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As the current economy weakens, people hold on to every dime that is kept in their wallet. They are now more conscious with their expenditures and efforts are made to trim down the lavish lifestyle they once used to have.

It was easy to cave in to their desires before. If a newlywed couple wants a nice house in a lovely neighborhood, the solution is a housing loan. If a sales executive is promoted and wishes to live up with his new status quo, he walks to the bank and applies for new car loan.

Now, this instant-desire-gratification lifestyle becomes remnants of the past, a new chapter added in a gloomy history. Banks tighten their loan grants and more people worry about losing their jobs or meeting both ends of their living while recession escalates. So it is about time to adapt a new lifestyle, living frugally and living within your means. Though easier said than done, this foray to a new sensible and realistic approach to life is a great challenge to overcome.

Recognizing now the need to live within your budget means you are already one step to overcoming the challenge of living a frugal life. But what if your partner doesn't share the same financial outlook as you do? What if he still insists to continue living a lavish lifestyle like you have an eternal spring of financial means? How can you persuade your partner to join your pursuit to spend your finances sensibly and frugally?

Open Communication. To be successful in your financial goal as a couple, it is important to have an open communication regarding your finances. Spend time to discuss it openly. Know each other's current debts and spending habits, and consider any future financial needs.

Set your goals as a couple. Do you plan to buy a home? Is there a need to replace your old car soon? Are you expecting another baby? Do you need to start saving now for your kids college funds?

Defining the goals with your partner is a good motivation. This will give a clear idea of the plans and goals that both of you want to achieve. It is about bringing your priorities into focus.

Act soon. Don't delay your plans to bring up any financial concerns and goals to your partner. There is a great chance that your partner will incur additional debt if you further delay your action.

Decide. You and your partner should decide on the things that have greater impact on your lives. Know what can be sacrificed for something more important. Can you give up your weekly date in a fancy restaurant so you can add it to the emergency saving funds?

Remember that it is a life long journey. Persuading your partner to adapt a frugal lifestyle and living a new debt-free life are not the gauges of success. You can claim your success once you and your family have assimilated already for years or decades the concept of living frugally and within your means.

Instilling the values of frugality to your partner can be a real challenge in the first few months however it is not impossible to achieve.