FORTUNE — Dear Annie: I hope you can settle an argument. My parents are saying that with my college major (English), it will probably be hard for me to find a job when I graduate next spring. They want me to go straight to grad school and get a master’s degree, which they say will make me more “marketable.” (They are willing to foot the bill, which I do appreciate.)

But I am really reluctant to start applying because, to be honest, I’m kind of tired of being a student and I’m ready for some kind of real-world experience. I’d really like to join the Peace Corps, which my parents say is “not practical.” Do you have any advice? –Bickering in Boston

I suppose a lot of college students consider this question.  I gave it some thought myself when I was about to graduate college and decided to go to graduate school.  I suppose my reasoning was arguably flawed as I chose graduate school because I really didn’t know what area of business management I wanted to pursue.  I had a lot of different ideas.  Fortunately, I came to that decision while getting my graduate degree in business.

Here are some thoughts to consider when trying to make the decision:

Go to graduate school?

•  The job market is tough these days, so it may make sense to get a graduate degree to help with marketability.

There’s no doubt that the job market for new grads is tough, and likely to stay that way for a while. Just about one-quarter of the Class of 2010 had jobs lined up by graduation day, according to the National Association of Colleges and Employers. True, it’s an improvement over last spring, when only 19.7% had been hired by graduation, but that isn’t saying much. No wonder that 28% of new grads go straight into master’s programs, NACE reports, up from about 23% before the recession.

• A graduate degree provides you the opportunity to learn more about your field of interest.
• If you don’t know what you want to do a graduate degree will allow you more time to decide.  Although, this could arguably be a waste of money and not worth the risk if you come out on the other side still struggling to make a career decision.
• It’s tougher to go back to school after you’ve been working for a while.  I know a lot of people with busy careers and family with dreams of one day going back to graduate school.

Get a job?

• One of the benefits of graduate school is applying your learning to real-life situations.  If you don’t have any work experience your graduate degree can sort of become another undergraduate degree.  I must say I experienced this when surrounded by many people already in the work force while studying in graduate school.  They seemed to use their schooling to improve their skills on the job.
• If you take a job you can begin earning sooner and saving towards financial goals.  You can also start paying off student loans sooner.
• Going to graduate school should not be the default answer if you don’t know what you want to do.  Again, looking at my situation it was risky.  While I did mention above that it could allow for more time to make the decision; I would think some work experience would be a better option to help solidify your next move.
• If you start working you may find your company will help pay for a graduate degree as you advance or have more tenure.  This can certainly help the financial situation.

The parents agreed to pay the bill for graduate school in the reader story from CNNMoney.com.  Amongst the above list, considering the cost of graduate school is very important.  If you’re going to go into debt for graduate school I would think it’s wiser to get a job and save for the continuing education.  However, graduate school may be a good move if you can get a scholarship, or mom and dad plan to pay the bill.

I’m sure the situation differs for everyone.  Would you add anything else to this list to consider?

I pray that my wife and I will arrive at a level of peace and accountability in marriage and finances.  We’ve been blessed with good jobs, a home that’s paid for, and living debt free, yet, for our 13 years of marriage, my wife still insists on keeping separate financial accounts with me paying for most of our home repairs, groceries, etc.  I vote for a joint account and financial dialog for the betterment of our marriage and family but she won’t have it. Her financial history may have been leaner than mine. Regardless of the fact that she’s making much more than I, how can I convince her of the importance of our financial union?

Here’s a little more information shared by the reader via a follow up email:

Has there been past credit card or money mismanagement/trust issues?

We have our history and have been debt free for over 3 years. She is a better money manager than I, for which I have thanked her. We tried a joint account but laid no ground rules and have always been plagued with communication difficulties. Surely this is one of the pillars against our blended finances. She paid more on our old home mortgage and feels entitled to my paying for most everything today. She also has the belief that I should “be the guy” and pay for more than she. I’m okay with dumping in an equal bulk of our incomes for family and household matters, leaving individual remaining amounts for our personal use. We need more dialog and a plan for our finances as we don’t talk about anything and have a couple big expenses coming (AC, further remodeling)

Was her mind made up/set her ways going into the marriage?

She’s developed some strong coping/defense mechanisms and is very independent/self sufficient. I’ve not been able to penetrate a few of these defenses regardless of tact and remain prayerful.

Has she ever had prior spending issues?

I believe she’s always been good with her $$. She used to draw a pretty good income and enjoyed expense accounts and living “above her class”. Sometimes this comes out today. I encourage her to dream, as well as accept the reality of what we have currently. She is a tough brick wall on a few issues and emotions.

Here are a some of my thoughts on this matter:

First, let me say this is not an uncommon situation.  There are many people who are married, share their entire lives with their spouse, but keep their finances separate.  I suppose there could be a number of reasons for this.

Trust and communication issues could be deeply rooted in the marriage.  Some may not know or follow God’s word on such matters.  Still, there are those who say they just like to manage money separately because it’s their preference.

Biblical viewpoint on marriage

But, why should financial separateness in marriage exist?  From a Biblical standpoint we know that God says marriage is two becoming one.  The finances shouldn’t be an exception.

Have you not read that at the beginning the Creator “made them male and female,” and said, “For this reason a man will leave his father and mother and be united to his wife, and the two will become one flesh”? So they are no longer two, but one. Therefore, what God has joined together, let no one separate.   (Matthew 19:4-6)

I fully recognize this Biblical principle may still be difficult for Christians if there are trust or communication issues in the marriage.  Such issues could be the result of spending problems or past financial mistakes.

Here are a few ideas to consider:

Growing in your marriage and with God

I would let her know that there is no other reason to manage money together other than to become closer in our relationship and to be pleasing to God by following his principles.  Managing money together is yet another opportunity to grow the relationship, overcome obstacles and serve as financial stewards of God’s resources together. 

Financial stewardship

Stewardship leads me to the second point I would mention.  Money doesn’t belong to us.  It doesn’t belong to my wife or me.  It belongs to God.  God has entrusted money into our care to manage for him. 

So then, men ought to regard us as servants of Christ and as those entrusted with the secret things of God. Now it is required that those who have been given a trust must prove faithful (1 Corinthians 4: 1-2).

Personally, I wouldn’t want to manage money without my spouse.  Women are wise in many ways men are not.  As an example, they typically are better with discernment on matters and especially money obstacles.   I believe both husband and spouse can manage money better together. 

Seek counsel

Finally, if my wife understands and agrees with the Biblical principles and is still having a problem in managing our finances together, I would assume there is an issue either caused by past actions in our relationship or prior to our marriage.  In either case, it may be best to seek counsel to overcome such obstacles.  If there is good communication in the marriage the issue can be openly discussed and perhaps put to rest.  However, if communication is lacking, the help of a Christian counselor may be necessary.

If this is the case, I would ask my wife to go and speak with our pastor, or church elder to receive counsel on the subject.  As an aside, counseling can be a positive experience.  Getting counsel from other Christians can only help a relationship grow stronger. 

What advice or ideas do you have for this reader?

The trick to being successful with a budget is using a system that you can commit to.  The most expensive and sophisticated system will be nothing more than a waste of money unless you diligently use it.  I have a background in computers so I tried several types of money management software, but it wasn’t until I created a simple Excel spreadsheet that I found myself being consistent and able to track my spending over a long period of time.  Don’t be afraid to try different systems.  If one doesn’t work, move onto the next!

Do you need a budget?

The short answer is yes!  It is my personal opinion that everyone needs a budget to track where their money is going.  If you find yourself with not enough “money at the end of the month” then a budget will allow you to see where your money is going and where cuts can be made to increase your cash flow.

Budgets aren’t just for those with a negative cash flow.   In fact, budgeting is an act of financial discipline and awareness that when implemented properly can help you reach your financial goals.   

Starting a budget

• Set aside a date and time to get started.  This should be sooner rather than later.  Set aside a date and time within the next 2 weeks to get started.   Decide which budgeting system you are going to use:  spreadsheet, budgeting software, envelop system etc.
• Collect your bank statements from the past 3 months, document your income and expenses.  This will help you project your budget for the current month.

List all income & expenses

When starting a budget you want to include all income.  This includes employment, child support, alimony, and side jobs.

Listing expenses are a little trickier.  This is why the past 3 months of bank statements will help you to see where your money is going.  Here are some categories to guide you:

• Tithes &  Offering
• Mortgage or Rent
• Uilities
  • Electric
  • Gas
  • Water, Trash, Sewage
  • Phone
• Food \ Groceries (include money spent eating out)
• Car
• Insurance
• Gas
• Debts
  • Credit, Loans, etc.
• Savings
• Emergency fund
• House Maintenance fund
• Car Maintenance fund
• Retirement savings
• College savings
• Holiday & Birthday Budget
• Investments
• Cable
• Beauty budget
  • Hair, nails, etc
• Discretionary spending & Entertainment

Next to each item, write down the amount you plan on spending in that area.  Use the average spending from your last 3 bank statements.  The sum of these items is your total expenses.  Hopefully, this number is less than your total income.  If so, you have a monthly surplus.  That is a great place to be, because it leaves you with options.   You can sweep all leftover monies to savings, investments or charitable contributions or you can increase your discretionary spending.

However, if you find your expenses meet or exceed your income.  You are living in a monthly deficit.  You’ll need to find areas that you can decrease your spending or earn more income.  This may be an uncomfortable position, but having a budget in front of you allows you to visualize the problem and work on a solution.

What about you?  Do you budget?  Do you like to budget?  What system do you use?

Lakita Humber Lakita is an IT Systems Administrator by profession with a passion for the things of God, worship arts, and financial stewardship. She started Personal Finance Journey as a way to help and encourage those on the road to financial freedom. She has been blessed with the opportunity to minister throughout the U.S. and Internationally as a workshop speaker and presenter. Connect with Lakita on Twitter & Facebook.

Most of you are probably in the no debt camp.  You’re either trying to get out of debt, or making serious sacrifices to avoid debt.  So, is their reason to be concerned with your credit score if you don’t ever plan to need a loan again?

A recent Market Watch article talks about credit scores and shares interesting facts.  First, let’s look at the basics.

How do lenders use your credit history?

Before lending money, banks and other creditors look to a consumer’s credit history — basically a record of whether or not you’ve paid your bills — to make sure the borrower is likely to repay them.  That credit history, contained in a consumer’s credit report, determines how much credit is made available to you and under what terms, such as the interest rate.

What types of information does a credit report include?

Experian’s spokeswoman explains that a consumer’s credit report contains four types of data on the borrower: identifying information (including name, address, phone number, Social Security number, date of birth and spouse’s name), account history (individual account information such as the date opened, credit limit or loan amount, balance, monthly payment, payment status and payment history), data from public records (such as federal bankruptcy records, tax liens, monetary judgments and overdue child support payments) and a record of inquiries into your credit history.

How is your credit score used?

Credit report data used to calculate credit scores.  Just like a grade point average sums up all your schoolwork with a single number, your credit score sums up your borrowing history. Teachers look at your GPA to figure out where you rank as a student; lenders look at your credit score to determine how you rank as a borrower. “A credit score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time,” Watts says. “A credit score helps lenders evaluate your credit report and estimate your credit risk.”

Other uses for your credit score

It’s not only banks and credit card issuers that may consider your credit history. “Most lenders as well as many service providers and employers utilize consumer credit report information in assessing applications for credit, services and employment,” says Steven Katz, director of consumer education at TransUnion’s TrueCredit.com. In other words, credit histories impact more than just applications for credit – they may also matter when you are purchasing a cell phone plan or applying for a job.

Like it or not, the credit score seems to be more integrated than many of us would like and people should pay attention.  Can you imagine a potential employer looking at your credit score before making a hiring decision?  Is it fair that an employer might think you’d be less responsible with your job if you have a poor credit history?

Personally, I’m planning to stay well informed on this subject, but truthfully, I’m not too concerned.  Here are a few thoughts on our approach moving forward:

• We’ll make payments on-time for all bills, our mortgage and car payment.
• We don’t plan to set up any new credit cards.  One is enough.
• We plan to use our credit wisely and pay off any spending within 30 days.
• We won’t take out a loan to improve our scores.  It may hurt us in the long-run, but we’re going to do our best to avoid car debt. 

What are your thoughts?  Should you be concerned about your credit score?

How do you prepare for a layoff?

There are some things you can do to prepare in advance of a layoff.  While your layoff may come as a surprise, it doesn’t have to be a financial surprise.  Here are a few ideas:

Evaluate your work situation

As I mentioned, some people know in advance there is a chance they may be laid off.  Watch your work assignments.  Are you losing responsibilities to others in the department?  Do you see evidence your position may not add as much value to the organization because of strategic changes?  Do you have a good relationship with your boss and do you communicate regularly?  These are all questions to ask yourself and depending on your answers; it may be time to start dusting off the resume.

Start searching and networking

Update your resume and begin networking.  Touch base with recruiters and people who have remained in your professional network.  You can let people know you’re considering a move and that you would be interested in discussing opportunities with their company.  Also update your online social network such as Linkedin.  There’s a lot of recruiting taking place in the online world these days.

Save money

This one goes without saying because you definitely need that emergency fund established for such times as a layoff.  If you don’t have cash savings, the important thing is to start saving at least 5% of your take home pay in a high yield savings account.  How much do you need?  It depends on your risk tolerance, but most people these days are saying anywhere from 9-12 months of expenses.

What do you do if you’re laid off?

This past weekend, the Dallas Morning News provided three simple tips for surviving a lay0ff.  They say you can survive and I think they’re right!  I did it! 

There are always ways to successfully survive a layoff.  Much of that success will be rooted in devising a financial plan that can carry you through the difficult times and keep your head above water until those difficult times rebound to happier days.

Tighten your Budget

You have to be ready to prioritize bills and expenses.  I would say this is true in any financial crisis.  Some bills or expenses have to be at the top of the list like food, shelter and electricity.  Other bills, like cable TV need to be cut.  Especially, if you don’t have a deep emergency savings account.  The bottom line is your budget has to go into survival mode!

Eat in and cut out entertainment

Don’t even think about going out to eat and spending money at the movies.  People love to eat out.  It’s something people get used to doing every weekend and even during the week.  Look for such spending habits and cut them off immediately.  Your needs to be the top priority.  Not your wants.

Ask for help

Probably the best tip or advice that stood out to me is ask for help.  Most people have been in a layoff situation before and can provide advice.  Personally, my layoff was a journey of faith.  I didn’t want to look back afterwards and see that I was a stressed out wreck.  Rather, I tried to be calm and trust God.  This made things easier on my family too. 

Friends, family and even counselors can help.  You can seek the assistance of a Money Map Coach to help you answer tough questions with your finances and budget cutting that aren’t so easy to answer yourself.  There are alot of emtions in such times and having the support around you can help bring logical thinking into the situation.

Have you ever been laid off?  What did you do to survive?