CLARKONOMICS: There's a strategy from Elizabeth Warren -- widely considered the nation's premier expert on what leads people into bankruptcy -- that is called doing a "financial fire drill."

Clark and his family do a traditional fire drill once each year where they map out escape routes in the event of a blaze. A financial fire drill is similar. You map out a strategy for what to do in the event your hours are cut at work or you lose your job completely.

The consumer champ often talks about triaging your finances to figure out what needs to be paid and what can be temporarily ignored until times get better. That's one important part of the financial fire drill.

When is the right time to do a financial fire drill? Well, the wrong time is the day after you're laid off. So be proactive and get it done today. If you look at your situation and find there's no safety net, then you need to rethink how you handle money each pay period.

Prepare for the worst and hope for the best!