"The best offense is a good defense" is not just a sports cliché, it's also good advice for managing everyday life. In today's turbulent economy, it's often necessary to have a few reliable strategies in place just to get by.

"To help my customers manage during these uncertain times, I encourage them to control what they can and protect themselves against what they cannot control," says Laura Tidd, a preferred banker at Fifth Third Bank.

"One thing people can control is their spending," Tidd continues. "With unemployment rates higher than they have been in 16 years, people should not only avoid loading up their credit cards, they should go a step further and increase their savings."

Set up an emergency fund
To be prepared for a possible layoff, Tidd encourages people to establish an emergency fund. By having some savings set aside, people can keep up with their daily living expenses if they're suddenly without their steady paychecks.

"An emergency fund should be able to cover several months of rent or mortgage, groceries and utilities," Tidd explains. "To establish this fund, most people will need to scale back on non-essentials and deposit those savings into a special account."

To get started, Tidd encourages people to ask themselves whether every single purchase is a "want" or "need." She also reminds people that building an emergency fund may be difficult for people who have never scaled back before, so they should not get discouraged if it takes a few years of steady, disciplined saving.

Having an emergency fund can also help people avoid tapping into their home equity or retirement accounts. To learn more, read "Valuable strategies when losing or changing a job."

Keep savings secure
Money in emergency funds should be kept in a secure, liquid vehicle, like a savings account. Certificates of deposit (CDs) may be another option. Although they typically pay higher interest than many savings accounts, they are invested for a period of months or years, and early withdrawals result in penalties.

"Because savings accounts and CDs are FDIC insured, people can trust that their savings will remain secure," Tidd explains. "Sometimes, people keep savings in both types of vehicles. A banker or financial professional can help you determine which strategy is best for you."

For more tips on managing in uncertain times, contact Fifth Third at (866) 475-4201 or visit 53.com.