Saving for retirements a married couple is not an easy task. Add to that saving for college, while also paying for a mortgage, and you have a recipe for disaster if you don’t have a well thought out financial plan. Often, many couples decide to have one partner stay at home once they have children. This means that the couple will have to handle saving for all life goals on a single income. To effectively prepare for retirement, you’ll have to be very strategic and extra careful with your budget in order to increase your savings.
Run Your Household As a Successful BusinessThe first way to get a hold on your finances in preparation for retirement is to trim your expenses. Write down all the items you buy on a regular basis and analyze this list with your partner. Be completely honest about your spending habits and thoroughly look at everything. Set emotions aside and look at your household as a business. You and your partner are the CEOs, and to effectively run this business you will have to turn a profit. So,limit your expenses and eliminate items you do not need. You know that you’ll save in lunches and gas because the partner not working outside the home will need to spend less on these items, but look at items you can eliminate or minimize.... Continue to read.