stressed senior couple calculate expenses or planning budget together at home.

Finding Financial Confidence When Interest Rates Are High

If you’ve kept a close eye on the news lately, you may have seen that Reserve officials held a Federal Open Market Committee meeting on June 14th. At the end of the meeting, officials voted not to increase interest rates for the first time in 15 months. While this brief reprieve is welcomed by many, further increases may still loom on the horizon in an effort to tamp down inflation and stabilize the economy.

Although the current rates of 5-5.25% nearly match the 50 year average, these numbers are still sitting at a 16-year high, and the effects can be felt in households across the nation. If you’re like many Americans, you’re probably feeling the pressures economic uncertainty can cause. As financial advisors, we’re here to help you through every season. It’s always a good time to build your own financial confidence with wise planning, no matter what decisions the Fed makes in the months ahead.

If you don’t have a financial advisor, you can schedule a call with us today! We’d love to help you create an action plan that gives you reassurance, regardless of what lies ahead.

Financial Confidence in an Uncertain Future

If you’re unsure of your best next steps during times of economic uncertainty, you’re not alone. If you want to strengthen your financial position for both your immediate future and your long-term confidence, here are six action steps to consider.

1. Evaluate your current finances.

Wise financial advice isn’t always one size fits all. To determine your best next steps, take inventory of your current situation. Check off each foundational element of financial planning, which includes:

  • Cash flow
  • Savings
  • Debts
  • Investments

Creating a recession-proof financial plan is dependent on your status in each of these areas. Before you make any big decisions, track your income and expenses, take note of any outstanding debts you carry, and consider your investment goals.

2. Keep saving.

When costs rise, many people feel like they should press pause on savings goals and use more of their income for the immediate future. However, it’s both important and beneficial to keep saving as you’re able in times like these. When the Federal Reserve imposes higher interest rates, banks often increase their interest as well, so saving can be more beneficial than ever. It’s also important to accrue cash reserves during times of uncertainty, so keep depositing money into your long-term savings and investment accounts along with your emergency fund.

3. Shop for the right savings yields.

When it comes to banking, many people opt for a “set it up and forget it” mentality – but doing so could leave returns on the table. It’s a good idea to shop around for the best savings yields on a regular basis, especially when federal interest rates are high. If you haven’t looked into the current options available to you, it’s a worthwhile endeavor in the weeks ahead.

4. Keep your long-term financial future in mind.

Higher federal interest rates can impact market volatility in a powerful way, but long-term investments are much less affected by these ebbs and flows. If you’re putting money into a retirement account, you’ll undoubtedly endure many market highs and lows, and you’ll certainly be able to weather this one.

5. Create a recession plan.

Boosting your emergency funds and paying down debt will set you up for success if the economy enters a recession. In uncertain times like these, it could be wise to allocate additional funds to these efforts if you’re able. Eliminating debt, making a plan for lost income, and living within your budget will all help you endure any storms that arise.

6. Consider new opportunities.

If you’ve been interested in expanding your education, furthering your skill set, or finding a new revenue stream, it’s a great time to do your research. Not all of these opportunities will provide immediate cash flow (and some may even cost you at the outset), but investing in your long-term career success is often a wise decision.

If you want someone to partner with you in financial decisions of today and tomorrow, reach out to a SageSpring Wealth Partner to discuss your financial plan today. No matter the financial climate, we’d be honored to help you create a brighter future for the years to come.

Any opinions are those of SageSpring Wealth Partners and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Past performance is not indicative of future results.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.