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My husband feels he has to bargain for every financial transaction and it’s becoming a little embarrassing. I understand that this can save you thousands of dollars when negotiating a mortgage or the like, but every time we are in a shop he asks for a cash discount. He even did it in Prada once! I was mortified. How do I ask him to stop?

answer:
Before you included the Prada example, I was going to query whether you should ask him to cease this practice at all. I reckon he’s probably saved you guys a considerable amount of money over the years without having to miss out on the things you love. Not such a bad thing. After all, he is entitled to ask for cash discounts as the stores incur less overheads in processing the transaction, so why should their mark-up increase? As far as Prada goes, I suggest compiling a mental list of the stores you don’t want him bartering in. Before entering, ask if he wouldn’t mind not wheeling and dealing this time around. Seeing it on a purely business level, he won’t understand why you feel this way but will probably respect your wishes nonetheless. That said, with him in full flight you would probably have been able to score more than what you originally believed your budget might cover.

Planning for the future also means ensuring that, in the event that anything happens to you or your loved one, access to bank accounts and other assets are available.

Having two signatures on your savings account can save you a great deal of time and stress in case you or your spouse becomes ill or dies.

Here are two scenarios that solidify how important it is to have more than one signature on any bank account in general and a savings account in particular.

Let’s assume your spouse has a savings account in his name. He makes all of the deposits and withdrawals to said account. One day, he becomes ill and is unable to access the account. You cannot make any withdrawals from that account. Why? It is solely under his name.

Let’s again assume that you are caring for your aging parents. If they die, all of the assets become part of their estate. Thus, you will not be able to access any bank accounts to pay for the funeral expenses. This is especially true if there is no will.

Here are some immediate steps you can take:

1. Ensure that both parents’ names are on all bank accounts.
2. Have a document drawn up that gives you durable power of attorney for your parents.
3. Add your name to any of the bank accounts your parents may have.
4. Initiate a healthcare proxy for your parents in case they become incapacitated.

These are safety measures that will ensure their assets are protected in case they become ill or die.

One other point should be made. Oftentimes children of aging parents cannot afford to take care of them and may put them in nursing homes. If your parents have bank accounts, the nursing home will take that money as payment for providing shelter and healthcare services to your parents.

In fact, experts suggest that once parents are in a nursing home, there is no way to protect their existing assets. Thus, all of their income would be used to pay for the nursing home facility before Medicaid takes over.

It all begins with protecting the savings account and other money market accounts in your name or your parents’ name now. Sometimes we put off financial concerns because the subject is too difficult to discuss.

Secure your savings account by discussing this with your children, a lawyer, or your accountant so that you will not have to face the alternatives at a time when you will be most vulnerable.