With the internationally condemned Russian invasion of Ukraine, one thing is certain: no one knows exactly how things will unfold.

So far, this unsettling uncertainty has not led to a continuous market decline. U.S. stocks took a hit in the week of the invasion, but have since recovered some of those losses. However, the market is likely to experience volatility as events develop.

Mary Adam, a certified financial planner based in Florida, said, "It's hard to say.. we just don't know."

But if you are worried about whether geopolitical turmoil might negatively affect your savings and investments, here are some ways to assess your situation and protect against potential losses.

Do not trade based on headlines

Rapid news reports about sharp increases in energy and food prices or talk of a possible world war or nuclear attack are alarming.

But history often shows that making financial decisions based on an emotional response to major events is usually a losing proposition in the long term.

Don Bienhoff, Chief Investment Officer at Liberty Wealth Advisors and former investment strategist at Vanguard, said that making a drastic change amidst such uncertainty is usually a decision "you will regret."

Look at war periods and other crises in the last century and you will see that stocks typically recovered faster than anyone expected, and performed well on average over time.

Instead of making changes based on your reaction to recent events, first review your financial situation comprehensively.

Cover your short-term cash needs

It's always a good idea, especially when facing major events beyond your control, to ensure you have liquid assets to meet your most urgent needs.

This means setting aside enough cash or short-term fixed-income instruments to cover upcoming tax payments, unexpected emergencies, and any large upcoming expenses.

This is also recommended if you are retired or nearing retirement, and in that case, you may want enough liquidity to cover a year or more of living expenses that you typically pay through withdrawals from your investment portfolio, as said by Rob Williams, Managing Director of Financial Planning, Retirement Income, and Wealth Management at Charles Schwab.

Review your risk tolerance

It's easy to say you have a high risk tolerance when the S&P 500 keeps hitting record levels. But you need to be able to endure the inevitable market volatility that comes with investing over time.

So review your holdings to make sure they still align with your risk tolerance for a path that may be clearer in the future. Meanwhile, discover what "losing" money means to you.

Bienhoff said: "There are many definitions of risk and loss." For example, if you keep money in a savings account, inflation likely outpaces the interest rate you earn. So while you preserve your capital, you lose purchasing power over time.

Rebalance your portfolio

Given the steady stock returns in recent years, now may be the right time to rebalance your portfolio if you haven't done so in a while.

Mary Adam said, for example, you might have a large proportion of stocks that generate significant and sustainable cash flows, and to help stabilize your future returns, she suggested reallocating some funds into slower-growing value stocks that pay dividends through a mutual fund.

Invest slowly

If you have a large sum, maybe you just sold your company or house, or received an inheritance or a big bonus, you might wonder what to do with it now.

Because of global uncertainty, Mary Adam recommends investing it in smaller parts periodically, for example, monthly over a certain period, rather than investing it all at once.

She said, "Spread your investments over time because this week's news will be different from next week's."

Reassess assumptions

In the months before Russia's invasion of Ukraine, the U.S. Federal Reserve was expected to raise interest rates several times this year to curb high inflation, but now perhaps not as much.

Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that "the near-term effects on the U.S. economy from the invasion of Ukraine, the ongoing war, sanctions, and upcoming events remain highly uncertain." He added: "Given the current situation, we must proceed cautiously."

Do your best and let things unfold as they may

Keep in mind that it is impossible to make perfect choices because no one has complete information.

Mary Adam said: "Gather your facts. Try to make the best decision based on those facts along with your individual goals and risk tolerance."