I know, I know. You're watching your investment accounts dwindle and you’re wondering what to do. And for that matter, what to do with the money sitting in your bank accounts right now.

Is it even safe? And can you trust your bank, especially with more bad news arriving each day?

So I've been talking to folks on shows like the CBS Early Show, and now I'm going to share with my new friends here my best guidance for you. Every move we make matters, because as women, we’ve got more at stake.

So let's start with the obvious question I know you're asking: should you divest? Is your bank safe? Should you take your money out of the market and put it under the comfy -- and forever safe -- mattress?

No.

Here's why. First, money under the mattress, or even in a traditional bank account, is a losing proposition over time. That's because those bank fees, taxes on your paltry 1–2% interest earnings, and inflation -- the rising cost of buying bread and those cool Manolo shoes -- eat into your money. Over time, you can't buy as much.

So instead of panicking and doing something rash just for the sake of doing something, take a time out and think things through. If there's anything good to come from this collapse, it's that people who normally don't pay enough attention to their money will finally take notice -- and take control.

Along those lines, here are five ways you can right your financial ship and restore a little order to your life:

Relax, don't overact: The biggest mistake you can make right now is to panic and do something knee-jerk like cashing out of your bank and stowing your hard-earned dollars under your mattress. Plus, even mattresses aren't totally safe: They're not immune from fire, theft, even hurricanes. And are you really going to feel better by having that much cash at home?

Make sure your savings are safe: By now, you should know that any savings accounts you have should be with an FDIC-insured bank or savings institution. That means the US government guarantees your money for up to $250,000. If you're married, you can have an account in your husband's name as well as a joint account, so that as much as $750,000 at a single bank can be protected. Make sure wherever you park your cash, that bank it has the FDIC stamp on it. Credit unions, covered by similar "NCUSIF" protection, also work (more about CUs in a moment).

CDs are a pretty attractive place to stash cash you'll need in three months to a couple years, with yields ranging from 3–5% depending on their maturity date. Just be careful about locking up money for too long, as you'll get hit with a pre-payment penalty if you want to tap it earlier.

For super short-term cash, money you might need tomorrow for an emergency, know that money market funds got a special protection from Uncle Sam (so long as your money was in those funds by September 19th).

Bank online: You may be used to banking at your brick-and-mortar branch, but did you know that going online can get you a bigger bang for your buck? Online savings accounts at places like ING Direct (ING and HBC, which are FDIC insured, offer interest rates of 2.75% and 3.25% respectively. These banks have the same features as regular banks, like checking accounts and online bill payment.

Consider a credit union: OK, they're about as sexy as an accountant in a bow tie. But they offer several benefits: They have non-profit status, so they can offer services at lower costs than many banks -- from late fees to bounced check fees. That translates to lower interest rates on loans (including mortgages), and higher interest rates on savings accounts and CDs. One problem: They usually don't have as many branches as banks, so make sure the location is convenient. Also, they don't necessarily invest in technology the way a big bank does but still, I've been a fan.

Empower yourself: If there's one lesson to come of all this, it's to know what's in our bank account and your savings accounts. Funny, but even the pinstripes on Wall Street didn't even fully understand the complex products they were creating and selling -- but you need to. It's your future, your life. It's why we'll be introducing WeSeed -- to help you turn what you know into stock ideas and rather than just being a customer of, say, Target, you learn to be an owner. Owning just one share of stock can change the way you look at the world and even feel about yourself.

So find yourself a safe port in this financial storm, and wait it out for better weather. Clear sailing days undoubtedly lie ahead.

Financial bloggers are posting their own reactions to the current economic state:

The Digerati Life is retrenching her financial goals -- in a smart, non-panicked way.

Morra Aarons Mele interviewed two leading economists to learn how we can get credit flowing again.

Wise Bread finds the silver linking in the economic crisis.

Stay tuned, because next week I'm going to help you save money and live within your means ... while still having some fun.

Jennifer Openshaw's hip, practical advice has been seen on Oprah, Dr. Phil and CNN. The host of ABC Radio's "Winning Advice," Jen is now President of WeSeed, a new site designed to demystify the stock market for real, everyday people, and author of The Millionaire Zone (Hyperion).