A practical checklist to help you stay financially steady—even when the headlines feel shaky.
If you’ve been feeling uneasy about the economy, you’re not alone. Rising prices, layoff news, and market ups and downs can create a lot of stress, even if your own financial situation hasn’t changed.
At IC Credit Union, we understand that economic uncertainty can feel overwhelming. But here’s the good news: you have more control than you might think. Small, proactive steps can make a big difference in helping you feel more secure and prepared—no matter what’s happening in the headlines.
Here’s a simple, step-by-step checklist to help your economic anxiety, stay focused, and stay on top of your finances.
1. Build or Revisit Your Emergency Fund
How much should I save in my emergency fund? Aim to set aside 3-6 months’ worth of essential expenses in a savings account you can easily access. If that feels out of reach, start with what you can—consistency matters more than perfection.
- Consider setting up automatic transfers from checking to savings
- Explore high-yield savings or money market accounts to earn more interest
- Keep your emergency fund separate from your day-to-day spending to avoid temptation
Why it helps: An emergency fund gives you breathing room if unexpected expenses—or temporary income loss—come your way.
2. Take a Fresh Look at Your Budget
If you haven’t reviewed your budget lately, now is a great time. Identify wants vs. needs, look for subscriptions or expenses you can cut or pause, and focus on what matters most.
- Track spending a full month to see where your money’s really going
- Prioritize essentials like housing, food, insurance, and debt payments
- Build in some flexibility for rising prices (like groceries or gas)
Why it helps: If you’re worried about the economy, knowing exactly where your money goes helps you make the best financial choices.
3. Check in on Your Debt
During times of economic uncertainty, take stock of what you owe, your interest rates, and your payment terms.
- If you’re carrying high-interest debt, ask us about debt consolidation options or balance transfer offers
- Consider making extra payments on your highest-rate debt when possible
- Avoid taking on new debt unless absolutely necessary
Why it helps: Managing debt proactively gives you more control over your monthly budget and reduces financial stress. Read our guide to getting out of debt.
4. Avoid Emotional Decisions with Investments
Market downturns can trigger fear, but reacting emotionally, especially by pulling money out of long-term investments—can do more harm than good.
- Stick with your long-term investment strategy if it still fits your goals
- Diversify wisely across assets, not based on headlines
- Talk to a financial advisor before making major changes
Why it helps: History shows that markets recover. Staying the course often leads to better long-term outcomes than trying to time the market.
5. Talk to Someone You Trust
You don’t have to figure it all out alone. At IC Credit Union, our team is here to listen, offer advice, and help you create a financial plan that makes sense for your unique situation.
- Schedule a free budgeting or savings review with a credit union advisor
- Ask about financial counseling, loan options, or hardship support if you’re experiencing income changes
- Use the tools and resources we offer—from budgeting apps to savings calculators
Why it helps: Having a financial partner can ease economic uncertainty, provide clarity, and help you make informed decisions.
6. Stay Financially Informed—But Don’t Obsess
t’s good to stay aware of what’s happening in the economy, but constant news consumption can feed anxiety. Focus on what’s relevant to your financial life and tune out the noise when needed.
- Set limits on how often you check financial news
- Choose reliable, balanced sources over hype or fear-driven headlines
- Focus on action, not anxiety
Why it helps: Staying informed empowers you—fixating on fear doesn’t.
You’ve Got This—And We’ve Got You.
Economic ups and downs are part of the financial landscape. What matters most is how you prepare, how you respond, and who you turn to for guidance.
At IC Credit Union, we’re not just here for your accounts, we’re here for you. Whether you’re building savings, managing debt, or navigating life changes, we’re ready to help you make smart, confident financial decisions—one step at a time.
Need help with any of the steps above? Let’s talk.
Visit your local branch, give us a call (800-262-1001), or schedule a no-pressure chat with a financial advisor. You don’t have to face economic uncertainty alone.
