Buy Less, Save More, Calm Down

From "a historical perspective," says Barbera, the current downturn "is not as significant as you think it is. You're just feeling it because you're living in the moment."

Barbera advises clients to not be flustered by daily fluctuations in the market, even ones like the 400-point drop in the Dow Jones Industrial Average on Friday. While there's no guarantee of a rebound, cashing out positions because of short-term jitters often does more harm than good, according to Barbera.

"Did we receive any calls from clients?" he says. "No, absolutely not. We kind of have them trained to not look at the micro things."

Loreine Smith, founder of Dallas-based financial planning firm Life Plan Strategies, says it's important to have at least six months' worth of living expenses saved to provide some flexibility in case of a job loss. She adds that those who have less steady jobs, such as the self-employed or freelancers, might want to save a year's worth.

Smith also tells clients to maintain "a little bit of exposure to a lot of things" with their portfolios - balancing out riskier, high-growth investments with safe, stable ones. But once an investment strategy is reached, she also warns against pulling out too hastily when the market gyrates.

"I advise some of my clients to take their statement and put it in the drawer," she says, "so they don't become focused on the fact that it had a bad week or it had a bad day."