The economy is going through a tough time right now. With gas and food prices up and housing values down, a lot of people are feeling the pinch.

There are some moves you can make to get through these tough economic times.

The short-term strategy

There isn't a whole lot you can do to control rising food and energy prices. But there are some simple things you can do to get your financial house in order to ride out whatever the economy throws your way.

"Start by eliminating non-essential spending," says Greg McBride, senior financial analyst at Bankrate.com. To do that, he says, you need to have a plan.

"Take a realistic look at your household budget and if you don't have one, now is the time to start. Track your monthly spending. Get a handle on where that money is going every month.

"That's going to be the ideal way for you to assess where you money is going every month and enable you to identify those areas where you might cut back."

His advice: when it comes to expenses, try to cut back rather than cut out. It may be an easier way to go.

"It's not like a major hit to your lifestyle and yet you're still cutting back on the amount of your expenditures," McBride says.

Now you're ready to build an emergency savings fund. You can start with any "extra" money -- bonuses or that tax refund. And you can add a little more to the fund from each paycheck you earn.

Keep it liquid -- maybe a high interest money market account -- and make it automatic. Have the money electronically deposited into the account.

Planning ahead while cutting back

"Keep your debt load light and pay down the current debt that you have. As you do that, that's going to free up a little bit more money in the monthly budget," says McBride.

McBride says to cut extraneous spending, not the important things.

"You still want to do the things like servicing your car and your home heating system because not doing so is being penny wise but pound foolish; you'll end up paying a much bigger price later on," he says.

If your credit is good and you're planning to stay in your house for a few more years, refinancing could be a smart move.

"This is particularly true for someone who has an adjustable rate mortgage, might be facing a reset and that loan no longer suits their needs," he says, "because they're not moving out of that house any time soon, refinancing the mortgage could add some long-term stability to the household budget."

McBride says unless you're in a real bind, continue saving for your retirement.

"Retirement's coming either way. There's no sense cutting back today and then paying a much bigger price later on," he says.

For More Information:

15 Money Moves for Tough Times