As a follow up to yesterday’s story about love and money, here are some tips for couples to think about when managing money together, and some common mistakes to watch out for, from Irvin Schorsch III, founder and president of Pennsylvania Capital Management, which has about $620 million under management.

Tips:

Create a Common Vision: Couples cannot plan for the future if they can’t decide on what their future will hold. Will both spouses work? How many children does a couple anticipate on having? Does either spouse wish to go back to school for an advanced degree? What do they envision retirement to look like? The sooner those questions are answered, the better off the couple will be.

Delegate: Once a financial “game plan” is put into place, it’s important to to determine which spouse will handle the variety of financial responsibilities within a household. Tasks/projects should be given to the spouse who is best suited to them, so that each spouse feels they’re contributing effectively.

Maximize All Contributions: Does one spouse receive a handsome employer match to any 401(k) contributions? If so, it’s important to maximize that contribution, even if it means living on one spouse’s income for a period of time. The sacrifice will be well worth it, especially if it helps build a large nest egg earlier in life.

It’s happened to all of us. As parents, we have the best of intentions to sit down and methodically plot a financial path, but then the phone rings. Afterschool activities beckon. It’s dinnertime and the kids are hungry. The boss calls. Life somehow gets in the way.

“I’m sure people, as their kids are growing up, realize that they really need to think more about saving for college, but then life gets in the way and they’re busy running their kids to all of their different activities,” said Chuck Drawbaugh, president of College Funding Associates in Rumson, New Jersey.

Parents need to make the time to sit down and review their finances. It’s not just about saving for college. It’s about getting back to basics and having a conversation about the choices that need to be made in order to achieve all of life’s financial goals.

Retirement or “The College Fund."

Are you faced with that choice? For many parents, figuring out the right balance between those two financial goals has always been tricky, but it’s become particularly challenging in today’s economy. Most families have tightened their household budgets; for those where a breadwinner has lost a job or had their income cut, saving for college has become a difficult, if not impossible, goal that takes a back seat to more immediate priorities.