The economy is weird right now.

Depending on which definition you use, we're in a recession, we're about to be in a recession or we're nowhere near a recession. Last Friday, Fed Chairman Jerome Powell said he expects "some pain" in the U.S. economy as the central bank continues to make attempts to fight inflation, a warning that sent the Dow Jones Industrial Average down 1,000 points. A new survey from Bankrate says nearly 7 in 10 Americans are worried about the economy entering a recession.

It's been nicknamed the "vibecession." Economically speaking, the vibes are definitely off.

So what should you be doing with your money right now? Big picture, it's a good time to focus on the foundations of personal finance. Here's what to do to prepare for the recession that maybe isn't happening, will never happen but is also currently sort of happening.

Bad things happen. These bad things are a matter of "when," not "if." Start small. If you get $400 together, you're already ahead of one-third of Americans. Make that your first goal, and then work up to an amount that would cover a big unexpected expense, like a car repair or a last-minute plane ticket.

From there, many financial experts recommend setting aside three to six months of necessary expenses for a major financial emergency like losing your job. Three to six months of expenses might sound like an astronomical amount, but it’s not the same as what you typically spend in a month. Only add up the things you have to pay each month no matter what.

Park your emergency fund in a high-yield savings account. The whole point of this money is that it is liquid to you in case of an emergency. Shop around at a site like NerdWallet or Bankrate and make sure your interest rate is competitive.

This is a great time for a budget audit. What money is coming in, and — the eternal question — where is it all going? If you already have a budget set up, go through it and reevaluate your expenses.

Sometimes, our budget can wind up on autopilot. Go through your recurring expenses and double-check that your money is really working for you. With your flexible categories, like dining out, can you challenge yourself to spend a little less and put that money into your emergency fund?

Look into renegotiating your recurring expenses. Things like your phone bill, your car insurance, your streaming services and your cable bill are not as set in stone as you might think.

"I am 100% of the mindset that you need to be calling every single year and asking either for a retention bonus or threatening to leave," Tu said.

Call the customer service line, tell them you're thinking of cancelling or switching to a competitor, and ask to be connected to the cancellation team or department.

Budgeting is a good tool, but it is limited by the money you have coming in. Search on sites such as Glassdoor and Payscale and ask people in your professional network to figure out whether your salary is competitive. If it's not, make the case for a raise, or make a plan to start looking for a new job.

Brush up your resume and LinkedIn information. And never, ever feel bad about leaving a company that doesn't compensate you fairly.

Any high-interest debt should be your financial focus right now. If you can't pay it off, at least try to pay less interest. If you have a car loan, look into refinancing it. If you carry credit card debt, explore debt consolidation loans or balance transfers with low introductory rates.

As the Fed continues to hike interest rates, debt is only going to get more expensive. Anything you can do to minimize debt now will mean you pay less for it in the long run. But remember: Don't put debt before savings.

Every expert I spoke to said they see early- and mid-career people making the same mistake: Not making the most of their compensation at work. That probably includes a lot of things beyond the dollar amount on your paycheck.

If you have no idea where to start, email your HR person and say you have some questions about your benefits, and ask them to go over what's available to you.

Most important: Don't leave money on the table. Does your job offer a 401(k) match? Yes? Are you enrolled in it and contributing enough to get the maximum amount? No? Do that now if you can afford it.

Economies go up, and economies go down. The trick to weathering those down times is having your fundamentals in place.

Your first step on the road to financial wellness: Be nice to yourself.

If you have an emergency fund, live within your means, get paid fairly and put away a little for retirement, you're doing great. If you don't, now is the time to get started.