A senior economist with the Canada West Foundation says the sky isn't falling but Albertans need to prepare themselves for shaky times.

Premier Jim Prentice is expected to deliver a belt-tightening budget this year in the wake of plunging oil prices. Janice Plumstead says Albertans need to be prepared for change.

Plumstead sat down with CBC's Rob Brown to talk about layoffs, personal finances and other ways the average Albertan could feel the effects of Alberta's slowing economy.