During tough economic conditions, certain financial habits must remain a priority. With varying opinions on whether a recession is approaching or not, it's essential to adjust your financial strategies accordingly. Here are four financial priorities you should maintain during challenging times.

KEEP CONTRIBUTING TO YOUR RETIREMENT ACCOUNT

Brittany Kline, Co-Owner of The Savvy Couple, advises against cutting retirement contributions, even when funds are tight. She suggests maintaining these contributions, even if it means reducing other expenses.

Ashley Tran, Assistant Branch Manager at Fidelity Investments, echoes this sentiment. She recommends saving at least 15% of your pre-tax income annually for retirement, including any employer contributions.

Both experts recognize that sometimes, financial situations may limit the ability to contribute fully. Tran points out that even smaller, consistent contributions can significantly impact over time.

Kline encourages increasing contributions once your financial situation improves.

CONTINUE PAYING YOUR CREDIT CARD BILLS

Kline emphasizes the importance of keeping up with credit card payments to avoid damaging your credit score. Tran adds that credit cards often have higher interest rates, so tackling this debt first is wise.

If cash flow is tight, Tran suggests using cash rewards towards your minimum payment and finding areas in your budget to cut back to help meet these payments.

Kline advises making at least the minimum payment to avoid late fees and protect your credit score. If you're struggling, contacting your credit card issuer for a potential lower interest rate might help, although it's not guaranteed.

KEEP UP WITH LOAN PAYMENTS

Both experts stress making timely payments on any loans you have. If you're concerned about your ability to meet these payments, Kline recommends contacting your lender immediately to avoid penalties and higher rates.

Some lenders may work with you to create manageable payment plans. If that's not an option, consider generating additional income through part-time work or selling unused items.

Refinancing could also be a possibility for loans like mortgages. Tran explains that refinancing can result in better loan terms, but caution is advised as it may extend your payment period.

CONTINUE BUILDING YOUR EMERGENCY SAVINGS

Both experts agree that having three to six months' worth of expenses saved is a solid goal, though challenging to achieve. Kline suggests assessing your needs for an emergency fund, factoring in expenses such as housing, utilities, and food.

To boost your emergency fund, Kline recommends starting small; even $10 weekly can add up over time. Tran encourages depositing any extra cash, like gifts or cashback rewards, into this fund, especially after raises or tax refunds.

STAY ENGAGED WITH YOUR FINANCES

Avoid the mistake of ignoring your financial situation. Alongside retirement savings, debt payments, and emergency funds, look for additional ways to cut costs. Tran suggests reviewing subscriptions and memberships to identify non-essential expenses you can eliminate.

To help stay focused on your financial goals, consider using Fidelity Bloom for financial insights or Fidelity Spire, a helpful app for younger adults tracking their financial goals.

Kline recommends utilizing budgeting tools like YouNeedABudget (YNAB) or Personal Capital to manage your finances effectively. Both are free and can assist you in navigating financial challenges.

STAYING FINANCIALLY SOUND DURING A RECESSION

Maintaining your financial objectives is vital, especially during economic downturns. Although navigating a recession or high inflation is difficult, prioritizing contributions, savings, and timely payments can keep you financially stable through uncertain times.