🌟 Editor's Note
Welcome to another issue of Financial Freedom Insights. This newsletter is full of financial tips, insights, financial news, announcements, a special treat for those who make it to the bottom, and more!
🤖 AI Note
NONE of this newsletter was written using AI. It was written by humans for humans.
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💸 Your 10 Second Financial Freedom Tip of the Week
If you have younger children, thrifting or getting second hand clothes is a great way to save money. Young kids out grow or ruin their clothes very fast, and replacing can add up to thousands per year if paying full price.
📢 Announcements
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📰 In the News
Are mini vans turning cool again?
Mini Van sales have surged as people are looking for roomy but more cost effective wheels - article here
Been experiencing severely cold temperatures lately? You aren’t alone.
Natural gas prices have surged as most of the country was hit with an Arctic Blast - article here
Tax refund season is around the corner!
How long it takes to get your tax refund depends on many factors but it is typically within a couple of weeks - article here
Rare Earth Metal companies are rising
The tariff war revealed how reliant the US is on foreign rare earth metals so President Trump and some private companies are trying to fix that - article here
📈 Financial Freedom Insight
Surviving a Bad Job Market — 4 Personal Finance Must-Haves
Financial Freedom Insight: Table of Contents
The Latest Job Numbers
Must Have #1: An Emergency Fund
Good Options for Emergency Savings Accounts
Bad Options for an Emergency Savings Account
Must Have #2: A Plan to Pay Down High-Interest Debt
Must Have #3: A Realistic Budget
Must Have #4: Fully-Leveraged Employee Benefits
If you were contemplating jumping ship and finding a better-paying job, don’t. At least not for the foreseeable future.
If you’ve been watching the news, you’ll know that the August jobs report from the Bureau of Labor Statistics shows rising unemployment due to a lack of hiring and even layoffs.
Finding a job might not be easy in the current economic environment, and you might want to stay put until things settle down. Whether or not you decide to make a move, here are four personal finance must-haves that will stand you in good stead over the next year … or two … or three.
The Latest Job Numbers
In August 2025, the unemployment rate rose to its highest level (4.3%) in nearly four years and only 22,000 jobs were added in August, almost a quarter less than expected.
There was also a downward revision for jobs added in June by the Bureau of Labor Statistics, and the new numbers showed that the country actually lost 13,000 jobs that month. It marked the end of the second-longest period of employment expansion on record.[1]
The job market news is the result of uncertainty in the economy and the constantly changing policies of the Trump administration; most notably, tariffs and immigration policy. With a confusing economic policy outlook, companies have little choice but to freeze any strategic decisions that might call for hiring or investing.
Ron Hetrick, senior labor economist at the employment analytics company Lightcast, confirmed this with CNN in an interview. “I think there’s somebody probably out there who’d like to hire, but not in this environment,” he said.”[2]
Professional services and government sectors have been the hardest hit, while healthcare, leisure and hospitality are still adding jobs, albeit in declining numbers.
It’s not good news for job seekers, and it’s unclear when the job market may start to improve. One positive sign is that the Federal Reserve is expected to cut interest rates in an effort to stimulate the stalling economy, which might help to stem the bleeding.
In the meantime, what steps can you take regarding your personal finances to protect yourself financially while the economy is in slow motion? Here are 4 must-haves to see you through the next year or so in case you do find yourself looking for a new job or additional funds for an emergency.
In the meantime, what steps can you take regarding your personal finances to protect yourself financially while the economy is in slow motion? Here are 4 must-haves to see you through the next year or so in case you do find yourself looking for a new job or additional funds for an emergency.
Must Have #1: An Emergency Fund
If you suddenly find yourself without a job or facing a large unexpected expense, it can derail all the hard work you are doing to build wealth if you don’t have an emergency fund.
An emergency fund typically consists of three to six months' worth of essential living expenses – your rent, utility bills, food, transportation. It is money that you have saved so that you can sustain yourself while you find a new job or pay a big bill. So, if you typically spend $5,000 a month on living expenses, your emergency fund should contain at least $15,000 and ideally closer to $30,000.
This money should be stored somewhere where it can be accessed easily and without penalties.
Good Options for Emergency Savings Accounts
A high-yield savings account or a money market account are both good options for an emergency savings account.
High-Yield Savings Accounts (HYSA)
HYSAs generally have higher annual percentage yields (APYs) than traditional savings accounts, which helps your money grow faster. Your money is safe because it is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Association (NCUA) for credit unions), and it is easy to access without penalties for doing so.
Money Market Accounts
MMAs also offer better APYs than regular savings accounts, easy access to your money often through checks and a credit card, and they are also safe and insured by the FDIC.
Bad Options for Emergency Savings Accounts
You don’t want to save for an emergency fund using a risky asset or a savings account that will charge you a penalty.
Stocks or Mutual Funds
Stocks and mutual funds can fluctuate in value. In an emergency, you may find yourself having to sell stocks or assets when the price is low, and that could mean you are losing money.
Certificates of Deposit (CDs), Bonds
CDs and bonds are designed for the saver who wants to put money away for the longer term. In other words, for money you won’t need in the near future. If you face an emergency, you will need access to those funds, and a CD will charge you penalties for early withdrawal. The same goes for bonds.
Long-Term Retirement Accounts
The same is true for long-term retirement accounts like your 401(k) or IRA. For some retirement accounts, you may have to pay taxes on withdrawals.
Cash
Stashing cash under your mattress will certainly give you easy access to your emergency fund, but it will mean you are losing money due to inflation. At least if your money is in a high-yield savings account or a money market account, your cash’s value might just keep up with inflation. That means that you can buy as much with it in the future as you can now. Keeping a large amount of cash at home is also a security risk.
Collectibles
You might think “I’ll just sell my gold Rolex if I have a financial emergency or lose my job.” That’s not a good idea either because collectors can be fickle. Collector items go up and down in value depending on the market’s whims. Demand also goes up and down, which means you might not be able to sell that watch when you want to or at a price you want to. You’ll feel a bit sick selling your favorite Rolex for half the amount you paid.
What happens if you don’t have an emergency fund? If you don’t have an emergency fund and you lose your job or face a financial emergency, you might find yourself having to borrow. If you can borrow from friends and family that’s great, but if you are forced to turn to a credit card or a high-interest loan of some sort, that could be the beginning of a debt spiral.
Which brings us to the second step to take to protect yourself in difficult economic times. Managing your debt.
Must Have #2: A Plan to Pay Down High-Interest Debt
If you face a financial emergency when you don’t have an emergency fund, you could be in trouble. If you face a financial emergency and you already have significant high-interest debt or credit card debt, you’re in an even worse position. And it’s not out of the realm of possibility that this could happen.
Forty-five percent of people with credit card debt say that their debt was caused by emergency/unexpected expense(s) (car repairs (11%), medical bills (10%), home repairs (8%) and other emergency or unexpected expenses (16%), according to Bankrate.
The interest rate on credit cards can be shockingly high, the average is above 20%, according to Bankrate’s 2025 Credit Card Debt Report.[3] So, one of the first things to do to make sure you can weather a difficult economic period is to rid yourself of that debt.
Many people can’t even meet the minimum payments on their credit cards each month. According to Transunion, the average credit card balance is around $6,000. If you only make minimum payments, you could be in debt for over 215 months and pay over $9,000 in interest based on the average interest rate in mid-June of 20.12 percent.[4]
You may have to pay down your debt before you save for an emergency fund, and that’s going to be a heavy lift. You will most likely have to make some serious changes to your budget and find ways to lower your monthly expenses, at least temporarily.
Must Have #3: A Realistic Budget
If you have significant credit card debt and you find yourself facing additional financial stress, it’s time to cut expenses. Create a basic budget to identify and trim non-essential spending. You might have to go a step further and find cheaper living accommodations, or find a roommate, which will lower your living costs. This will only be a temporary situation while you try to get yourself back on your feet financially and with some emergency reserves.
Read more about financial discipline and setting a realistic budget in our lesson “Organizing Your Budget to Find Sounder Financial Footing”
Must Have #4: Fully Leveraged Employee Benefits
While you are employed, take full advantage of any employer 401(k) matches, health insurance for check-ups, use up any flexible spending account funds, and cash in vacation time if your company policy allows it.
It’s never fun to lose your job or face unexpected financial bills. But it’s going to really impact your financial plans if it happens at a time of economic uncertainty. Do what it takes to build an emergency fund so you have some financial cushion.
Now is the time to be conservative. When things look rosier, and the job market more secure, that’s the time to think about taking some risks with your finances.
Always consult a financial advisor to make sure you are taking the steps that are best for your situation.
Sources
[1] US Bureau of Labor Statistics. “The Employment Situation — August 2025.” https://www.bls.gov/news.release/pdf/empsit.pdf. Accessed September 8, 2025.
[2][2] Alicia Wallis, September 5, 2025. “Job growth stalls: US economy added just 22,000 jobs in August and unemployment rose to highest level since 2021.” CNN Business. https://www.cnn.com/2025/09/05/economy/us-jobs-report-august-final. Accessed September 8, 2025
[3] Katie Kelton. July 16, 2025. “Bankrate’s 2025 Credit Card Debt Report.” Bankrate.
https://www.bankrate.com/credit-cards/news/credit-card-debt-report/. Accessed September 8, 2025.
[4] Transunion. “TransUnion Unsecured Personal Lending Industry Insights Report Q2 2024.” https://www.transunion.com/content/dam/transunion/global/business/documents/fs2024/ciir-consumer-lending-report.pdf?cache. Accessed September 8, 2025.
📙 Nathan Haas’s Scripture of the Week
Philippians 4:19 (ESV):
"And my God will supply every need of yours according to his riches in glory in Christ Jesus.”
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