For young couples starting out, money can be tight. Most likely, you’re starting a new career or a family; paying back college loans; or simply suffering though a slow job market in a sluggish economy. Utility bills, credit card debt, car payments, rent and other expenses can add stress to your relationship and your budget. If only one partner works outside the home, the budget can be further strained.

When you’re young, it’s tempting to live for the moment. Taking care of work, kids and busy schedules can blot out any well-intentioned thoughts of careful financial planning. But if you neglect basic financial planning principles during these early years, you could find yourself paying for it later in terms of subpar credit, debt, a lack of college funding for your kids or inadequate retirement income.

Following are five simple tips that can help young couples manage basic financial planning needs.

Think Like a Couple

When you were single, you only had to worry about your own financial health. If you spent too much, you could simply decide to spend less. Now that you’re living as a couple, you will share income, debt, expenses and, for better or worse, spending and saving habits.

To encourage a successful financial future, agree to work toward financial stability together. Make a habit of calmly discussing your finances. Create a realistic but strict budget you can both live with, and then stick to it. This will help avoid future financial crises and prevent unnecessary stress and worry about money.

Get Out of Debt – and Stay Out

When you became a couple, you not only combined your incomes, but you also combined your debts. Being constantly in debt drains your monthly income, creates stress and puts you in an unstable financial situation. If one person loses an income and you can’t make the credit card payments, your credit rating will decline and you will pay higher interest rates on future loans – and even possibly fail to qualify for car or home loans.

Make it a priority, as a couple, to get out of debt as soon as possible. Develop a strategy to pay off your debts that have the highest interest rates or that don’t qualify as a tax deductible expense first.

Start Saving for Retirement Now

Even while eliminating debt, do not neglect saving for retirement. When you’re in your 20s, retirement seems far away, but the earlier you start saving, the better. Because you’re young, you can be more aggressive with your investments, take more risks in an effort to reap higher returns. Even modest investments can grow exponentially over the decades leading to retirement, meaning that you can sacrifice less each month and end up saving more for your retirement. Compound interest and the historically upward trend of the financial markets are vehicles you can climb aboard early and ride to retirement success.

Start a College Fund for Your Kids

If you have children, now is the time to start putting away money for their college education. College tuition is on the rise, and there is no reason to expect that trend to reverse. A 529 college savings plan is a great way to save. Contributions are tax deductible in some states, but not on your federal tax return. However, investment earnings in a 529 college savings plan are tax exempt when used for qualifying college expenses. States also offer prepaid plans that let you lock-in college tuition at today’s prices. Either way you go, the key is to start early to maximize your savings. Talk to a financial planning professional about options in your state and start saving now.

The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that a college-funding goal will be met. In order to be federally tax-free, earnings must be used to pay for qualified higher education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10-percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.

Plan for Your New Home

You will need to start saving for a new home if that is one of your goals. Buying a new home can be a good investment and can provide a solid anchor for your family and financial life. Down payments are usually a substantial sum, so it is essential that you start saving early.

Make sure you pay your bills and credit card payments faithfully and on time each month to boost your credit rating, which will lower your interest rate and monthly payment and make it easier to qualify for a home loan.

Finally, buy a home within your means. Just because you can make the monthly mortgage payment under ideal circumstances doesn’t mean it’s a smart financial decision. Buy a home you can comfortably afford now, and move up to a larger, more expensive home later when you’re in a better position.

A Smart Strategy

Laying a solid financial foundation when you’re young is a smart strategy. It’s easier to maintain your financial situation than it is to fix it after it’s broken. If you’re a young couple, start now to gain control of your debt, create a budget and save for retirement, education expenses and your first home.

Owning a business is a dream that can become a nightmare without adequate planning. But if you follow some simple steps, a business can be a satisfying and lucrative venture. The following are seven steps you can take to ensure that your business idea has a chance to succeed.

Evaluate Your Personality

Not everyone is meant to be an entrepreneur. Are you driven to be in business despite the inherent risks? Or do you prefer regular hours and the certainty of a steady paycheck? If the latter describes you, owning your own business might not be your cup of tea. Are you willing to work hard? Do you thrive on risk? Are you self disciplined? Think carefully about what it takes to be an entrepreneur and understand the risks; only you can choose the right course for you.

On the other hand, an uncertain job market can create new entrepreneurs out of necessity. If you can’t find the right job, making your own job is an option.

Get Professional Advice

The Small Business Administration and an organization called SCORE (Service Corps of Retired Executives) are among the organizations that offer free resources for entrepreneurs. Make full use of the resources available to ensure you get the best possible advice about starting your business.

Find a Good Idea

Every business idea requires thought and research, even those that strike you with a sudden burst of inspiration. No matter how excited you are about your idea, it must meet a demand or solve a problem in the marketplace. As you’re brainstorming for ideas, ask yourself:

• Does my product or service solve a problem or fill a need?
• Does it improve upon an existing product or service?
• If my product or service is similar to one already being offered, can I do a better job of selling it than my competition?

Whether your idea springs naturally from a hobby or requires intense brainstorming and research, find something that interests you, that you are passionate about and that you can sell.

Do Your Market Research

Once you have identified an idea, get some feedback from potential customers to make sure it’s viable. Search online for similar or identical businesses. Can you compete with others on price? Is there room for your idea in the marketplace?

Present your product or service to potential prospects to see how many would buy it and at what price. However you choose to test your idea, this step could save you time, money and disappointment. Market testing will not only reveal your idea’s potential, but it will also help you learn about your customers. Knowing your buyers makes it easier to target your marketing efforts.

Write a Business Plan

A written business plan makes it easier to take your new business from concept to reality. And if you need funding from lenders or investors, a business plan is essential. Even if you don’t need financing, writing a business plan will force you to do your research and help you establish the details of your new business, including sales and marketing goals, expenses, business structure, target markets, sales channels, anticipated profits, competitive analysis and much more. If you need help, the Small Business Administration offers free business plan writing resources.

Find Your Financing

Depending on the type of business you choose, you may or may not require outside financing, but you should expect to invest some capital to get started. Online businesses will probably require a smaller investment than a brick-and-mortar store, which requires a building, utilities and other overhead expenses. You might need to buy inventory, pay for website development or hire employees.

Besides the standard funding sources, such as small business loans, your sources of capital can come from “bootstrapping” (personal savings, income from a job, credit cards, etc.), loans from friends, venture capital or even online “crowdfunding,” which allows you to solicit very small investments from many sources, minimizing risk for any single investor and saving you the hassle of loan applications.

Get Started

There are many other elements to consider, such as business tax structure, location, business name, licenses, permits and others, and a good business plan will cover all of these details.

Starting a business can be a long, complex process, but if you lay the proper groundwork, you can save yourself time and money and ensure yourself the best possible chance of success.

This is a good year for buying a home, as prices are beginning to rise, interest rates are still low, and homeowner tax breaks are still available. To help get the best value from your purchase, consider these five ways to help you prepare to buy a home in today’s market.

1. Check Your Credit
   Building and maintaining a strong credit record is one of the most crucial steps you can take to create wealth. One of the perks of having a good credit track record is that lenders reward you with lower interest rates. For a lender, credit risk is an assessment of the likelihood that a debtor will pay back the money that is loaned to him or her. The best way a lender can make this assessment is to look at a consumer’s past history via his or her credit report. Credit risk is assessed by:
   • How much credit you have applied for and currently hold
   • Your track record for repayment and if you’ve made payments on time
   • How much you owe in outstanding balances
   • How much you owe relative to how much income you earn
   • What types of credit you hold (all credit cards versus a mix of mortgage and auto loans)
   • And possibly most important of all, how long you’ve been using credit

   A FICO score is a numerical assessment of all of these factors and ranges from 300 to 850. The higher your score, the lower the assessed risk that you will default on a creditor’s loan. Given today’s more strict lending standards, the first thing you want to do is check your credit score three to six months before you start shopping for a home. If there are any red flags, it might take that long for you to correct them.

2. Get Prequalified or Preapproved
   You should apply for prequalification or even preapproval for a loan as part of your preparation process. A lender will issue you a prequalification letter once you’ve completed a preliminary application to show that you are qualified to receive a mortgage based on the information provided, as well as your credit report. A preapproval letter demonstrates that the lender verified the qualifying criteria and has already approved you for a mortgage. Many areas of the country have transitioned into a seller’s market. When there are competing offers for a home, a prequalifying or preapproval letter can give you an edge.
3. Set a Budget
   A lender will approve you for a mortgage loan up to a certain amount. But just because you qualify to borrow that much money, doesn’t mean that you should. Create a budget of your projected expenses in a new home, ensuring that you include a line item for ongoing homeowner maintenance and repairs. Establish for yourself the monthly mortgage payment you would be comfortable paying, and determine the actual range of home prices you should shop for based on your budget. Remember, too, that it’s a good idea to put at least 20 percent down on a home in order to avoid having to pay private mortgage insurance.
4. Prioritize What You Want
   It’s easy to be seduced by cool features different homes offer that you never even considered. Take time beforehand to list the features that are most important to you – your “must haves.” For example, don’t gloss over the fact that a house has only one bath just because it has an impressive outdoor kitchen. You’ll regret this decision at your first barbecue when there’s a line forming outside the restroom door.
5. Get an Inspection
   Once you make an offer, be sure to get an inspection. You don’t want to move into your dream home only to find that it is a money pit of rot, mold, leaks and infestation. Problems such as older or damaged electrical wiring, roofs, heating and cooling systems can be expensive to repair.

Buying a new home is both rewarding and a long-term responsibility. Make sure you’re well prepared before you start shopping in order to make the most of your investment.

The first step toward beating credit card debt is to keep it from happening in the first place. But if you are already overwhelmed with monthly credit card payments, there are some simple steps you can take that will start to make a dent in your debt and get you back on a path toward personal fiscal responsibility.

1. Scrutinize your statements. Paying off your debt won’t happen unless you get control of your credit card spending. Take a careful look at your credit card statements each month and make sure every charge is necessary. If you’re seriously in debt, stop buying things on credit – right now. And when you get your debt paid off, make sure not to fall back into the same bad habit of charging for things you simply want instead of things you need, especially if you can’t pay off the full balance each month.
2. Pay more than required. If you owe $5,000 in credit card debt and you pay only the minimum amount due each month, say $15 (or 2 percent of the balance, whichever is larger), it will take you more than eight years to pay it off. And, you’ll pay thousands of dollars in interest, depending on the interest rate. Simply doubling the amount you pay each month will pay off the debt in about two and a half years, and you will save a couple thousand dollars or more in interest.
3. Ask for a lower interest rate. The higher your credit card interest rate, the longer it will take you to pay off your debt if you’re making monthly payments. Call the credit card issuer’s customer service department and explain your situation. Lenders want you to continue paying down your debt rather than lose you as a customer; or worse, see you default on the balance. You might be surprised at how cooperative they will be if you negotiate in good faith and you’ve been paying at least the minimum amount due each month.
4. Pay the balance in full. Granted, if you could pay off the entire balance, you probably wouldn’t be in such serious debt. However, if you really look closely at your budget, you might be able to pay off the debt in a few large lump sum payments instead of dragging it out.
5. Be wary of balance transfers. As a promotion, many credit card lenders will offer to let you transfer your high-interest credit card balances to their card at a low or zero interest rate for a specific period of time. Be careful; read the terms and conditions. Many companies will charge a percentage (typically 3 percent) of the total transfer as a one-time fee when you transfer.
6. Pay off the highest interest-rate cards first. This is just basic math. The quicker you pay off your higher interest rate balances, the less it will cost you in the long run. Once you pay off one card, apply the monthly amount you were paying to increase the payments on your other card(s).
7. Talk to a credit counselor. If you think you can’t manage your debt alone, then it’s time to get some advice. As a first step, consider contacting the nonprofit Association of Independent Consumer Credit Counseling Agencies for assistance. Through this organization, you can get connected to experts who will help you negotiate with credit card companies, set up a payment plan and other debt-dissolving solutions.

And Stay Out…

These simple debt-reduction steps can make credit card debt disappear if you are determined and persistent. Once your debt is paid off, be sure to use your credit cards responsibly and wisely to make sure you keep them under control in the future.