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Russian (RU) Kaili Killpack
Wed, Apr 30, 2025, 12:49 PM 4 min read
If you're feeling uneasy about the economy lately, you're definitely not alone. A recent survey from Numerator found that 72% of Americans are worried about a recession hitting within the next year. Rising tariffs, stock market swings, and price hikes are making a lot of people rethink their financial plans.
Suze Orman, personal finance expert and bestselling author, says it's smart to be concerned — but even smarter to take action. In a blog post last week, she lays out some practical steps you can take now to get your finances ready, just in case things get rough.
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First up: tighten your budget. Orman says now isn't the time for big vacations, splurges, or retail therapy. "Every dollar you don't spend today is a dollar that can be used for so many smart recession-protection moves," she wrote.
This advice lines up with what's already happening across the country. Numerator reports that 83% of shoppers are planning to change their spending habits because of tariff-related price hikes — and nearly half are hunting for more sales and coupons.
Orman's next piece of advice is to beef up your emergency savings. She recommends having at least a year's worth of living expenses saved up. That way, if you lose your job, see reduced hours, or have any income disruption, you'll have a financial safety net to fall back on.
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If you’re expecting a tax refund soon, Orman suggests moving it straight into your emergency fund. It’s an easy way to give your savings a quick boost without dipping into your regular income.
Many parents help out their adult children, but Orman says now's the time to set some boundaries. If you're covering a specific need, like rent, that’s one thing. But giving money for extras? That can hurt your own financial stability — especially if a recession hits.
Orman says, "I have a problem with that, no matter what the economic outlook, but it is insane to do this if you are not fully prepared for a recession." Having a candid conversation now could save you a lot of stress later.
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