CNBC’s Sharon Epperson Shares the Essential Advice to Help You Protect Your Money in Uncertain Times

We are living in a time of immense uncertainty that’s impacting many aspects of our lives, and this is especially true of our finances. Economic upheaval dominated news headlines last week. New tariffs are prompting fear among economists, who are now warning of a looming recession. Many of us are worried about our personal finances as well, unsure about what steps we can take to safeguard our savings and get smarter about our spending. 

If it feels like the ground beneath your feet is constantly shifting, you’re not alone. Even CNBC’s senior personal finance correspondent, Sharon Epperson, is finding it challenging to keep up with the financial news these days.

“I’m unsettled as well,” Epperson tells The Sunday Paper. “I’m a working mom with two college-age students and tuition payments I’m concerned about. I’m a homeowner with housing payments I’m concerned about. I’m feeling what a lot of people are feeling right now. And while we have no control over tariffs or interest rates or whether there’s going to be a recession, we can be strategic in what we purchase, where we invest, and how we take care of ourselves so we don’t lose our minds as we’re grappling with all of this.”

Here, Epperson helps make sense of our current complex economic realities and shares the clear, actionable steps all of us can take right now to protect our money—and our peace of mind.

A CONVERSATION WITH SHARON EPPERSON

We’re hearing a lot about economic uncertainty thanks to new tariffs sending shockwaves through global markets. Can you simply explain what’s happening right now?

There are a lot of things happening at the same time.

The first place to start is understanding tariffs. Tariffs are taxes on goods and services imported from other countries and paid by the companies that import them. Many economists are warning that American companies that import goods and services will pass those higher costs on to consumers by raising prices. They’re also concerned that doing this will damper consumer demand. Consumers are worried about rising prices, and that’s in turn causing many of us to pull back on spending. Companies—and investors in those companies—are fearful consumer spending will drop. And we are seeing the result of this in the volatility of the financial markets. 

It’s all tied together and seems very overwhelming and complicated, but it’s fairly simple.

What are the top three things people can do today to make their finances more resilient in a turbulent economy?

I’ll share a few of the aha moments that I’ve had after talking to CNBC’s financial advisors council—a group of 20 esteemed financial advisors:

1. Put savings into a high yield savings account. If you have some money in a savings account in a regular bank, it’s likely earning around a half a percent interest. A high yield savings account could earn you 4 percent or more in interest. I’ve taken this advice to heart. I have a high yield savings account with a financial institution where I also have credit cards. As I’m looking at my credit card balance, I’m seeing my savings on the same app, which inspires me to save more. 

2. If you have a job, get a home equity line of credit. So many of us are worried about job security right now. If you have equity in your home, getting a home equity line of credit doesn’t mean you have to draw on it and pay interest now. But it does give you extra emergency savings in case you need it. Interest rates on home equity loans in my area are around 7 to 10 percent—far less than the average 25 percent interest rate on a credit card. Of course, you want to be very careful, because you don’t want to overextend yourself on this type of variable line of credit and lose your home. But that’s not the point. The point of this is just to have an extra cushion if you ever need it, and the time to get it is while you’re employed.

3. Consider what products may be impacted most by tariffs, and buy if you need them. Something I learned from CNBC’s retail reporter, Courtney Reagan, is how much footwear will be impacted by these tariffs, because 40 percent of footwear comes from China. We’ll likely pay significantly more for sneakers and other shoes. I needed a new pair of sneakers, so I ordered a new pair recently. I recently dropped my iPhone, which is something I should probably replace sooner than later, because we’re hearing from analysts that the price of products like these will likely go up a lot. It’s not that I’m recommending doom spending or hoarding, but I do think it’s smart to be strategic. 

What’s one common money habit or mindset you think people should follow right now?

Stay on your mat. 

I love yoga, and I think about things that my yoga teachers have taught me over the years. One of those lessons is the importance of staying on your mat, even if your form isn’t perfect or you don’t feel like doing it. 

I think this is a good mindset to have right now. Your finances may not be perfect. You may be tempted to join the “No Buy 2025” campaigns you see on Tiktok and then feel shame because you need to buy something. This idea of staying on your mat is one way to rise above the noise and keep your financial strategy intact. 

Also, set an intention. This is something we do at the start of yoga practice. You can set an intention regarding money, too. Maybe your intention is to get better about your spending or stick to a budget. Or maybe you want to feel content where you are and not be fearful about what’s going to happen next with the economy. No matter your money situation or strategy, I think if you apply those two lessons it’ll help you have a positive mindset for your financial life.

You’ve helped so many people navigate financial ups and downs. What do you say to those who feel overwhelmed or frozen—who want to take control of their money but don’t know where to begin?

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If you could whisper one piece of money advice into the ear of every American today, what would it be?

Focus on what you can control. 

You can control your credit card debt. You figure out what expenses you can cut, whether it’s subscriptions or shopping around for new rates on big-ticket expenses like your car insurance or homeowners’ insurance. Is there a side job can you get to make some extra income? What can you do to protect what you already have, such as getting disability insurance? 

These are things people should be focusing on right now. Then, try to just block out the rest of the noise. I know that can be challenging. 

While I want people to understand personal finance, business, and economic news as best they can, sometimes you have to block out that noise and focus on your personal economy and how you’re going to make that better.

Sharon Epperson, named one of 12 to Watch in TV News, can be seen regularly on CNBC and other media platforms. As CNBC’s senior personal finance correspondent, Epperson covers the many facets of how people manage, grow and protect their money. Her expertise includes saving and investing for retirement, paying for college, managing mortgages, student loans, credit cards, and other debt, and building a financial legacy through estate planning.