budgeting

Jim and Pam of 'The Office' get a money makeover

May 12, 2011 at 2:28 PM ET

Justin Lubin / NBC /

Newlyweds Jim and Pam of "The Office" have a baby and a new home, and it's safe to say that even in TV Land they are dealing with some serious anxiety over money.

In its series "Do TV characters share your money problems?" our partner Bankrate.com offers some advice for America's favorite TV couple from certified financial planner Kimberly Foss, of Roseville, Calif:

Establish a budget and emergency fund: After they create a spending plan, Jim and Pam's first savings goal should be to have at least six months' of living expenses stashed away.

Life insurance: They need to make sure that if one of them were to die, the surviving spouse would have enough money to sustain their lifestyle. A ballpark figure would be five to 10 times their annual salary.

Saving for retirement: Although they have a new baby, their retirement fund needs to take priority over college savings. They should be socking away as much as they can into their 401(k)s.

Saving for college: After they've maxed out their retirement plan contributions, the couple can then turn their eyes toward funding their child's education. Opening a 529 account on their child's first birthday is a good start.

This is sound advice for any young couple starting out their new lives together. For Bankrate's complete story, click here.

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