Recent history has spurred many of us to take a closer look at our finances—a smart thing to do in any economy. Maybe it’s been a while since you took your financial temperature, or maybe this is the first time you’ve considered it. Either way, the time is right for you—and your spouse or significant other—to make sure you are financially healthy and creating opportunities to save more money.
- Talk about your Sooner rather than later, talk about your money with your significant other. Learn where each of you stands financially; know your assets and debts; and develop individual and mutual goals.
- Have an emergency savings account. The rule of thumb is to have 3 – 6 months of living expenses saved up. But some experts suggest 6 – 12 months is best for same-sex couples, due to the unique employment and institutional issues they may face.
- Track your expenses. Track your spending for one month by writing it down. Break it down into two categories: Essential, like mortgage/rent, food, utilities, and non-essential, such as movies and dinners out. Analyze your spending to see where you can cutback.
- Invest: Consider taking advantage of your employer-sponsored retirement plan, and contribute the minimum required to get the maximum employer match, if offered.
Remember, you are ultimately in control of your financial health. Let us help you build a long- term plan stay out of debt and prepare for your future.