Family Credit

Economic uncertainty has a way of making financial decisions feel more urgent and more overwhelming at the same time. CNBC Select addressed that tension directly in April 2026, publishing a practical guide to the steps that matter most when the financial outlook feels unstable. Family Credit Management President Michael McAuliffe was one of two named experts in the piece, featured in CNBC Select's dedicated expert spotlight for the second time.

The single move that both McAuliffe and his co-expert agreed on as the most essential starting point is building an emergency fund. His contribution to that section included a recommendation that is easy to overlook: keep your emergency savings at a different bank than your everyday checking account. The reasoning is behavioral rather than financial. When a transfer requires logging into a separate institution and waiting for funds to move, the friction alone is often enough to prevent impulsive withdrawals. Without that buffer, the temptation to rationalize a non-emergency spend can be too easy to act on.

McAuliffe also weighed in on one of the more costly mistakes people make when financial pressure hits: borrowing against a 401(k). It feels like a solution in the moment, but the downstream consequences, including repayment obligations that can accelerate if employment changes, tax implications, and the lost growth on withdrawn funds, make it a far more expensive option than it appears.

For anyone looking for a grounded, actionable plan to build financial resilience regardless of what the economy does next, this piece is a clear and useful starting point.

Read the full article at CNBC Select.