Trump Is the New President, but You Still Control Your Money

The 2024 presidential election is officially behind us, and the results are in: Donald Trump will be the next president of the United States.

For some of you, that news probably has you super excited and ready to throw a party! But for many of you, we know you’re either disappointed or straight-up crushed. And we get it—it can feel hopeless if you don’t have faith in the president or their plans for the country, especially when it comes to your money.

Here’s the thing, though: You have a lot more control over your money than the president. Yep, it’s true. You can win with money no matter who’s in office.

Now, we’re not saying the economy doesn’t matter. Everyone feels a gut punch whenever we start seeing giant numbers at the gas pump, in the grocery store, or on our utility bills. And life certainly doesn’t get any easier for young folks trying to buy a house when interest rates and home prices go through the roof.

But at the end of the day, what happens in your house is more important than what happens in the White House.

At Ramsey, we’ve been helping everyday Americans all around the country learn how to manage their money for over 30 years. That means we’ve walked with people through six different presidents—three Republicans and three Democrats.

And you know what? We’ve seen plenty of people get out of debt, save for emergencies, and build wealth during each of those administrations.

That’s because the 7 Baby Steps, our proven money plan, always works.

If you’re ready to take control of your money, you don’t have to wait another four years. You can dive in right now. Here’s where to start.

Get on a Budget

Budgeting is about telling your money where to go instead of wondering where it went, and it’s not nearly as difficult as you may think.

Before a new month begins, write down your income and plan how much you’ll spend in categories like housing, food, transportation and even entertainment. (Make sure you account for every dollar you have coming in.) Then, track your spending throughout the month to make sure you’re staying on target.

And don’t forget to repeat the process when the next month rolls around!

Get Ready for Emergencies

Sorry to burst your bubble, but you’re going to face some financial emergencies in your life—and there’s a good chance it’ll happen sooner rather than later. After all, The State of Personal Finance study for 2024 found that 40% of Americans have had an unexpected money emergency in the last three months.

That’s why you need an emergency fund. When you have money set aside for rainy days, a potential catastrophe will become nothing more than an inconvenience. 

If you have consumer debt (any money you owe outside of your mortgage), start by saving up a $1,000 starter emergency fund. Then focus on attacking the debt. Once you’re free of all those payments, you can save 3–6 months of your typical expenses for a full emergency fund.

Get Out of Debt

It’s hard to get ahead financially when you’re sending a huge chunk of your paycheck toward debt every month. Credit cards, student loans and car payments add up quickly. Luckily, there’s a solution: Get rid of your debt!

Paying off your debt may seem like a fairy tale if you’ve been drowning in payments for as long as you can remember, but it’s 100% possible. You just have to roll up your sleeves and get to work using the debt snowball method.

After you’ve saved up a $1,000 emergency fund, sit down and list your debts from smallest to largest (regardless of interest rate). Then start putting as much money as possible toward your smallest debt every month while making minimum payments on the rest.

Once your smallest debt is gone, take what you were paying on it and add that to your payment on the next-smallest debt until it’s gone too. Repeat the cycle until each debt is paid in full and you’re completely debt-free!

You can use our free Debt Snowball Calculator to see just how quickly you can kiss all those payments goodbye.

The Bottom Line

No politician has the power to completely change your life one way or the other. They may have an impact on your money, but you’re the one in charge. And when you take the right steps, nothing can stop you.

Rock stars like you have found ways to succeed under every president, and that’s not going to change anytime soon.