Finance

Tips for handling your finances in a time of economic uncertainty

Published

1 year ago

May 3, 2025

Tips for handling your finances in a time of economic uncertainty

NEW YORK — Financial markets are volatile. Consumer confidence is at its lowest level in five years. Economists say recession risks are rising.

It all adds up to financial uncertainty for a lot of Americans. Roughly half of U.S. adults say that President Trump’s trade policies will increase prices “a lot,” according to a recent poll by the Associated Press-NORC Center of Public Affairs Research. And about half of Americans are “extremely” or “very” concerned about the possibility of the U.S. economy going into a recession in the next few months.

Matt Watson, CEO of Origin, a financial planning app, says it’s a period of uncertainty for everyone, including experts.

“No one has a crystal ball. No one, even the people that do this professionally and have done it very successfully for many years, know what’s going to happen,” he said.

If you’re worried about how economic uncertainty might affect you, here are some expert recommendations:

Take stock of your finances

The first step to preparing for uncertain financial times is knowing your starting point, Watson said. Look at your budget or your debit card expenses so you can understand how much you spend every month.

“Take stock of where you are across a number of different categories,” Watson said.

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.

Take care of your mental health

Between news about tariffs and job losses, you might feel your anxiety rising. So, it’s important that you protect your mental health while also caring about your finances, said Courtney Alev, consumer advocate at Credit Karma. Sometimes, reading too much news about issues that could affect your finances can become overbearing and create more stress than you need.

“It’s good practice to stay informed but you don’t want to let the news cycle consume you,” Alev said.

If you find yourself feeling high levels of stress or anxiety when it comes to your finances, it’s best to contact a professional who can assist you, such as a financial therapist.

If looking for regular mental health services, most health insurance covers some type of mental health assistance. If you don’t have health insurance, you can look for sliding-scale therapists around the country, including through FindTreatment.gov and the Anxiety and Depression Assn. of America directory.

Focus on what you can control

Rather than worrying too much about the economics of the entire country, Alev recommends that you focus on the aspects of your personal life that you can control in order to feel more confident in case there is a recession.

“Identify any changes that you might need to make to have more of a safety net in place that could give you confidence,” Alev said.

Things you can control include budgeting, creating an emergency fund and cutting unnecessary expenses.

Create an emergency fund

Whether you are worried about your job security or the high prices of goods, it’s best that you sit down and reassess your budget to create an emergency fund. An emergency fund can feel unattainable if finances are already difficult, but having even a small amount of cash saved can make the difference, Alev said.

Ideally, your emergency fund should amount to three to six months’ worth of expenses.

Weil recommends that you start thinking about any special commitments that you might have in the next year or two, such as college tuition or moving. If you are planning for a large financial commitment in the near future, Weil recommends that you plan to build a larger emergency fund.

Do monthly finance check-ins

Alev recommends regularly adjusting your budget to keep your financial goals on track. Monthly budget check-ins can help identify when you are overspending or if your needs change.

“A budget is only as good as it is to help you actually make decisions, so don’t be afraid to update and adapt your budget as the months go by,” Alev said.

Choose which type of debt to tackle first

Many Americans struggle with debt, whether it’s credit card debt or student loan debt, which limits their ability to save. But, if you want to create an emergency fund while also tackling your debt, it will take some prioritization.

“I would think about different kinds of debt differently,” Weil said, adding that you can place debt in three buckets: short-, medium- and long-term debt.

Weil recommends that you prioritize paying off high-interest debt such as your credit card. By making extra payments or paying over the minimum payment, you will be able to pay it off quicker. Student loan debt and long-term debt such as a mortgage can be tackled with more modest payments while you focus on creating an emergency fund.

If you have credit card debt and you can’t make too much progress in paying it down, Alev recommends you try to eliminate or reduce the amount of credit you use.

Don’t panic about your investments

While the stock market has had some bad days, it’s best to stay cool. If you have investments, especially in retirement vehicles such as your 401(k), it’s best not to make rushed decisions, Alev said.

“You really want to try not to panic. It can be unnerving but most likely, you should have time to make that up,” she added. If you’re closer to retirement, Alev recommends that you look into more conservative investments.

Morga writes for the Associated Press.

Finance

Houston budget amendment would give financial assistance to help those impacted by a trash fee

Published

3 hours ago

June 3, 2026

Press Room

Houston budget amendment would give financial assistance to help those impacted by a trash fee

HOUSTON, Texas (KTRK) — Houston City Council could soon consider whether to offer financial assistance to help those who may struggle to afford a proposed trash fee.

This month, council will approve a budget. In it, Mayor John Whitmire doesn’t increase taxes.

However, he does want to charge a $5 monthly fee to cover trash services. A plan to help close the city’s nearly $200 million deficit that doesn’t add up to some.

Speaking in front of council on Wednesday, Super Neighborhood 64 president Lindsay Williams brought more than concerns, she had numbers surrounding the mayor’s proposed $5 monthly trash fee.

A plan his team says could climb to $25 a month by 2032. If it does, Williams told council that $300 annual cost would be just .15% of a $200,000 income.

For someone making $15,000, it’s two percent. “More than 13 times the burden for the same trash, same truck and same fee, but not the same pay,” Williams explained.

However, Controller Chris Hollins said the mayor’s not being truthful about the real cost.

“Houstonians are not stupid,” Hollins said. “We should not treat Houstonians like they’re stupid.”

Hollins said the cost may need to be $40 a month. Whitmire didn’t respond to Hollins during the meeting when he asked if he plans to increase the fee.

No matter the cost, some council members want to offer financial relief. Right now, there are no exceptions.

However, an amendment council will consider from Council Member Alejandra Salinas next week would change that.

“If they for whatever reason met the threshold and need an additional need because of the administrative fee, our amendment would allow them to apply for funds through the water fund,” Salinas said.

The trash fee wasn’t the only item from the mayor’s seven and a half billion dollar budget proposal that sparked debate. Hollins said a plan to divert money away from water utilities could drain a billion over the next five years from infrastructure money.

Whitmire disagrees saying there’s more than enough funds to handle the change, and continue with projects.

“We’ve all admitted the budget’s not perfect, but certainly it’s a first start that Houstonians understand and it’s a shame it’s being so politicized because it’s literally people’s lives and death,” Whitmire said.

Council will vote on amendments next week. It has to have a new budget in place by the end of the month.

Finance

How can I illustrate our financial position to a spouse who shows little interest?

Published

13 hours ago

June 3, 2026

Press Room

How can I illustrate our financial position to a spouse who shows little interest?

Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks!

Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue.

Online tools and mind maps

Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s  Portfolio X-Ray  tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.

A  mind map, which we used with clients when I worked for a financial advisory firm, can be another way to picture your entire financial situation on one page. There are various  softwaretemplates  for drawing a mind map, or you can simply sketch it out with a large sheet of paper and a pencil. Start with your names at the center of the page. Then draw spokes connecting to various categories, such as names of other family members; investment accounts; real estate and other assets, insurance policies, estate plans, key goals and values, and contact information for accountants, estate planners, and other professionals. It can be helpful to go through the mind map together and make any updates needed at least once a year.

Other ways to communicate about money

A few other ideas—though not related to charts and graphs—might also be useful.

I like the idea of putting together a  net worth statement  that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and  discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.

Many couples also put together a  binder  (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.

A well-qualified financial adviser can bridge the information gap

Finally, you could consider working with a good  financial adviser,  who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.

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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.

Finance

Proximo Congress 2026: US Energy & Infrastructure Finance | Insights | Mayer Brown

Published

23 hours ago

June 3, 2026

Press Room

Proximo Congress 2026: US Energy & Infrastructure Finance | Insights | Mayer Brown

Mayer Brown is a proud sponsor of Proximo Congress 2026. This senior meeting of the US energy, infrastructure, and digital infrastructure finance community is shaped around the questions credit and investment committees are actually asking in 2026: how asset classes are converging, how risk is being priced in a recalibrated policy and geopolitical environment, and how public and private capital are being structured together to deliver projects at scale.

Mayer Brown has also been recognized for three separate awards which will be presented during the event. These awards include: