The Illinois CPA Society has provided advice on how to stay out of debt during challenging economic times.
It has issued its 10 Strokes to Stay Afloat to help Americans navigate through the turbulent economic waters. They include common sense advice such as the need to tread carefully with spending and creating a budget to ensure that it does not exceed disposable income.
The Society also stresses the importance of taking care of big savings projects such as retirement or college.
Even those who sustained serious losses due to the stock market collapse may recover by making well-considered decisions or consulting a trusted financial advisor to devise a strategy based on how close the individual is to retirement.
Meanwhile, parents of college-bound children should not worry if they have not saved enough to cover the expenses, the Society says.
There is a plethora of tuition assistance options, starting from the Free Application for Federal Student Aid form that should be submitted on time to open doors to government funding.
Moreover, it is wise to explore local or national private grants and scholarships which can save families thousands of dollars in educational expenses.
The Illinois CPA Society also reminds readers that with record low mortgage rates, large inventories of unsold homes and an $8,000 new homebuyer’s credit for 2009 now is a great time to buy or refinance a house.