“Is there an NT equivalent for sackcloth and ashes? If so, how should we practice it?”
The expression “sackcloth and ashes” occurs in only three Old Testament passages in precisely that form. In another two places both words appear in the same context separately. Both words are common in the OT, and both were well-known signs of public mourning. The mourner would wear the sackcloth and sit (or sometimes roll) in the ashes, and/or sprinkle them on his head.
Fun? Not really. But in ancient times, if you were in distress and wanted your neighbors to know it, that’s the way you told them. Sackcloth and ashes.
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