'Tis the season for economic and market forecasts for 2022. The list of uncertainties entering the new year is long.

Will inflation take off or fall? Will the economy stumble with omicron, or some other currently unknown variant? Can the stock market maintain its lofty valuation, or not?

Considering the deep uncertainties entering the new year, the latest American Opportunity Survey by consultants McKinsey & Co. is unsettling. Only 48% of respondents said they could cover more than two months of expenses if they lost their job.

My own sense is that even people with better finances than the 48% worry that they're too vulnerable to an unexpected setback. The combination of economic uncertainty and household financial fragility is a clear signal to lower household risks.

You can't do everything at once, so it's important to focus on your biggest risk to bad times. Perhaps you've heard through the work grapevine that a restructuring is in the works. You might be carrying too much debt, or maybe you're worried your child might have to borrow too much for college. Tackle the risk that matters most to you.

Let's say you're concerned that you might lose your job in the new year (or you want to join the Great Resignation). Take the time to research what you might want to do next. Reach out to your network of friends and colleagues, people who know your talents.

Most jobs come through referrals or suggestions from networks developed over the year. Employers are eager to hire so the timing for a well thought-out job change — voluntary or involuntary—could be opportune.

Too much debt is often the biggest financial risk households face. Here's the thing: No one knows what the markets will do in 2022 and beyond, but when you pay down debt, you lock in a rate of return equivalent to its interest rate. You're also earning less on your savings than you're paying out in interest, a money losing proposition.

"This is why paying off household debts, starting with the highest interest rate debts, is your best investment. It's entirely safe and it provides you with a for-sure, above market yield," Laurence Kotlikoff, an economist at Boston University, wrote in his recent book, "Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life."

Forget forecasts. Manage money risks and take steps to reduce your greatest vulnerabilities in 2022.

Chris Farrell is senior economics contributor for American Public Media's "Marketplace" and a commentator for Minnesota Public Radio.