In the midst of the uncertainty currently being caused by the coronavirus pandemic, its more important than ever to take a measured approach to how you are spending your money and making financial decisions.
That advice comes from Mikel Van Cleve, USAA advice director and certified financial planner.
"We all need to have a plan in place to protect ourselves and our families financially," he said.
That plan should include creating and following a budget, building up additional savings if possible and controlling your current level of debt and spending.
You should also try to avoid making financial decisions based on panic and emotion. Instead, stay calm, Van Cleve added.
"Speak with a financial planner to keep you grounded," he added. "Avoid allowing financial headlines to dictate your actions."
Van Cleve, who is a Coast Guard veteran, said prices on certain goods are skyrocketing right now.
"Ask yourself if you really need 12 cans of disinfectant spray before you spend $250 or more on a case," he said.
Right now, everyone should be looking at all their expenses and figuring out ways to cut back.
"This is not because of fear, but because we do not know the potential long-term impacts of the coronavirus pandemic," Van Cleve said.
Long-term impacts include the amount of credit that is available from lenders as well as potential impacts on personal jobs and income.
"We have to find ways to set some money aside for the just in case and a budget helps us find that money," he said.
Budget planning tools are available online and through your financial institution, Van Cleve noted.
When it comes to tracking expenses, he said to keep it simple.
"Tracking everything is where you want to get eventually, but work your way into it," he said.
If you find you need to cut back on some expenses, take a step down approach.
"For example, instead of having premium cable with all the bells and whistles, scale back to basic cable or an online streaming service," Van Cleve suggested.
The same rules apply as you build up your savings, he continued.
"If you can't save $100 this week, save $1 and next week save $2," he said.
Financial institutions and many employers also offer ways to set up automatic payments into a savings account, said Van Cleve.
"The key is to just save what and when you can as we don't know where things are headed," he said.