt emphasized the problem by recounting victims’ stories.

“A homeowner testified a squatter broke into her Mesquite home, sold her belongings for pennies on the dollar, and then a JP in Garland, Texas, ruled to keep the squatter in her home over the holidays, denying her the right to come home for Christmas!” he said.

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Local Texas news station KHOU 11 reported a representative from the Texas Apartment Association testified that a group in San Antonio illegally seized more than 250 apartment units. The apartments were marketed as an immigration services center, but the group kept the rent money they collected for themselves.

“These stories are outrageous, but they’re real — and they’re happening statewide,” Bettencourt said in the release.

Opposition to the bill

State Sen. Molly Cook was among those who opposed the bill.

“[Bill] 38 is very clearly a pro-eviction piece of legislation,” she wrote in a social media post. “This bill would streamline evictions, erode due process and increase homelessness in a time where rent prices are increasing faster than peoples’ wages. Housing insecurity is a public health crisis.”

The Texas Tribune reported on the state’s housing affordability crisis in January. Rising home prices have vastly outpaced incomes, according to the publication. Meanwhile, housing policy group Up for Growth estimates there’s a shortage of hundreds of thousands of homes.

Proponents of the bill argue that the proposed legislation works for both landlords and tenants with valid leases.

“I think we’ve struck the right balance between property rights of the owners and the needs of the of the renters, but to drive out the squatters that are really taking advantage of the fact that that they think they don’t have to pay anything or they have no penalty of occupying what they don’t own,” Bettencourt told Fox 7 Austin.

The bill must pass the House before the governor can sign it into law.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Early in your career, big pay increases can happen quickly — you get a new job in a much larger company, you advance through the ranks at your current company or you move to a new industry where salaries are typically higher than you could command previously.

After the excitement of signing a big contract is over, you might ask yourself: “Now what?”

While you might be tempted to make your first major payday all about fun purchases, it’s still important to stick to tried-and-true financial principles. There are no guarantees in today’s world. You could suddenly lose your job, and the money you’ve made has to last.

As a case study, let’s say you’re a single young professional who has moved from a $100,000 to a $200,000 salary role. Here, we’ll cover budgeting, saving and investing to help you make the most of your new income.

Calculating your new take-home pay

Just because your before-tax income has doubled, doesn’t mean your take-home pay will double as well. Moving from $100,000 to $200,000 means you enter new tax brackets, and if you have any other income outside of your regular job, you’ll have to take that into consideration as well.

The federal tax brackets for 2024 at your income level as a single filer are as follows:

• 15% on the first $55,867 of taxable income
• 20.5% on taxable income over $55,867 up to $111,733
• 26% on taxable income over $111,733 up to $173,205
• 29% on taxable income over $173,205 up to $246,752
• 33% on any taxable income over $246,752

Federal tax rates begin at 15% and rise correspondingly with income. So, you’ll need to do some calculating to understand what your actual tax rate will be. On top of that, you’ll have to calculate taxes for your province or territory, if any. Depending on where you live, you may have no additional provincial taxes, a progressive rate like federal taxes or a flat rate regardless of your income.

Spending responsibly

Once you have a good handle on the figure that will flow into your bank account each month, it’s time to set a new budget. Start by looking at your old budget and spending. Were you happy with how you were managing your money? Did you feel like you were getting the most bang for your buck, balancing savings with enough funds to enjoy your favorite activities?

It’s a useful, if time-consuming, step to track your spending from the previous year. You can gain a lot of insight into how you used your money and where you can add or trim spending to align with your personal goals. With your new income, you may want to seek the advice of a financial advisor to help you adjust your contributions to retirement savings and investments.

You may also find the prospect of paying down debt or purchasing big-ticket items like a home to be more realistic.

According to the Canadian Real Estate Association, the national average home price sat at $668,097 in February 2025, a 3.3% decrease from the year prior. Home values will vary by location, but you now have an opportunity to save up for a large down payment. If you want to pay off debt or own a home, your new budget should account for these goals.

Avoiding lifestyle inflation

Getting a new job with a higher salary can be a heady experience. You may feel tempted to indulge in excess spending to keep up with your peers in your new role or to demonstrate to friends and family that you’ve finally “made it.” However, it’s easy to slip into living paycheck-to-paycheck with a big income if you’re not careful about your spending.

To keep it in check, make sure your money moves align with your values. Ask yourself how you really like to spend your free time and allocate a portion of your budget to those activities. If it’s important to you to give back to your community or donate to funds you support, consider building that into your budget over more frivolous spending.

One common purchase people make after boosting their income is a new vehicle. In this case it’s best to think in practical terms. Do you really need a fancy new car to commute to work every day, or does it make more sense to buy something that best supports your lifestyle? Cars drop in value quickly, and in many cases the best value can be found on the secondhand market.

Managing your new take-home pay goes hand-in-hand with managing your new lifestyle. If you were mostly satisfied before your income upgrade, how much really needs to change? This is a chance to live a good life while pursuing long-term goals to set yourself up for a happy and comfortable future.

Sources

1. Canadian Real Estate Association: National Price Map)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

More than 52 million retirees are registered Social Security beneficiaries in the U.S., taking home an average check of $1,980.86 per month as of February after a lifetime of hard work. While the benefit is meant to supplement income rather than replace it once a worker retires, according to Gallup polling, beneficiaries have increasingly become more reliant on Social Security since the millennium.

In an effort to keep up with inflation, Social Security benefits are subject to a cost-of-living adjustment (COLA) every year. But the next one might come as a disappointment. According to The Senior Citizens League (TSCL), the 2026 COLA forecast as of April 10 stands at only 2.3%, below the average of annual increases seen since 2010.

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So, what does this mean for American retirees, and what can they do to boost their savings so they can rely less on Social Security to replace their income in retirement?

A look at COLA

A 2.3% COLA increase in 2026 would be the smallest percentage increase since 2020. With inflation cooling, but still present, and experts anticipating tariffs will increase costs in the short term, many retirees may desire more from their monthly check.

So, how does the Social Security Administration (SSA) calculate the COLA? The figure is typically tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) within a specific period of time. The CPI-W measures inflation or deflation on 200 different price indices, allowing the SSA to track how consumer spending and buying power are affecting average Americans.

However, critics of the formula argue it doesn’t correspond to the spending of beneficiaries. Spending on health care, for example, is generally higher among retirees compared to the average worker, yet this is not reflected in the calculation.

In addition, COLA may not be keeping up with real inflation figures (keep in mind, they’re announced the year before being implemented). A study published by TSCL in 2024 showed that Social Security benefits had lost 20% of purchasing power since 2010, with inflation outpacing COLA in most years.

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How to protect your retirement savings

Are there ways retirees and those who are retiring soon can shore up their savings and become less-dependent on Social Security to pay the bills?

Investments may be key. Conventional wisdom says those already in retirement should opt for a safer mix of investments, relying more on bonds, securities and high-interest savings accounts. If you have the resources, dividend-paying investments can be helpful in retirement.

Many retirees who are worried about inflation eating away at their hard-earned savings invest in Treasury Inflation-Protected Securities (TIPS). These bonds are issued by the U.S. Treasury and are adjusted along with the rate of inflation, so your buying power is safeguarded as the bond grows. Conversely, however, investors receive lower payouts if deflation occurs.

Retirees should be careful budgeters, reducing their expenses to a minimum. It’s wise to review your spending regularly to account for every penny collected and spent. If you’re tech-savvy, many banks and tech companies offer spending tracking apps that you can use on your smartphone or online, helping you see your cash at a glance.

If you have trouble reining in your expenses, or are looking for more room in your budget for investing, consider speaking to a qualified financial advisor who can help you make the most of your retirement, and ensure that — whatever COLA increases are in your future — you can live well beyond your working years.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Insurance companies are cautiously optimistic about the Trump administration’s policies for their industry: insurers saw their stocks soar in early April when the federal government announced a record 5.06% benchmark increase to Medicare Advantage plans.

That is more than double the rate (2.23%) proposed by the [Biden administration] (https://www.barrons.com/articles/humana-cvs-unitedhealth-stock-medicare-advantage-7dee3cc7) in January 2025, which was seen as a budget cut by the insurance industry. The Trump administration increase will amount to $25 billion for insurers like Humana and UnitedHealthcare, which participate in the revitalized Medicare Advantage program.

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Advocates highlighted that program costs have seen margins fall sharply in the insurance sector. Enrolled older adults have used more care than anticipated since the pandemic, and many insurers have already cut benefits, exiting some markets to remain profitable. The increased funding is expected to make health insurance companies a haven on the stock market during an unpredictable and volatile time.

Lo and behold, both Humana and UnitedHealthcare’s first quarter earnings caused the companies’ stocks to drop precipitously on April 16.

Adding to the pinch, the Trump administration also enacted changes that will make it harder for insurers to inflate their profits. These changes are expected to dull the shine of the increased funding and may make companies even more reluctant to pass on savings to customers.

Criticism of the plan

The Medicare Advantage program has not been without its critics since its inception in the Balanced Budget Act of 1997.

The program uses taxpayer dollars to pay private insurers for coverage for older adults and those with disabilities. Medicare Advantage was introduced by Republican Representative John Kasich in the omnibus, and the Democrats have been critical of using public funds to pay private companies through the program.

How much the federal government spends on Medicare Advantage influences its monthly premiums and plan benefits. There is no baseline of coverage across the different private insurers who participate in the program.

Pundits have said the Biden administration was skeptical of the program, and the low rate of increase proposed for 2026 by Biden was seen as a cut to funding, given the rate of inflation.

Despite stricter rules enacted by the Trump administration on billing practices, the Department of Justice has launched a civil fraud investigation into UnitedHealthcare’s practices. Critics have looked askance at Trump for continuing to pour taxpayer money into an industry mired in legal woes.

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Trump’s policies and their impact on older adults

There is little evidence, however, that Trump’s policies will be a big win for the average American. While a boost in funding might mean savings will be passed on to clients, it seems more likely that the cash injection will be used to rally the insurers’ market performance.

“Though required by law, this excessive increase in payments to Big Insurance — when evidence demonstrates they are already being overpaid — demonstrates the crucial need for Congress to fix the way payment rates for MA insurers are calculated,” pundit Rachel Madley wrote on her Substack Health Care Un-covered. “Sadly, analysts expect the extra payments Big Insurance will get in 2026 will go to increasing profit margins, not increasing benefits or availability of care.”

With Medicare Advantage enrollment already on the rise, other analysts predict that, following this announcement, even more Medicare-eligible seniors may elect to join the program in 2025 and 2026. Only time will tell if the $25 billion is used to improve profits or to increase benefits for a growing number of seniors.

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• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Recession fears have dogged Americans since the Covid years, and they’re showing no signs of stopping.

In March, J.P. Morgan’s chief economist said there’s a 40% chance the U.S. will face a recession in 2025. Veronica Willis, global investment strategist at Wells Fargo Investment Institute, says that whether a recession is coming or not, the economy is already in a “slow patch.”

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Now, with a rocky stock market, President Trump’s tariffs and weakened tourism, the U.S. may be on the verge of an economic downturn.

And while many Americans may find this concerning, there are ways to protect yourself and your investments from volatility. Below are three strategies for keeping your bank balance in the black and ensuring your investments are stable.

Adjusting your investment strategy

Now more than ever, it’s important to ensure your portfolio is properly diversified.

Too much exposure to the stock market could mean significant losses, a thing you especially want to avoid if you’re nearing retirement. Even in times of economic prosperity, retirees should look to trade in the bulk of their stock options for safer investments such as bonds, high-yield savings accounts and inflation-protected securities.

Seth Mullikin, a certified financial planner in Charlotte, North Carolina, told USA Today that retirees “do not want to be withdrawing from an aggressive portfolio during a recession.”

Meanwhile, if you have decades before you retire, you may want to ride out the storm.

“The fact that the stock market is down 7% or 10% now isn’t so concerning,” Sean Higgins, an associate professor of finance at the Kellogg School of Management at Northwestern University, shared with USA Today on April 3.

In fact, this might be an opportunity to buy up stocks that are selling low but have growth potential for the future. It’s “a great time to buy stocks because you’re getting them at a discount,” says Willis.

As for your current stocks, it’s better to hold than to sell them at a loss. “It’s too late to start thinking of pulling out of equities because you’ve already seen that downturn,” Willis said. Instead, look forward to better times when the market recovers.

In the meantime, make sure you have exposure to assets like stocks and bonds, and commodities like gold, which has been a strong player in these last few years of economic volatility.

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Reducing debt and expenses

According to LendingTree, the average interest rate for a credit card in the U.S. is 24.2%. If you are carrying a balance on any of your credit cards, now is the time to put a plan in place for paying off those debts.

During a recession, paying down debt and reducing expenses is essential. If you don’t already have a budget and a spending tracker, now is an excellent time to put these measures in place.

Track your spending for a month and get a realistic portrait of how you use your money. From there, you can decide on the best ways to trim, as well as how much you can afford to put towards debt repayment each month.

While you’re in the process of budgeting, don’t forget to review your fixed expenses like monthly bills, insurance and car loans. Set aside the time to call providers, like your cell phone and internet companies, and ask for ways to reduce your monthly bill. You might also shop around for better insurance coverage for your home and auto.

Finally, it’s a good time to question whether you can opt for a cheaper car. The average loan for a new car is $735 per month, according to data from Experian. If you can opt for a second-hand car or lease a less-expensive model, you could trim thousands of dollars from your budget.

Building an emergency fund

Lastly, whether you have a large portfolio of investments or you’re living modestly, it’s important to set aside funds for a rainy day.

An emergency fund is crucial for financial health, as it prevents you from going into debt when unexpected expenses arise. The popular wisdom is that you should have six months’ of expenses saved, but even a couple thousand dollars is a good start and can prevent headaches down the line.

If you don’t have an emergency fund, one of the best ways to begin saving is to set a monthly goal and put the funds in a high-yield savings account, where the money can grow and keep up with the rate of inflation. Even a modest amount can add up over time and help you in emergency situations like a car accident or losing your job.

According to a report from Bankrate, 27% of Americans don’t have an emergency fund. Today is a great time to begin to get your financial health back on track.

What to read next

• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

You may be aware that President Donald Trump’s global tariff war will see Americans paying more for consumer goods, but have you considered the cost of services will also rise?

According to a February report from Insurify, the cost of full-coverage car insurance in the U.S. could increase by 8% on average this year if Trump persists on 25% import tariffs on car parts made in Mexico and Canada.

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Plus, with Canadian steel and aluminum facing the same tariff, the price of manufacturing auto parts in America could also skyrocket.

The cost of auto parts is a major factor in the final price of your auto insurance. The car industry in the U.S. is highly reliant on our neighbors to the north and south, as the U.S. imports roughly 32% of its total auto parts from Canada and Mexico, according to data cited in the Insurify report. Imports of finished cars and trucks from Canada and Mexico also account for a fifth of all vehicles sold.

Tariffs on your transportation

Increasing insurance costs may not be the only headache, as demand for cars produced domestically will see automakers expand their workforces, and add to the final cost of the vehicles they make.

They’ll also have to absorb the higher cost of steel and aluminum imports, which will likely be reflected in car prices, too.

Whether you’re buying a new car or repairing a used one, the cost of parts will make transportation more expensive for Americans. Demand for cars made domestically may also increase if imports become prohibitively expensive.

USA today reports that according to Wolfe Research, tariffs could make the average cost of a new car rise by about $3,000.

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Rising costs for insurance

In February, the American Property Casualty Insurance Association reported that approximately six in 10 auto replacement parts used in U.S. repair shops are imports from Canada, Mexico or China. With higher costs for these auto parts leading to increased costs for insurers, premiums will rise accordingly.

According to a recent report from the Kelley Blue Book, the national average cost for car repairs is $838. With tariffs, this could put the cost for repairs well over $1,000.

In spite of these rising insurance costs, remember that repairing your vehicle is often cheaper than leasing or financing a new one. You can also save money in the long run through proactive maintenance, and the upfront cost of a comprehensive plan can be worth it if you’re involved in a serious accident.

Speaking to USA Today, Insurify data journalist Matt Brannon projects that New York state will see the biggest increases in insurance rates this year, totalling $489 by the end of the year. Nearly a fifth, or $110 of that cost is directly attributed to tariffs, he reported.

The good news? Brannon said that car owners probably won’t see increases in their insurance bill until the end of the year. Most insurers, he noted, have to be approved by state regulators to increase the cost of premiums. This process can take months.

“We expect those price increases would show up when drivers renew their policies or switch to a new insurer, rather than in the middle of a six-month coverage period,” he said.

You can get ahead of these anticipated costs by setting aside more funds in your savings, and starting to do some research to find a more competitively-priced policy for your auto insurance, so that when you renew you won’t feel it in your wallet.

What to read next

• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.