Money Mermaid Shares Advice on the Importance of Long-Term Financial Planning

Money Mermaid offers its advice on the importance of long-term financial planning to avoid running into problems later in life.

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Los Angeles, CA (PRWEB) May 05, 2013

Planning the financial future for you and your family can be the most effective way to live your golden years in comfort. To reach that goal, Money Mermaid discusses the two types of savings to keep: short-term and long-term.

When planning for the future, the first step should be to identify events that are likely to happen in the near future and that will affect household finances, including increased income or added expenses. “For instance, you could say: ‘the Expenses could increase if you wish to company I worked with recently is expanding which could mean more income for me if they take me on permanently,’” said the editor of Money Mermaid. “ help your mom with assisted care, or have children reaching college age.”


Money Mermaid discussed the importance of saving for college in a recent blog. They advised that if a child’s college fund is not established it could force them into debt at an early age. According to, a college student in 2011 had an average of $26,600 in student loan debts, and Debt shows that the average American family already carries $58,500 of debt. These factors may lead to parents having to help with college fees so that their children can start adult life on a sound financial footing. With a lack of future planning and long-term savings, this could cause severe hardship as many parents are reaching retirement when their children reach college age, bringing about an increase in expenses when income is decreasing.

Short Term:

The long-term savings account should never come at the expense of short-term savings which provide for unexpected events. For instance, the Camarillo fires have forced residents to evacuate their homes. This adds expenses for hotels and decreases income due to missed work. These types of calamities are the perfect example of the reasons behind short-term, emergency funds. Money Mermaid suggests contributing about half of what is contributed to short-term savings to long-term savings. So, if $200 is put away each month into short-term savings, maybe an additional $100 can go into the long-term account.

While double-dipping on savings may necessitate sacrificing a few luxuries, it is preferable to a future with more money going out than coming in.

Money Mermaid gives advice on avoiding financial hardship in the future by planning and saving for future expenses today.

About Money Mermaid:
Providing expert advice, identifying resources, and looking out for possible pitfalls, Money Mermaid is a valuable source for budgeting.


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