Financial markets are volatile. Consumer confidence is at its lowest level in five years. Economists say recession risks are rising. It all adds up to financial uncertainty for a lot of Americans. Roughly half of U.S. adults say that President Trump’s trade policies will increase prices “a lot,” according to a recent poll by The Associated Press-NORC Center of Public Affairs Research. And about half of Americans are “extremely” or “very” concerned about the possibility of the U.S. economy going into a recession in the next few months. Matt Watson, CEO of Origin, a financial planning app, says it’s a period of uncertainty for everyone, including experts. “No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what’s going to happen,” he said. If you’re worried about how economic uncertainty might affect you, here are some expert recommendations: Take stock of your finances The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month. “Take stock of where you are across a number of different categories,” Watson said. Looking at the state of your savings and investments can also provide you with an idea of your overall financial health. Find where you can cut back The more nonessential expenses you can pause, the more you can save for an emergency. “Your choice is really to cut now or cut later, so it’s easier to cut now and have a cushion,” Watson said. If you’re having difficulty finding where to cut back, Jim Weil, managing partner at Private Vista, a financial planning firm, recommends that you divide your expenses into three buckets: needs, wants and wishes. Wishes are larger expenses that can be postponed, such as a vacation to Europe. For the time being, cut back expenses from the wishes section until you feel like your finances are in a good place. Take care of your mental health Between news about tariffs and job losses, you might feel your anxiety rising. So, it’s important that you protect your mental health while also caring about your finances, said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news that can affect your finances can become overbearing and create more stress than you need. “It’s good practice to stay informed but you don’t want to let the news cycle consume you,” Alev said. If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it’s best to contact a professional who can assist you, such as a financial therapist. If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don’t have health insurance, you can look for sliding-scale therapists around the country, including through FindTreatment.gov and the Anxiety and Depression Association of America directory. Focus on what you can control Rather than worrying too much on the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession. “Identify any changes that you might need […]