5. Nip surprises in the bud
The Millers recently opened their cell-phone bill to find that Kate had racked up $150 in text-messaging charges. Sound familiar? Teenagers can find endless creative ways to spend money, so take advantage of products that can help rein them in. Call your cable service and request a block on videos on demand, for example, or give Junior a gift card instead of a credit card to take to the mall.

But be realistic; no kid is going to give up text messaging altogether, so you're better off going with a cell-phone plan that lets him do it free of charge. The Millers, for their part, have started to cut back, asking the kids to pay for half of the items, such as video games, and refusing their request for computers in their rooms.

"One day I hope Mike will do his Quicken work and say, 'Oh, my God, we didn't go over this month,' " says Kerri. "When that happens, he'll be doing backflips."

Three Fast Fixes to a Better Spending Plan

Kerri and Mike Miller are in a downward spending spiral, says Manhattan Beach, Calif., planner Eileen Freiburger, who has this advice for getting the couple back on track.

• Refi the HELOC

The Millers' home-equity line currently has a 7.5 percent interest rate. If they shop around, they should be able to knock down that rate by a half to three-quarters of a percentage point. And they should get a HELOC without a credit card, which makes it all too easy for them to tap it for nonessential purchases.

• Let Kate choose her splurges

If Kerri and Mike want to teach their 12-year-old daughter about the value of money, they should give her more responsibility over purchases. They might consider putting her in charge of her entire clothing budget, in which case she'll have to make the name-brand buying decisions herself.

• Set saving priorities

The Millers must cut back spending and put several hundred dollars a month toward an emergency fund. Once they've got three to six months of living expenses saved, they should direct that money first toward Roth IRAs, then college savings.

For more money and finance tips visit “Money” magazine's Web site.

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