All of the talk about whether or not our nation is in the throes of a recession can be pretty scary. If we are in the middle of an economical recession, are you prepared to deal with it? Although nothing will guarantee your financial security during these uncertain times, there are a few steps you can take to make sure that you and your family are prepared to weather out any financial storms.

Make regular contributions to your savings accounts. The best way to avoid being devastated by a recession is to make sure you have the reserves in place to help you through any unexpected woes. A decrease in your paycheck or an unforeseen expense doesn’t have to be catastrophic if you have options for dealing with it. While you’re still coasting along like normal, make sure that you’re putting a little cash away for a rainy day.

Rethink your current expenses. If financial troubles may be in your future, there’s no time like the present to start looking for the fat in your budget. Try cutting back on little luxuries so that you can contribute more money to your savings account. A reduction in your cable or satellite television service is an easy way to cut expenses without really feeling the pinch. By making tiny sacrifices now, you can help stave off the need for major sacrifices down the road.

Carefully consider any new purchases. This doesn’t mean that your little one can’t have the new sneakers that he desperately needs. However, before you decide to upgrade to a newer, sleeker refrigerator, stop and evaluate whether this is the best time for your purchase. If you wait a year and still have the money in your savings, by all means, shop for a bargain and enjoy your new refrigerator. But, if you repeatedly have to take the money you’ve saved for this purchase out of savings and then struggle to put it back, you’re probably not ready to spend this kind of money.

Nix any purchases on credit. It’s easy to be tempted to make large purchases now and pay for it on a “same as cash” payment plan. You may reason that since you don’t have to pay any finance charges on this purchase and the payments are relatively low there’s no reason that you can’t go ahead with your purchasing plans. Remember, however, that if you experience any sudden changes in your financial situation, you will still have to make payments on your “same as cash” plan or, worse, have to pay the entire balance at the end of the agreed upon term. The last thing you want hanging over your head is the knowledge that you’re going to have a large payment coming up while you’re in the middle of a financial crisis.