CLEVELAND -- The economy is definitely on a roller coaster lately, but there are five things you can do to stay protected during these tough economic times.

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Financial expert Darrin Farrow said there are several critical steps to take to stay safe during a recession.

No. 1: Consider diversifying. Stocks and bonds usually work in opposite directions, so consider investing in both and look at different types of industries.

No. 2: Focus on paying off consumer debt before zeroing in on polishing off the mortgage. People should focus on credit card interest, maybe student loans, and car payments, but instead they tend to focus on getting the house paid off first. Remember, a mortgage is tax-deductible debt and can actually help come tax time.

No. 3: Take advantage of the retirement plan at work. Many people don't participate fully in their retirement plan. It's very important, especially if you have a company match. This is free money that is being missed out on.

No. 4: Figure out your wants vs. your needs. Most people don't go into debt because they're spending too much on what they need. Instead, they're justifying their spending on what things they want.

No. 5: Set aside an emergency fund. It should be enough to get through six to nine months of unemployment. This should include money for the house, car and utility payments.

Make sure to keep things going if something does happen. As far as protecting your job, Farrow said speak up at work. You may be doing a great job, but if nobody knows about it, you may be one of the first ones to be cut.

5 On Your Side realizes there are still many questions and concerns about what's happening in the financial world, so there will be an online chat Thursday from 1 p.m. to 2 p.m. to help.

Financial consultant Bill Smith of Great Lakes Retirement Group of Sheffield Village will be available to answer consumers' questions.

Additional Resources:

www.greatlakesretirement.com
www.pensionbuilders.com
www.clevelandsaves.com