3 Ways To Safeguard Your Finances If You’re in a High-Turnover Industry
Written by
Heather Altamirano
Edited by
Jenna Klaverweiden
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Job security is looming over Americans. Growing concerns of artificial intelligence combined with the Department of Government Efficiency cutting federal jobs has created uncertainty for many.
In fact, according to a recent survey from Clarify Capital, 1 in 3 Americans are worried about layoffs in 2025. While no job is guaranteed, there are better assurances for long-term opportunities with certain industries, such as healthcare, per U.S. News & World Report. However, with threats of a recession and inflation, preparing financially is always a smart choice.
For those in a high-turnover industry, safeguarding your money is vital. Here are three ways to do so, according to finance experts.
Also see the best jobs to keep up with inflation.
Implement a Personal Budget
Knowing exactly where your money is going can keep your finances on track, but it can also help you see where you can cut back if need be.
“It seems simple, but closely monitoring your income and expenses will help you prioritize essential spending vs. non-essential spending,” said Garrett Urman, CFP, wealth management advisor with Greenleaf Trust.
Build an Emergency Fund
It’s always recommended to have an emergency fund, even when the economy is booming, because you never know when a mishap can happen that will set you back if you don’t have savings.
“If you are in a high-turnover industry or are in a job where you suspect layoffs may be coming, bolstering your emergency fund to have more than what is usual is probably a solid move,” said Eric Mangold, CWS, founder of Argosy Wealth Management.
Generally, setting aside three to six months’ worth of living expenses is advised, but if you’re planning for job instability, Mangold suggested saving more.
“If you are in a high-turnover industry or worry your job may be at risk, you should increase that to more, perhaps 12 months of living expenses or even greater than that depending on how long you could potentially be out of work,” he said. “Losing a job is stressful enough. But if you have built up your emergency fund so you have a solid cushion and don’t have to take on debt, you won’t have to take on debt until you land your new job.”
Another benefit of having an emergency fund is you’re less likely to pull from retirement funds, per Suze Orman. In a blog post from August 2024, the finance guru shared how even with just $1,000 in savings, the chances of taking money out from retirement funds lessen if an emergency should happen.
Manage Debt
Managing debt and getting it under control is wise under any economic condition, but especially when job security is at risk.
“Keep debt obligations as minimal as possible,” Urman explained. “This should help to reduce stress and financial obligations, during times of turnover or layoffs.”
As Americans navigate changes and economic uncertainty, having a strategic plan, staying calm and being financially prepared can help them weather the downturns.
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