Doesn't the economic and market outlook seem unusually murky? There is always uncertainty about the future, of course. In "The Cunning of Uncertainty," Helga Nowotny, former president of the European Research Council, writes that uncertainty is "written into the script of life."

Uncertainty may be part of the human condition, but we've gone through so many shocks and surprises in such a short period of time—pandemic, pandemic recession, rapid economic recovery, Russia's invasion of Ukraine, the surge in inflation rates, unemployment hovering at half-century low—that it's hard to make sense of what is going on. As baseball philosopher Yogi Berra, movie mogul Samuel Goldwyn, nuclear physicist Neils Bohr, or some other luminary once said, "It's tough to make predictions, especially about the future."

Nevertheless, we still have to plan ahead and manage our money in ways that support our goals and desires. In his latest letter to Berkshire Hathaway shareholders, legendary investor Warren Buffett offers a time-honored insight for dealing with uncertainty. He and his long-time business partner Charlie Munger "firmly believe that near-term economic and market forecasts are worse than useless," he writes. "Our job is to manage Berkshire's operations and finances in a manner that will achieve an acceptable result over time and that will preserve the company's unmatched staying power when financial panics or severe worldwide recessions occur."

Berkshire Hathaway may be a corporate behemoth, but the perspective that works for the company is also good for household finances. A healthy household balance sheet lets you navigate through tough economic times. It also means you'll have resources to tap when personal and career opportunities open up.

The bedrock insights of personal finances, including make a budget, save often, keep fees low, prepare for the unexpected, invest in learning, and create a margin of safety, have been honed over centuries of dealing with financial uncertainty. The principles seem easy enough, but they're often to follow in practice. Life is complicated and messy.

Thinking back over the past few pandemic years and the personal finance questions from readers, it's clear to me that the best way to get your financial bearings in uncertain times starts with creating a budget. You'll learn where your money is going with the budget and where you might need to make adjustments. From that practical base of knowledge, you can make plans to get to where you want to be despite economic and market uncertainty.

Chris Farrell is economics contributor to the Star Tribune, Minnesota Public Radio and American Public Media's "Marketplace."