Heather Little-White, PhD, Contributor

With the escalating prices in oil and shrinking of their their disposable income, many couples are facing rocky periods in their relationships. The summer heat will not make matters easier as fans, air conditioners and other cooling units would be a strain on everyday finances. Extra water will be consumed as there is the need to take additional baths and to use swimming pools.

Couples will have to tackle the issue of stretching the dollar from very early.

Talk about it realistically and set goals. Set aside some quiet time after you have had a meal. Talk honestly and openly about your wants, needs and goals. Remember, both of you are a team and you need to be in agreement with a plan.

A five-year plan, with short and long-term goals, is useful and it lends itself to continuous review. Honestly talk about your needs and plans. You cannot expect your partner to read your mind. It was Henry Winkler who said that assumptions are the termites of relationships. Talk about your spending habits and agree on whether they are really necessary. Look at what you learned from your parents' spending habits and how that influence you today.

Breakdown your family needs

Break down your family needs into two categories, variable and fixed costs. For example, car insurance or travelling costs, rent or your mortgage are pretty much the same each month, so those are fixed expenses. Variable expenses include food, clothing, maintenance and vacations, and these change from month to month. With back-to-school expenses approaching, you will have to cut and carve this summer. You can try to figure out what you spent over the course of the last few months and average it out. Add a little extra for family entertainment.

Create a money system

1. Create a system for small expenses, like a petty cash expense. Agree to an amount, say $1,000. If one of you need to make a purchase, give the other person a call to make sure you both agree to the expenditure.

2. Multiple bank accounts will help you stay focused on spending. Keep one bank account where your pay cheques go and fixed expenses get paid out of. Keep another account just for variable and petty cash expenses.

3. Transfer amounts to your debit cards to use for budget items like groceries, entertainment and dining out, decide what you should spend for a week. Then, set your bank account to automatically transfer that amount into your 'variable and petty' account once a week, and use the debit cards attached to it for making those purchases. As time passes, you will be able to tell when you are getting close to your limit.

Watch your use of credit

Try to renegotiate outstanding balances on your credit card and be bold enough to ask credit card companies to reduce your balances. Pay your credit card balance down by always paying more than the minimum payment and refuse to start charging more items. Experts call this 'reloading'. Do not close out all of your cards right away. You do not know when you will need one. If you don't trust yourself, consider taking your cards and putting them all in a safe, tucked away out of sight.

Saving is a must!

Put a little money away each month for savings. Plan to save a certain amount towards a goal. Add extra money you may get, such as tips and extra income. Apart from the run-of-the-mill savings account, find other options such as money market funds, which will earn you more interest. Make it difficult to get to, so that you avoid the temptation of spending it.

Do not neglect your sex life

Part of your budgeting for sexual excitement should include creative, low-budget activities to create intimacy. You can make your own aromatic oils and mood enhancers at home.

Take care of your future

Financial planners and wealth creators can offer you advice about an investment plan. Keep in mind that you can make changes when you need to. Some financial planners charge a flat fee, others do it for free so that you will invest in their products, for which they get a commission.

Save with the children

Encourage children to save with you. They have their own needs and giving them monetary gifts is good practice for birthdays and excellence in school. Women are credited with helping to steer children into saving.

"There are several ways to get ahead. The first is so basic I'm almost embarrassed to say it: spend less than you earn."

- Paul Clitheroe, Money - Rich - Self-Control.