Buy Less, Save More, Calm Down

Greg Womack, head of Womack Investment Advisers, tells clients to cut back, save up and deleverage, starting with high-interest debt like credit cards or auto loans. Every little bit counts: Just dining at home, carpooling and conserving electricity use can save thousands of dollars a year, never mind the big-ticket discretionary purchases like iPhones, flat-panel TVs and designer handbags.

"There's nothing we can do about the slowing economy but there's lots of things we can do to mitigate the effects," he says. "When things are good, you spend on things you don't really need but want to have. Now you have to tighten the belt and trim the fat to be prepared for when things do turn around."