More Than 70% Of Americans Concerned About A Recession This Year: Here's How Suze Orman Says To Prepare

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.

Don't Miss:

• Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!
• Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share.

Today's Best Finance Deals

Cut Back on Spending

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.

Boost Your Emergency Fund

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.

Trending: It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.

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.

Have Honest Conversations With Your Adult Kids

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.

See Also: Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.60 per share now.

Know Your Health Insurance Options

If you lose your job, keeping your health insurance through COBRA — a federal regulation allowing employees to continue their coverage for a limited time — can be expensive. Sometimes, policyholders end up paying 102% of the full premium. Orman recommends looking into Affordable Care Act plans as a backup option. Depending on your income, you might qualify for a much lower premium.

A little research now could save you thousands if you need coverage later.

Upgrade Your Skills

Finally, Orman says this is a great time to build new job skills. Whether it's taking a course, learning new software, or updating certifications, adding to your resume now could help you keep your current job — or land a new one faster if layoffs happen.

According to Numerator, more Americans are worried about job security now than just a few months ago. Having up-to-date skills could make all the difference.

Taking a few smart steps today could help you weather whatever the economy brings tomorrow — and following Orman's advice might make you feel a whole lot more prepared.

Read Next:

• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now
• ‘Which Bucket Do I Draw From First?’ Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts

Image: Shutterstock