Q: Is it better for one of us to be “CFO” when it comes to looking after household finances?
Yes, it’s a smart move to designate one of you as chief financial officer of household finances. In most cases, one spouse tends to be better at tracking expenses and paying bills on time.

Q: To start paying off our substantial debt, should we borrow money from the bank or from mom and dad?
If your parents have deep pockets and are willing to help you out, go for it! Bor-rowing from the bank to pay off debts costs money and can take years to pay off. That said, no debt is the best debt and a bank loan is much less costly than paying high credit card interest rates for years. To prevent a repeat of expensive debt habits, give yourselves a reality check to see what your spending habits are really costing you. Take a look at your recent bank and credit card statements and highlight all of the items that weren’t necessary household expenses. Then add up the total of the “Want It (But Don’t Really Need It)” items and be prepared for a rude surprise. If you don’t control your money-burning habits, you’ll be heading back to ma and pa again before you know it. And next time, they might not be so generous!

Q: I want to live—meaning spend—for the present, and my partner wants to live—meaning save—for the future. Is our relationship doomed?
If it’s any consolation, con-flicting money values is very common in relationships.
But there is nothing attractive about not having enough to enjoy the future. You need to talk things over and find a compromise. Set aside time every month to sit and chat about your financial dreams and goals—and realistic ways to get you there. The power of two is a lot stronger than taking diverging money paths.

Q: My wife plans to stay at home with our baby for a couple of years. How can we budget accordingly?
First, spread the good news! Make a list of items that you need for the baby and share it with your family and friends. People will appreciate knowing what you need and helping you out. As for budgeting, create a separate “home” account right away for unexpected expenses that may arise that will impact you more now that you’re down to one salary. Even $50 to $100 a month will go a long way to covering the surprises (e.g., car and furnace breakdowns) that you didn’t count on—and the ones you did, like all those diapers!

Email Diana with your money questions at advice@2magazine.com