Some pundits are saying that we are in a recession; others call it a mere economic slowdown. The answer in my opinion is what difference does this technical distinction make to you?

The one thing everyone agrees on, bull or bear, is that we’re living in uncertain times. As a result, it is of utmost importance for us to take a cautious approach.

But caution means more than just being aware of danger. It also means acting in defense of your own money.

The following are my top 10 money tips designed to help you manage your personal financial situation in these most uncertain times.

1. Pay down and pay off your credit cards and revolving debt. If you can eliminate credit card debt this year, you can do yourself a huge, long-term service.

2. Know the terms and conditions of your home mortgage and home equity line of credit. Right now could be the best time to refinance mortgages. New higher jumbo loan limits and low-interest rates make for a good refinancing climate. For more on this issue, contact my mortgage expert, Josh Lewis, by phone at 800.944.JOSH.

3. Check your credit score. If you don’t have stellar credit, you won’t be able to tap these upcoming mortgage refinance deals.

4. Consider cutting back on your 401(k) and IRA contributions to pay down credit card debt. Hey, putting money into the market right now isn’t getting you much, so take this opportunity to pay down that high-interest credit card debt.

5. Have a cash cushion of three-to-six months living expenses in the bank. You know it’s a true recession when people start losing their jobs, so it’s just prudent to prepare yourself for anything.

6. If you don’t have any significant credit card debt, then start saving as aggressively as possible in your 401(k), 403(b) and Roth IRA. When the bull comes stampeding back, you’ll be in a great position to profit.

7. Cash is king in a bear market, so if you have not raised cash in your portfolio, WHAT ARE YOU WAITING FOR!

8. Fees matter. Get yourself out of those expensive annuities, life insurance and mutual funds and join us in the low-fee playground of ETFs.

9. If you want to buy bonds right now as a defensive move, make sure you buy only quality U.S. and foreign Treasury bonds. Stay away from any mortgage and high-yield corporate debt instruments.

10. Make strategic, short-term investments in sectors with high upside potential. Be careful here, as adopting a trading mentality requires the utmost caution — caution that includes the pursuit of fast 5-10% gains and the ability to set tight stop losses.