Sunday August 16, 2026
Volume 195
Somehow, “back to school” has turned into a second holiday shopping season. New laptop, new wardrobe, new dorm decor... and suddenly you’ve spent a small fortune before the first class even starts. While it can feel tempting, you do not have to blow your entire budget just because the calendar says it’s August.
This week on Networth & Chill, I’m breaking down the smartest ways to save money whether you’re heading back to school yourself or shopping for kids. We’re talking about the best student discounts people forget to use, why you should never pay full price for a textbook, overspending traps to avoid, and the biggest mistakes students make when taking out loans. Plus, for parents, I’m sharing easy ways to cut costs on school supplies and clothes without your kids feeling like they’re missing out.
New episodes of the podcast drop every single Wednesday so be sure to subscribe to my YouTube channel HERE or follow Networth and Chill wherever you get your podcasts!
As a reminder:
HYCU, pronounced haiku: how the news impacts you and your wallet, aka How You Can Use
The Prosperitea: think discount codes, non-boring finance articles, sales, and personal links from the week. The fun stuff 😉
We love your comments, but please remember to keep it positive! And don’t take investing advice from anyone who isn’t your registered financial advisor!
Now that you’re up to speed, let’s get you enRICHed.
Gold has been on a roller coaster since the start of this year, but this week, its value hit a two-month high point at $4,465 per ounce. It hit an all-time high at the start of 2026, and countries have been stacking those bars away. But it doesn’t mean that you should put your retirement savings into gold! Let me explain.
Last year was all about the gold — the precious metal broke several records, several times, throughout 2025. But ever since the war with Iran, and subsequent rising gas prices, Americans are strapped for money, which means they’re often turning to investments that seem more solid (literally) than the volatile stock market. There’s a lot of history in this relationship: gold has long been seen as a hedge against inflation, as it preserves purchasing power over long periods of time.
So often there is a correlation that when inflation goes up, gold value goes up, and right now, inflation is at an all-time high. And if the US’ inflation rate stays up, experts say it will probably keep gold prices where they are or even push them upward again.
Here’s the catch, though. As we know, inflation is the enemy of the Federal Reserve, whose job it is to keep inflation in check — and right now, a latte is $8, so you can decide how good of a job they’re doing. If inflation keeps climbing up, the Fed will be looking to raise interest rates in order to cool it off, which could mean a decrease in value for gold. President Trump doesn’t want the Fed to increase rates, which is why he installed his buddy Kevin Warsh as the new chair, but Warsh has been famously very tight-lipped about his next moves. So the future of it is all kind of murky.
HYCU; When we’re talking about alternative investments, like gold, watches, art, crypto, or Pokémon cards, it’s important to not time the market too much, because a lot of this value can rise and fall in a split second. Just because China just bought nearly 20 metric tons of gold last month doesn’t mean you should, too, because you probably have very different financial priorities than the federal government of China. Most financial experts recommend investing no more than 5% of your portfolio in gold, 10% at maximum, and still keeping most of your money in traditional investments, where there’s generally better diversification.
The July 2026 jobs report, issued by the Bureau of Labor Statistics, is out, and there’s one big headline: long-term unemployment fell last month. But it’s actually not a good sign this time around.
The number of people unemployed for 27 weeks or more (the official definition of long-term unemployment) decreased by 64,000 people from June to July, falling to about 1.8 million people. Of all unemployed workers, 25.5% are long-term unemployed, also down from 27.3% the month before.
But here’s the thing — these people aren’t finding jobs and graduating out of being long-term unemployed. They’re just giving up on working altogether. The definition of “unemployed” implies that at some point, you will be employed again. That’s why when you go to fill out for unemployment benefits, the government checks to see if you’re actively applying for jobs or not. In this case, people are struggling so hard to land a job, they’re just throwing in the towel altogether. We know that because overall labor force participation is at its lowest level since February 2021 (pandemic era), which means that people are literally just exiting the workforce altogether. A third of young adults still live with their parents, and most people under the age of 28 still receive some kind of financial support from their parents. So it makes a lot of sense why this is happening.
HYCU; We all know that one friend who got laid off, was applying all over LinkedIn for months, and then eventually got burnt out by rejection emails or ghost jobs and just decided to move back in with their parents and start vlogging. It’s a pretty common story right now. But there are still ways you can get hired, even in a tough market! When 1,000 people are applying to the same job listing, you need to stand out as much as you can. Networking with people who work at the company or even directly on the team not only helps them remember you when your resume slides across their desk, but you can also get a referral from them, which sorts you onto a shortlist and gives them a bonus for “headhunting” you if you stay at the company for a certain amount of time. You can easily search up LinkedIn profiles at your dream company and see who you might have mutual connections with!
Credit card balances have reached near-historic highs, hitting $1.26 trillion in the second quarter of 2026, according to the Federal Reserve Bank of New York’s new quarterly report on household debt and credit.
Not the worst we’ve ever seen, but it’s pretty close; it’s a 1.7% increase from the previous quarter, and breathing down the neck of last year’s record, $1.28 trillion. The percentage of credit card balances in late-stage delinquency (a.k.a., debt that’s more than 90 days overdue) is also on the up — it rose to 12.8% in the first quarter of 2026.
It makes sense why this is happening, of course. Ballooning cost of living means people are being forced to put everyday expenses like gas and groceries on credit cards. Plus, the interest rates can get as high as 30% APR now, so once the grace period concludes, that interest is compounding on a daily basis. Add in the constant pressure to buy everything you see on Instagram and TikTok, and suddenly, that small bit of money you borrowed snowballs into a giant ball of financial stress. And it can take over your life.
HYCU; Paying down debt is a huge financial goal for so many Americans, and especially now that credit card delinquencies are staying on credit reports longer (translation: affecting your credit score), it’s better for your financial health to pay it off as soon as you can. Luckily, there are so many tricks to make the pain of repayment easier on you! If you’re a true bestie, you can even say it with me: get a personal loan. Transferring your high-interest debt to a bank that pays off your debt will lower your interest rate from 22-30% to 7-15%, which is far less stressful and will help you put a bigger dent in what you owe. Make sure you’re also paying down the principal itself, and if you’re really trying to snap it away, you can get creative by selling old clothes or figuring out where you can save a little bit in your budget. It’ll be really uncomfortable for a bit, but at least it will be temporary, instead of feeling stuck in a debt loop forever.
Kyle asks:
“How do I get lower interest rates on a student loan? I am currently (and quite aggressively) doing this endeavor and wonder if this topic would be beneficial to the larger public! Beyond ensuring you have good credit and adding a consigner, any other best practices would be appreciated!”
Hi Kyle! The autopay discount is the easiest win most people overlook. For federal loans specifically, there’s a temporary 1-percentage-point interest rate reduction available to borrowers who enroll in autopay, announced by the Education Department in June 2026 and available through 2028. One major flag — you must enroll in autopay by September 30, 2026 for this discount! That’s a meaningful reduction that requires essentially zero effort beyond setting up automatic payments. Most private lenders also offer their own autopay discounts, typically 0.25% to 0.50% off, so this is a universal first move regardless of loan type.
Refinancing is the bigger lever, but it comes with serious trade-offs for federal loans. Refinancing replaces your existing loan with a new one, ideally at a lower rate. For private loans, this is almost always worth exploring if your credit has improved since you originally borrowed. The current average fixed rate on a 10-year private student loan is around 7.92% (as of mid-July 2026), so if your existing rate is higher than that and your credit score has climbed, you could potentially save meaningfully. The key variables lenders look at are credit score (mid-600s is typically the floor, but the best rates go to borrowers in the 720+ range), income stability, and debt-to-income ratio.
For federal loans, refinancing into a private loan is irreversible and eliminates major protections. This is the warning most people don’t hear loudly enough: once you refinance federal loans into a private loan, you permanently lose access to income-driven repayment plans, Public Service Loan Forgiveness, and any future federal relief programs. Given how much the federal student loan landscape is shifting right now with new repayment plans like RAP launching and the SAVE plan winding down, this is a decision that deserves serious thought before pulling the trigger.
Shopping lenders and comparing offers is non-negotiable. Rates vary significantly across lenders, and prequalifying with multiple lenders (which typically uses a soft credit pull, not a hard one) lets you compare without damaging your score. Some lenders also offer loyalty discounts, on-time payment rewards, or principal reductions upon graduation, so it’s worth reading the fine print beyond just the headline rate.
The credit score and co-signer angle you already know, but the timing matters too. If someone’s credit score has improved substantially since they originally took out the loan, that’s the ideal moment to refinance or at least request a rate review from a private servicer. Lenders won’t proactively offer you a better rate, so borrowers have to initiate that conversation.
Good luck with those loans bestie!
Want to be featured in our Question Bank section?
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