😮‍💨 Yes, the markets are roiling. Breathe.

Stat Of The Day

700,000+

Do you have a mortgage? Did you take out in the last two years — when higher interest rates made things more unaffordable than they have been in the past decade and a half? Just to refresh, rates on the 30-year-fixed peaked at 7.5% in late April. They’re now just about 6%. As CNBC’s Diana Olick reports, that means there are about 700,000 people who could shave a good ¾ of a percentage point off their rate with a refi. That can easily translate into several hundreds on your monthly payment of an average loan. Should you refi now or wait until the Fed starts cutting? Here are the details.

What’s Happening In The Stock Market, Explained

ICYMI, fears that the U.S. is headed for a recession have sent stock markets across the globe into freak-out mode. Why, exactly? For starters, look no further than the U.S. jobs report. Released late last week, the data showed the highest unemployment rate since October 2021.

The weaker-than-expected jobs report is but one of the economic indicators signaling that the U.S. could face rough waters ahead. Also of concern for investors was a report released last week that showed a slowdown in manufacturing. Then, there’s the recent Fed decision to hold rates–which have been at a 23-year-high–steady. Turmoil in the markets is now spurring calls for an emergency rate cut, as proponents say the Fed has waited too long to take action. Lastly, you have tech stocks. While they have driven much of the success in the markets recently, investors are getting cold feet over the worries that investments in artificial intelligence won’t live up to their hype.

Where do things go from here? Only time will tell, but there’s one piece of advice many experts seem to agree on: Don’t panic. Although it’s hard not to in the face of chaos, acting impulsively when it comes to your long-term investments can result in some really bad decisions. If it helps to calm your emotions, turn off the TV, log off of X and give your brain a break from the not-so-good news. For others who find calm in camaraderie, InvestingFixx, HerMoney’s investing club for women, could be a great place to talk through what’s happening in the markets with other like-minded investors. The best part? Your first month of InvestingFixx is free.

That said, in situations like this, there are questions you should be asking yourself about your investments and your financial picture overall. For example, do you have adequate liquidity? Are you diversified enough? For the others you should be considering, click here.

This Week In Your Wallet

The stock market is in freak-out mode amid fears that the U.S. is experiencing an economic slowdown. For the third day in a row Monday, stocks tumbled, following last week’s less than stellar jobs report. What’s an investor to do when stocks slump? "Let’s all take a deep breath, tie our hands behind our backs and say it together: We will not sell stocks in a panic. We will, in fact, do nothing at all right now," suggests Ron Lieber of The New York Times (although his colleague Jeff Sommer notes that for some, rebalancing is likely in order.). In addition to deep breathing, Lieber suggests zooming out and taking a look at the big picture, or in other words, how your portfolio has done over the past ten years. "Chances are, you’ve made a lot of money if you’ve invested regularly and then left things alone," he writes. "Try to think about those enormous gains and not any smaller paper losses from today’s drop."

Rizz. Some people have it…and some people don’t. Rizz, which is Gen Z speak for charisma, can make you the most popular person at parties, and more likely to get ahead in the workplace experts say. If you’re lacking in the rizz department, fret not. There are things you can do to cultivate charisma. "The key is to ask deeper, though not prying, questions that invite meaningful and revealing responses," Charles Duhigg, the author of "Supercommunicators," tells The Wall Street Journal. "And match the other person’s vibes. Maybe they want to talk about emotions, the joy they felt watching their kid graduate from high school last weekend. Or maybe they’re just after straight-up logistics and want you to quickly tell them exactly how the team is going to turn around that presentation by tomorrow." Experts say even if you’re an introvert, becoming a rizz master (and realizing the work-related benefits of doing so) is possible.

Parents: Who’s sick of paying extra fees to have a seat next to your child on a plane? The Biden administration has proposed a new rule that would prohibit airlines from charging parents fees for seats next to their children (under the age of 13), saving the average family $200 per round-trip flight, they estimate. As CNN reports, the rule still needs to go through a public comment period, but could go into effect as early as next year. "The idea that parents ought to be seated next to their own children on a flight is common sense and also seems like something that ought to be standard practice," says Transportation Secretary Pete Buttigieg. As much as we’d like a break from the kiddos while traveling, we agree.

The OOO Reply You Need To Really Disconnect

44% of employees say they feel burned out from their jobs. If you’re among the weary working, it might be time to disconnect and take a break from the day-to-day grind. Yes, summer travel costs more this year, but there are things you can do to reset and not bust your budget. Think: a staycation.

That was the case for Celeste Headlee, author of "Do Nothing: How to Break Away from Overworking, Overdoing, and Underliving," who lives just outside Washington, D.C. "I took a vacation by renting a room in a hotel and just spending every day walking around to all of the free museums in my neighborhood," Headlee tells host Jean Chatzky on the HerMoney Podcast*. "There was no pressure to go see the sites. There was no guilt that I hadn’t gone to whatever it was or done whatever activity. It was blissful."

Headlee says one of the keys to getting the most out of any staycation (or vacation, for that matter) is not checking email or social media while you’re off from work. In fact, she sets up an out-of-office auto-reply that says all emails she receives while she’s away will be deleted. "I’m ruthless about it because guess what’s more important than email? My health," Headlee says. If it’s important, that person will follow up with you when you return from your trip feeling rested and ready, she says.

📣 If you love the show, please consider leaving us a review on your favorite podcast player. Even better, reply to this email with a screenshot of your review and you’ll be eligible to win a copy of Celeste’s book! 📕

The HerMoney Podcast is made possible by Edelman Financial Engines

Things That Save You Money

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Amazon prices. They change more than Pete Davidson changes girlfriends. To keep an eye on fluctuations at Amazon or other retailers, check out Google Chrome’s price tracker. "It emails me when prices drop, I’m loving it," says one member of the HerMoney team.

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Paying attention to unit prices at grocery stores could be the trick to beating shrinkflation and saving $$. "For example, if you are trying to decide whether to buy that "family size" box of Cocoa Puffs, the "giant size" box, or just a regular box, look at the price per ounce," suggests NPR. "At many stores across the country, the price tag conveniently includes this number. It’s a standardized measure that makes shopping for the best value easier."

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We’re still in the midst of garden season. Up the producing power of yours (and save money on groceries) by tossing these six kitchen scraps in your garden. If you end up with too many cherry tomatoes (why is it always the cherry tomatoes?), here’s one of our favorite 15-minute recipes to put them to use.

Ask Jean

Today’s question comes from Kelly. She writes: How do I stop making emotional purchases? Sad? Buy something, and you’ll feel better! Happy? Celebrate by buying something. Then freak out when you sit down with the budget because those purchases weren’t budgeted. Help, it’s a mess!

Thanks for your question, Kelly! Here’s the good news. You aren’t alone. 69% of Americans say their emotions drive them to spend, according to a recent survey from LendingTree. Now the bad news. 39% of those individuals say emotion-related spending has pushed them into debt.

According to financial therapist Amanda Clayman, several key emotions impact our spending habits: Excitement, anxiety and fear (of missing out, AKA, FOMO). And, while it’s not an emotion, we’ll put gift-giving and the high we get from making someone we care about happy, into that bucket too.

The key to putting a stop to emotional purchases starts with a bit of a vibe check. According to Clayman, your goal should not be to eliminate your emotions when it comes to your financial decisions, but rather to just be careful and recognize when you notice your emotions start running the show.

Speaking from experience, it’s also good to take a beat before you act on impulse purchases. Here’s how that could look: You’ve had your eye on a new handbag. You "add to cart," but don’t checkout. Keep the product in your shopping cart for at least 24 hours, and if you still want to buy it after sleeping on it and reflecting, go for it. Experts say this technique can give your brain a reset. Best of all, if you find you really want the item, some retailers will send you a coupon to win you over when they see you’ve left it in your cart.

The bottom line: Remember that emotions aren’t bad — they are what make us human, and bring us joy. By recognizing your emotions and the spending habits that accompany them, you can remain in control and keep those impulse purchases in check. You’ve got this!

Submit your questions to Jean here.

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