Tips for handling your finances in a time of economic uncertainty

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.