The global economy today tells a gloomy story of shrinking profits and rising deficits. Loosing in the economic game of blackjack can be unlucky, but not devastating if you play your cards right.

Over the next few weeks, we’ll offer some basic rules to help you start handling your personal finances, depending upon where you find yourself in life and where you may be tomorrow. This week, we take a look at New Nesters.

Who You Are: The young couple who have been in a relationship or are recently engaged or married; the sparkly-eyed 20-somethings. You are learning the ropes of looking out for not only yourself but your partner as well. You see yourselves together from here on out.

Simple Cut Back: When on your nights out, split a restaurant entrée and resist ordering drinks. According to 77Square.com, a bottle of wine that retails for around $12 means that ordering one glass of the wine is a markup of approximately 250%. For that amount, simply eliminate wine from your meal and buy a bottle on your way home. Also try making dinner at home for each other, getting creative with what’s left in the fridge and pantry. Light candles. Put on music. It certainly beats being irritated by a noisy table at a restaurant!

Money Maker: When you move in together, sell unnecessary extras. Discuss with each other what you can sell, and tread lightly on each others’ feelings here. But make a point that his dusty weight bench or her unworn Manolo’s could go for hundreds on Craigslist.com or Gumtree.com, and that that money could translate into a deposit on your first apartment together. Or a romantic weekend away together.

Planning: Plan out the basics here, such as creating a savings account together. Start establishing credit, and look into what credit cards would be appropriate for you. Do not get ahead of yourself though, and fall into the debt trap that so many young couples face. For some sound advice, pick up economic counsellor expert Suze Orman’s The Money Book for the Young, Fabulous, and Broke. Having ultimate delayed gratification is key, where not purchasing that little black dress today and saving that money means a week of retirement tomorrow. Of course, that doesn’t mean you should take this concept and run with it. Rather, learn to balance the sacrifices with the perks to ensure you still live a fulfilled life.

Image courtesy of Karpov the Wrecked Train