Welcome to Money As If, the perfect Swan brooch to go with your perfect swan crown. Today's debs:

— Jeanine

P.S. Liking Money As If? Share that referral link below!

So the big money news coming out of last week was that the Supreme Court canceled tariffs, at least in their (formerly?) most recent incarnation, though it's unclear whether they're actually going away.

The Trump administration seems pretty committed to tariff-ing … everyone in some way, shape, or form, but the details keep changing. And no one knows if its new approach will hold up long term.

No one knows what will happen to the more than $175 billion the U.S. government has already collected through (now illegal) tariffs, either. Maybe we'll all get small (small) refunds circa 2029?

In the end, what immediately happens next might not really matter. Yes, tariffs are one of the many drivers of inflation. A new study from the Tax Foundation found they cost each American household around $1,000 last year. But their associated price increases — whether the tariffs continue or not — are probably here to stay.

For one, some businesses might have already made changes to their supply chains, production inputs, labor forces, and more, assuming that tariffs would be permanent or at least long-term.

In that case, "it may be more costly to try to switch back to previous sources, especially while uncertainty still persists and the rate of tariffs and other trade restrictions going forward is unclear," says Jonathan Ernest, assistant professor of economics at Case Western Reserve University.

Plus, we shoppers have a bad habit of failing to notice price decreases.

“If you're caught up in your weekly shopping routine, you may continue buying the product even if a competitor is offering it for a lower price," Ernest says. "This means lowering your prices sooner than your competitors could put [your company] at a disadvantage, as your competitor continues to receive higher profits without losing much business."

For these and a few other reasons (like, oh, I dunno, corporate greed), prices are more likely to broadly stabilize than decrease anytime soon. But …

Only because deflation, where prices collectively and consistently fall (as opposed to disinflation, where inflation simply slows), tends to only happen when sh*t hits the fan.

"Historically, it takes a severe economic recession (think: those one to two months of early COVID [or] the 2008 financial crisis) to induce this type of environment," says Brett Massimino, department chair and associate professor at Virginia Commonwealth University. "Recessions, depressions, and massive unemployment … could have far worse outcomes than today's prices sticking."

We can discuss whether these outcomes, which could be what's needed to jumpstart a widespread economic recovery, are preferable to whatever it is we're currently living through in another issue (or maybe revisit this one).

For now, let's focus on what we can all do to limit the short-term and long-term tariff impact on our budgets.

I've got some more ways to save during an endless tariff season here.

Knowing what the market did is easy. Understanding why it moved is the hard part.

Brew Markets is a free daily newsletter that breaks down what actually drives markets and the economy—rates, earnings, inflation, policy, and the trends shaping where money flows.

No hype. No hot tips. No guessing games. Just clear, smart market coverage with a sense of humor, so you can stay market-smart without staring at tickers all day.

If you want better investing news with context that actually sticks, join 135k+ investors reading Brew Markets for free.

Check it out

A few weeks ago, while sharing my budding relationship with cheap-ism, I tried valiantly to fit in a third reason for micro-managing my money: self-preservation.

I've mentioned this before, but I suspect COVID has spoiled our spending habits. Forced savings, stimulus checks, and other aid led to a period of revenge spending, which, in turn, contributed to over five years of inflation, culminating in a new reality where we can no longer afford the things we've long been able to.

That includes not just the occasional $1,000+ concert tickets, trips to Disney World, or business-class airfare (easy enough to recognize in real time), but also smaller, cumulative, and more essential-like purchases, such as our favorite streaming services, a monthly visit to Dave & Buster's, weekly sirloin steak dinners for a family of five, and, somehow, adequate health insurance.

This theory — let's call in COVID-spending brain — has, sadly, been supported by recent data showing a surge in household debt.

Per the Federal Reserve, balances on virtually all loan types are rising. Notably, credit card balances increased by $44 billion in Q4 2025 and now total $1.28 trillion, up 5.5% since last year.

I say "notably" because credit card debt is expensive. The current interest rate average is around 21%, but you can easily pay an annual percentage rate (APR) of 30% or higher.

To prevent that, we might have to cut back, and in ways that we're not quite used to. (Hence, my call for self-preservation amid a rallying cry for taking back our buying power.) But if you've found yourself already overextended or indebted, here are some ways to pay back big balances:

Nowadays, most financial takes are boilerplate. These aren't.

And, finally, today, in things I would buy if, you know, I could just buy things …

FWIW, I'm a big, longtime fan of Swarovski, which sells at least 10 pieces of high-quality, yet affordable jewelry for every $270,000 necklace in its repertoire. (It's one of my "go-to gifts for Mom" options each Christmas. I gave her this bracelet and a matching pair of earrings a few years ago.)

But, boy, one glimpse of the Swarovski Swan (pictured above) — a tiara made of 315 precision-cut crystals — and, well, let's just say, I pulled an Amy.

Sadly (or perhaps thankfully), you can't actually buy the Swarovski Swan. It was created exclusively for debutantes selected for this year's Vienna Opera Ball, some ultra-bougie Austrian cultural event that costs $437 to $30,000 to attend.

Got questions, comments, receipts, tips, thirst traps, etc. you’d like to share? Send them to [email protected].

_{This article is for educational purposes only. We don’t recommend or advise individuals to buy, not buy, sell, or not sell particular investments or other assets, as everyone’s circumstances are different. Also, it’s your money and ultimately up to you to decide the best use for it.}