When the economy gets all wonky and unpredictable, it’s good to stick to the ol’ reliable financial advice, according to Lauryn Williams, a certified financial planner and the brains behind Worth Winning. You might be stressing about your money with all this stock market craziness and worries about prices going up because of those new tariffs. But fear not, because in times of economic uncertainty, you gotta “focus on what you can control,” as Williams says. That can help calm those nerves and lead you to better decisions about your money.
When the economy is all over the place, it’s best to just stick to the basics, Williams advises. Keep adding to your emergency fund, watch your spending like a hawk, and try not to freak out. She’s got more pearls of wisdom when it comes to managing your moolah in these uncertain times.
🌐 Forget about those new tariffs and just buy what you really need. Sure, some folks might be telling you to go on a shopping spree now or hoard stuff because of the tariffs. But Williams says to hold your horses. We don’t know if the tariffs are here to stay or just a passing fad. So, stick to the essentials and maybe hold off on those big, unnecessary purchases.
🚫 Watch out for scams lurking around the corner. Be wary of offers to “recession-proof your finances” for a fee, promises of debt relief, or schemes to get rich quick, Williams warns. Scammers love to come out of the woodwork during financial crises. “Steer clear of folks who push you to make quick decisions, double-check someone’s credentials, and do your homework on an organization before you hand over your dough.”
📺 Don’t get sucked into information overload. The news, social media, or those group chats about the economy can stir up fear and make you second-guess your money plans, Williams cautions. It’s great to stay informed, but don’t go changing your financial strategy unless you really know what you’re doing.
If you need to, take a breather from the news or unfollow those peeps on social media who are making you anxious about your cash flow, she suggests.
💰 Keep beefing up that emergency fund and short-term savings. If the economy takes a nosedive, having a safety net can help you weather the storm, whether it’s inflation, a job loss, or some other unexpected crisis, Williams points out.
🏦 Think about easing up on those debt payments. “If your financial situation isn’t looking too hot, you’ll want those extra bucks in your pocket,” Williams says. In times of economic uncertainty, consider making only the minimum payments on your debt for now. Just remember, this could mean carrying that debt for a longer time. To cut down on interest, focus on paying off the debts with the highest interest rates first.
👵🏻 If retirement is on the horizon, chat with a financial whiz. If you’re planning to retire in the next few years, economic ups and downs could mess with your retirement savings, Williams warns. It might be smart to hire a certified financial planner to help you work out a game plan.
🫨 If retirement is still a ways off, don’t obsess over your investments. Market volatility won’t wreck your long-term goals, Williams assures us. So, don’t go rejigging your retirement plan. You could dial back your retirement contributions if you want, but don’t stop investing altogether. “You wanna keep growing that nest egg so it’s there when the market bounces back up.”
So, there you have it. When the economy’s doing the cha-cha, stick to what you can control, watch your spending, and don’t let the fear-mongering get to you. Your money might thank you later.
