(WBBM NEWSRADIO) -- Are you a 'saver' married to a 'spender'? If so, there are a few things you can do to avoid falling into a financial hole.
For many couples, overspending is something that's often overlooked.
Chris Everett, Fiduciary Financial Planner & President of Everett Wealth Solutions, joined the WBBM Noon Business Hour to offer some advice on how to reduce that debt and regain financial footing.
She shared the story of two of her clients in their 60's who were spending too much on vacations, clothing and new cars and "living beyond their means."
"The problem that's going to interrupt their successful retirement is the massive amount of lifestyle debt that they have at 20-30% interest," Everett explained.
"I told them to redirect and simultaneously pay down debt and create savings. If they don't do both simultaneously, they'll never get out of this debt spiral."
Everett also warned that even small purchases such as grabbing a coffee everyday before work can add up.
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