Diverting Financial Disaster: Advice on successful savings strategies.

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By Mia Bolaris-Forget

Marriage is a not only a joining of two hearts and lives but a joining of two bank accounts, and of course financial assets and investments. According to experts many couples frequently fall into a financial pitfall of unrealistic expectations. And, they note, that many frequently find themselves unprepared for “a rainy day” or a “financial emergency”. Experts emphasize the importance of considering the following:

1. The ability to survive (and save) on one income: Through marriage, the two of you may have become one…but how well can you exist on one income or salary? And for how long would one salary sustain you? Financial professionals advise couples to examine their monetary situation and determine if the stay-at-home spouse would be able to take a job if the situation called for it. If working is not a viable option, both of you need to discuss and develop a feasible and acceptable alternative plan in case of necessity and/or emergency.

2. Squeeze Play: Cutting back when times are good, especially if you feel finances are already “overwhelming” is always a good idea. This ensures you’ll feel less pressured and experience less anxiety if you were ever confronted with a crisis or severe situation. Putting money aside may mean examining your fixed expenses and making some worthwhile abatements. Consider modifying your home and/or cell phone plan, lowering the heat or air-conditioning, cutting back on cable, revoking your gym membership, etc.

3. In case of emergency…plan ahead: Think about the future and be prepared for emergencies. Consider financial alternatives in case you lose your job, or the ability to do it. Experts say you don’t have to anticipate the worst to be prepared for it, and they strongly suggest setting aside some cash just in case.

Long Island Investment Tips Articles > Diverting Financial Disaster: Advice on successful savings strategies.