That's my advice to everyone asking for economic advice.
If something happens to you, personally, then by all means react to it.
If something specific is on the horizon that you need to plan and prepare for, by all means, please do so.
Preparing for vague 'hard times' because the TV says they're coming?
Well, that's half the reason bad times may be coming, right there.
Positive thinking isn't all that powerful in many situations, but in economics, it is.
If people think times are bad, then they'll spend less and invest less. This will ensure that times ARE bad for businesses that make a living by selling stuff to consumers and investors.
Even if everything was just fine and dandy before the gloominess, pessimism WILL see itself justified.
If people think times are going to be fine, the whole thing happens in reverse, and even if something DOES happen to go wrong, things will turn out better than they otherwise would, for the economy as a whole.
In brief: if there's something specific that you need to react to or prepare for, please do. If you wish to buy into the general gloom just because the media says you should, please don't.
If you THINK there's something specific about the current economic climate that you need to prepare for or react to, but can't tell what it is, then this is a perfect opportunity to invest in an education in economics.
(Disclaimer: these views are mine and mine alone, and don't represent those of anyone else. What's more, my personal views tend to change rather quickly, so they may not even represent my own thoughts, a few days from now.)