{"id":377955,"date":"2026-04-13T21:43:07","date_gmt":"2026-04-13T21:43:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/377955\/"},"modified":"2026-04-13T21:43:07","modified_gmt":"2026-04-13T21:43:07","slug":"how-to-navigate-financial-uncertainty-according-to-experts","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/377955\/","title":{"rendered":"How To Navigate Financial Uncertainty, According To Experts"},"content":{"rendered":"

Rising gas prices<\/a> and market volatility driven by the war with Iran are fueling financial uncertainty. Add to that the daily barrage of headlines warning that an AI-bot is about to take your job, and it’s understandable if you’re feeling uncertain about the state of your finances. <\/p>\n

Regardless of whether your worst fears come true or not, it’s prudent to financially plan for the unexpected<\/a>, and now is always the best time to do so.<\/p>\n

CNBC Select<\/a> covers how to prepare for financial uncertainty, and the one step experts agree matters most: building an emergency fund.<\/p>\n

Expert advice for navigating financial uncertaintyBuild an emergency fund<\/p>\n

Building an emergency fund<\/a> is often the first step in preparing for financial uncertainties. <\/p>\n

“An emergency fund is a super, super basic thing that you should really prioritize before you even think about saving money for investments or buying a house,” Rachael Burns, CFP and founder of True Worth Financial Planning, told CNBC Select.<\/p>\n

While other experts recommend setting aside three to six months of living expenses in your emergency fund<\/a>, Burns believes how much you should save depends on your situation. If you have a stable government job, you may need to save less than someone who is self-employed or who works seasonal jobs.<\/p>\n

If you’re looking for a place to store your emergency funds, both Burns and Michael McAuliffe, president of Family Credit Management, recommend high-yield savings accounts (HYSA)<\/a>. This type of savings account provides easy access to your money and a higher return than traditional checking and savings accounts. <\/p>\n

Look for an account with an APY of 3% or more and no monthly maintenance fees, like the UFB Portfolio Savings<\/a>, SoFi\u00ae Checking and Savings<\/a> or Western Alliance Bank High-Yield Savings Account<\/a>.<\/p>\n

UFB Portfolio Savings offered by Axos Bank\u00ae, a Member FDIC.<\/p>\n

UFB Portfolio Savings offered by Axos Bank\u00ae, a Member FDIC.<\/p>\n

Annual Percentage Yield (APY)<\/p>\n

$0, no minimum deposit or balance needed for savings<\/p>\n

No monthly maintenance or service fees<\/p>\n

Overdraft fees may be charged, according to the terms; overdraft protection available<\/p>\n

Pros & consStrong APY on savings balancesNo minimum deposit or balance required for savingsNo monthly feesFree ATM card with unlimited withdrawalsFree transfers between direct deposit accountsOnline and SMS banking availableMobile check depositsSecurity features include fraud and anti-virus protection, SSL encryption for connection, automatic logouts after inactivityPotential overdraft fee, though overdraft protection is offeredCertain types of withdrawals and transfers may be limited$10 excessive transaction fee per transaction over 6\/monthNo physical branch locations<\/p>\n

SoFi Bank, N.A. is a Member FDIC.<\/p>\n

SoFi Bank, N.A. is a Member FDIC.<\/p>\n

Annual Percentage Yield (APY)<\/p>\n

Sign-up bonus of $50 or $400<\/p>\n

No account, service or maintenance fees for SoFi Checking and Savings.<\/p>\n

No-fee overdraft protection<\/p>\n

Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. <\/p>\n

*Click here<\/a> for important disclaimers and disclosures.<\/p>\n

Pros & consImpressive welcome bonusStrong APY with direct depositNo minimum balance or deposit neededNo monthly feesComes with checking account and ATM accessReceive your paycheck in your account up to 2 days early automatically when you set up direct depositSave change automatically with Roundups and set savings goals with VaultsNo foreign transaction feesFDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*Non-direct deposit APYs are low compared to other high-yield savings accountsNo reimbursement for out-of-network ATM feesNo physical branches<\/p>\n

McAuliffe recommends opening a HYSA for your emergency fund at a different bank than the one where you have your everyday checking account<\/a>. <\/p>\n

“That helps you with impulse purchases,” said McAuliffe. “We don’t want you to be able to get on your app [and] transfer the money immediately, because it’s too tempting. We’re too impulsive, we’re too emotional. We justify things.” <\/p>\n

Adding the friction of an interbank transfer can help you keep your emergency fund reserved for emergencies.<\/p>\n

Avoid costly financial moves<\/p>\n

Planning ahead for financial setbacks reduces the likelihood that you’ll be forced into making a suboptimal decision. <\/p>\n

You’ll want to avoid actions like raiding your retirement account or taking out a loan against your retirement savings<\/a>. Early withdrawals<\/a> from retirement accounts can be subject to taxes and penalties, so this option shouldn’t be taken lightly. <\/p>\n

“It’s just an incredibly inefficient way to meet a financial need,” Burns said. <\/p>\n

While you may be able to borrow against your 401(k) balance (depending on your plan), this isn’t an ideal reaction to, for example, an anticipated job loss. <\/p>\n

“When things are rough, taking on a 401(k) loan… has a lot more consequences than people think,” McAuliffe said. <\/p>\n

If you lose your job, you will need to repay the loan, or it could be considered a distribution and subject to taxes and a penalty. The exact repayment period varies, so if you’re in this situation, call your plan administrator for more information.<\/p>\n

Even if there are no negative changes in your financial situation, saving today and protecting yourself from the worst-case scenarios will put you in a better position down the road. <\/p>\n

Protect yourself with insurance <\/p>\n

On top of an emergency fund, you can protect yourself with the right insurance<\/a>.<\/p>\n

Rather than agonizing over every possible scenario, Burns prefers to think about how likely an event is and determine if you’re in a situation to withstand it. <\/p>\n

“Then we address each of those risks as best we can,” she said. <\/p>\n

Events like severe illness or injury, death of the household’s primary income earner and damage or theft of your property can all be covered by insurance.<\/p>\n

If you own a home and have a mortgage, you’re typically required to have homeowners insurance<\/a>, which protects your property. Further, renters can protect their belongings with renters insurance<\/a>. Many companies offer discounts for bundling insurance policies, including Progressive<\/a>, which offers renters insurance in all 50 states.<\/p>\n

Progressive Renters Insurance<\/a>Availability<\/p>\n

Progressive renters insurance is available in all 50 states and Washington, D.C.<\/p>\n

Coverage limits<\/p>\n

Personal property: $100,000, personal liability: $500,000, medical payments: $5,000, loss of use: $20,000<\/p>\n

DeductibleAdd-ons<\/p>\n

Personal injury, water and sewer backup <\/p>\n

ProsAvailable nationwideDiscounts for bundling, gated communities, going paperless and more ConsMay not cover certain dog breedsSome policies underwritten by third party<\/p>\n

If you have life insurance<\/a> or disability insurance through your employer, you may lose these coverages if you leave your job, are laid off or fired. As such, it can make sense to have policies not tied to your employment. <\/p>\n

As you’re shopping for coverage, consider Ladder<\/a> for life insurance and Assurity<\/a>\u00a0for disability. Both offer no-medical-exam policies, meaning you can qualify without a physical exam, and are featured on our lists of the best life insurance<\/a> and disability insurance<\/a>.<\/p>\n

Ladder Life Insurance<\/a>PoliciesPolicy highlights<\/p>\n

Digital-first life Ladder offers no-exam term life insurance with up to $3 million in coverage. Policyholders can adjust coverage and premiums for free as needs change. <\/p>\n

Availability<\/p>\n

Policies are available in all 50 U.S. states to applicants between 20 and 60 years old.<\/p>\n

Online quote for term policyProsNo-exam term life with coverage up to $3 millionOnline application processCan adjust premiums and coverage for free as needs changeConsNo ridersNo permanent life insurance Enrollment age limit is 60 years oldAssurity Disability Insurance<\/a>Cost<\/p>\n

The best way to estimate your costs is to request a quote<\/p>\n

App availablePolicy highlights<\/p>\n

Assurity’s disability insurance offers many built-in benefits, including a waiver of premium and coverage for home modifications in the event of a total disability, and things like occupational rehabilitation to help you get back to work. Assurity also offers a variety of riders that can help you fit your policy to your needs. <\/p>\n

Pros10 riders available to customize your policyMedical exams and income verification not required for benefit amounts up to $6,000 for qualifying applicants between ages 18 to 55. ConsQuotes not available online<\/p>\n

Financial challenges are largely unavoidable, but by taking slow, steady steps to build an emergency fund and put the right protections in place, you can increase your odds of navigating them successfully.<\/p>\n

Subscribe to the CNBC Select Newsletter!<\/p>\n

Money matters \u2014\u00a0so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.\u00a0Sign up here<\/a>.<\/p>\n

Meet our experts<\/p>\n

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and\/or experience. <\/p>\n

For this story, we interviewed Michael McAuliffe, founder and president of Chicago-based Family Credit Management<\/a> and Rachael Burns, a financial planner and founder of True Worth Financial Planning<\/a>.<\/p>\n

Michael started Family Credit Management in 1996 after working in banking and credit counseling. He received a bachelor’s in business management from Concordia University Chicago and a master of science from Abilene Christian University.<\/p>\n

Rachael Burns is a certified financial planner and certified divorce financial analyst.<\/p>\n

Why trust CNBC Select?<\/p>\n

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance story is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.<\/p>\n

Catch up on CNBC Select’s in-depth coverage of\u00a0credit cards<\/a>,\u00a0banking<\/a>\u00a0and\u00a0money<\/a>, and follow us on\u00a0TikTok<\/a>,\u00a0Facebook<\/a>,\u00a0Instagram<\/a>\u00a0and\u00a0X<\/a>\u00a0to stay up to date.<\/p>\n

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff\u2019s alone, and have not been reviewed, approved or otherwise endorsed by any third party.<\/p>\n