These 4 steps can protect your savings amid U.S. recession fears.

By The Exchange Team

The possibility of an impending recession is causing new concerns for both professional and retail investors.

According to a recent MassMutual poll, 56% of Americans believe the country is already in a recession.

Start by cutting non-essential expenses. This may includes cancelling streaming TV and magazine subscriptions.

1. Eliminate unnecessary expenses

Take a close look at what is unnecessary and where you may save money to put aside for an emergency fund, Wallace advised.

These funds should be maintained out of the market and in a money market or high return savings account.

2. Establish an emergency fund.

After you've built an emergency fund and gone through your budget, pay off high-interest credit card bills.

3. Pay down debt

Even if economic fears push the markets into a frenzy, stick to your investing goals. Check your investments and 401(k) contributions for hidden risk.

4. Revisit your investment allocations