Crisis averted! Ten tips to stay afloat in shaky times

Shaky times call for firm action. Here are ten ideas to make sure you come out of the current crisis in one piece…

1. Fix your savings. With interest rates already on the move, act fast to lock in some juicy term deposit rates before they all head south. Compare top term deposit rates now.

2. Check your super. Make sure you're in the right investment option for your circumstances. Often the high growth options take the biggest hit in a downturn, so if you're nervous, talk to your fund manager about whether it makes sense to switch to a more conservative option.

3. Don't panic. Keep a close eye on your super and share market portfolio but remember these are long-term investments and history has shown they ride out the market's highs and lows over time.

4. Fix your home loan. Fixed rates are dropping, and there are now some great deals on offer. If all of this financial uncertainty is making you nervous, now could be a good time to consider fixing all or part of your home loan. Compare fixed home loans.

5. Protect yourself. Now might be a good time to look at income protection insurance – it's inexpensive and provides security for you and your family. Check out Mozo's new income protection quote service.

6. Pay down your debt. These are not great times to be burdened with masses of debt, as banks tend to get nervous about overburdened borrowers. Consider a balance transfer credit card.

7. Don't take big financial risks. Hold off on buying that beach house or ploughing truckloads of cash into a new business until the market has settled.

8. Reduce household expenses. Set aside a few hours to shop around and see if you can get a better deal on major household bills like car insurance, utilities, internet and mobile phone plans.

9. Quality shares on the cheap. If you'e got some spare cash and nerves of steel, now is a great time to snap up some of the stock market bargains on offer.

10. Go on a holiday. Stocks may be down, but holidays are cheap with the (still) strong Aussie dollar. If you'e been thinking about it for a while, now is the time to use that cash!

Hot Topic: What is your advice to protect your hard earned savings and super? Answer now for a shot at the weekly $50 prize!