Tips for Couples' Finances

1. Reduce consumer debt by steadily paying down small or high interest debt first. Shoot for using your credit card only as a convenience and pay off monthly.

2. Talk about your finances in an age appropriate way with your children. Money is part of the ordinary business of family life and should not be secret or invisible. Let children listen as you process information and make a decision. Show them that both partners in the family can negotiate and compromise.

3. Give children some money to practice with in the form of an allowance. For younger kids: A certain amount for agreed upon expenditures for a week at a time with no rescue until the allowance day comes again.

4. As you go through your checkbook and credit card bills for tax season, group your expenditures by type. Evaluate the habits you document. Make sure that any habit that survives into 2009 is one that you intend, not just one you are used to.

5. Create a set amount for out-of-pocket lifestyle expenses like eating out or movies. Fund the amount with cash in an envelope and use only that envelope for that expense. Review and renew the funding each payday.

6. For taxes: Many statements and reports come in during January. Grab a large envelope and put all tax-related documents in as they come. You will be more easily ready for tax preparation.

7. When there is a great disparity in the income of partners, tension can mount. Redefine money earned by either partner as family resources. All contributions to the wellbeing of the family, monetary or not, are valuable.

8. Reinforce community ties by inviting friends over for a potluck, a night of board games or movie watching. Many of the most valuable assets in life cannot be devalued or repossessed. Don't neglect to feed and water friendships regularly.

9. Make 2009 a year of volunteering. The most immediate way to feel better about your own financial situation is to volunteer for a food pantry or other cause.

10. Expand your children's sense of good fortune by offering them opportunities to make a difference for others. Our sense of inner security comes from being valued and loved, not from the value of a portfolio.

11. Make your car last longer by taking care of it preventively. The cheapest miles a car can give you are the paid for miles. Use the months and years after you pay off your car loan to save ahead for the next car.

12. Check the deductible on your car and homeowners' insurance. Increase as much as practical and notice an immediate saving on the premium.

13. Plan meals and shop from a list. Pack an attractive lunch from home. Let eating out be a rare special event for recreation or celebration, not just a way to catch a bite at noon.

14. Check connection costs every few months and see if bundling services could save you significantly.