For years, advice for achieving financial security was simple: spend less today and save more for tomorrow.

But the ground is shifting under our financial footing, and many here in the South Hills and across the nation worry what to do in this critical economic crisis.

Bob Jazwinski, chairman of the American Institute of Certified Public Accountants' Personal Financial Specialist committee, gets asked that question a lot.

The institute is the sponsor of the 360 Degrees of Financial Literacy, a campaign aimed at teaching financial literacy to Americans at all age levels.

Mr. Jazwinski, of Hermitage-based JFS Wealth Advisors, is a certified public accountant with a master's of business administration from Youngstown State University. He is also a personal financial specialist and a certified financial planner.

In a telephone interview, he suggested a number of ways to help with your personal numbers crunch.

Young workers who face debt

First, focus on setting yourself up to have a strong income, Mr. Jazwinski advised. Make sure you get the right education, skills and training to get the job that pays enough to meet your needs.

Second, learn to budget. Ensure that the money coming in is more than the money going out, and make sure you are fully funding your retirement, whether through a 401(k) or IRA.

"If you're not spending less than you're making, it's extremely hard to get ahead," Mr. Jazwinski said.

This can be exceptionally difficult, Mr. Jazwinski acknowledged, but sooner is better when it comes to savings. Develop discipline and good habits at a young age, he advised.

Parents watching college fund vanish

"Assuming parents have a broadly diversified investment strategy and they do not need to redeem their investments for at least five years, I am quite confident that they will recover," Mr. Jazwinski said.

Put the financial markets in historical perspective, he advised.

America has been through financial declines of a similar magnitude, he said, but stock prices usually approach peak values in about two years. The typical investment cycle is seven to eight years. Investors have already lived through 1Â 1/2 years of decline, he pointed out.

"Don't lose faith in human ingenuity and that people will do the right things over time," he said. "The history of America is that we always rebound."

Cashing out now and failing to invest in the future would be "foolish," he said, and would result in a permanent loss of capital. Volatility is a risk you pay in the stock market, he reminded investors.

"I haven't seen anything that indicates that things won't play out as they have in the past," he said.

Parents with children in college soon

Don't overextend when it comes to cost, Mr. Jazwinski advised. The idea that anything goes with college expenses is outdated, he said.

Many students today are finding that their jobs out of college do not compensate them at high enough levels for them to effectively manage their college debt, he said.

Parents should be realistic about the institutions that their children apply to and should be aggressive about the financial aid that they apply for. Many public colleges offer a good value, and many private institutions will help out financially if asked, he said. Also, time spent searching for scholarships can be time well spent.

Sources like www.finaid.org and www.savingsforcollege.com can be helpful tools.

At this time, parents should teach their children to manage debt wisely. "Students need to become financially savvy and learn good habits at this age," he said.

Baby boomers retiring within 10 years

If retirement is still five to seven years away, you are likely OK, Mr. Jazwinsky said. If you were planning on retiring before then, re-evaluate your plan and consider working a few more years, he said.

He listed three main aspects to a meaningful retirement: a sense of purpose and meaning in life; good health; and a firm financial plan.

Many have unrealistic expectations about retirement, he said.

"If you're spending more than 5 percent of your investments to live on, it's likely that you will run out of money before you pass away," he cautioned.

This generation most likely will not experience a reduction in Social Security benefits, he said. Medicare is a tougher issue, he said. Baby boomers can reasonably expect a different way of receiving healthcare in future years, he said.

Retirees in early stages: ages 60 to 65, beyond

With life expectancies continuing to lengthen for those who keep themselves in good health, financial planning remains important through retirement, Mr. Jazwinski said.

A rule of thumb, he said, is to invest your age in bonds and other safe investments. So if you are 75 years old, you may still invest 25 percent to 30 percent of your portfolio in stocks. Also, be sure to have enough money set aside for three to five years of living expenses to serve as a buffer, he said.

Being invested conservatively at this stage of life is a good thing, he noted. Periodically, take a look at your assets and make sure they are still on target to outlast you.

"To run out of money makes life very difficult," he said. Some may decide to go back to work, cut back on spending or trade down to a smaller house for the long-term financial benefit.

If all of this sounds prudent, but you have still failed to follow these guidelines, have faith that, in the not-too-distant future, stock prices are more likely to go up than down. Be patient for the recovery, he advised.

A silver lining? Buy, it's on sale

If you have cash, it is a good time to buy, Mr. Jazwinski said. From clothes to cars to houses to stocks, everything is on sale.

Also, people may take this crisis as an opportunity to become more financially literate, he said.

"Thrift and savings might be emphasized as very important for a while," he said, "which is a good thing."

General advice for all ages

Be smart and prudent but also be optimistic is Mr. Jazwinski's message to anxious investors.

Educate yourself, he advised. Avail yourself of Web sites, books and courses to learn everything you can about financial security. "It's not rocket science," he said.

When you don't understand something, seek a professional adviser who, if possible, is not compensated through commissions on sales or trades.

"Right now, it's a matter of survival," he said, "but good times will return. Keep your affairs in order."

For more, including articles on financial concerns for every stage of life and opportunities for free financial literacy events, visit www.360financialliteracy.org.