How to recession-proof your budget so that you're ready for whatever lies ahead

Prices for gas, food and rent are soaring. The Federal Reserve has raised interest rates to the highest level since 2018. The U.S. economy has shrunk for two straight quarters.

Economists are divided over whether a recession is coming. What's clear is that economic uncertainty isn't going away anytime soon. But there are steps you can take now to be ready for whatever is ahead.

Yiming Ma, an assistant professor at Columbia University, says it's not a question of if but when a recession will happen. People should prepare but not panic, she said.