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A lot can be learned from watching reality TV. Case in point: Jon and Kate from TLC's Jon and Kate Plus 8 and the financial mess that now exists as part of their very public split.

The young couple was once a united front in managing their complicated household filled with multiple children. Now they're separated and giving the tabloids plenty of fodder.

They have both made proclamations stating that their children are their number one priority, but this split is getting messier by the minute. Instead of just watching this car wreck of a relationship, wecan all benefit from their financial mistakes and take measures toward protecting our own assets and those of our children.

Some of the most important financial lessons learned from the couple are:

1. Keep separate banking accounts. Recently, Jon seized $180,000 from the couple's account while Kate cried poverty and how she was unable to pay her bills. Although married couples can benefit from having a joint account, it is imperative to maintain your own independent financial identity just in case of emergencies like this. (Don't worry, the courts ordered that Jon pay Kate back.)
   
2. Spend less than you earn. As television personalities, many of the goodies and events that the family experienced were paid for by sponsors, giving them the appearance of wealth. The reality is the couple lived way beyond their means and are hundreds of thousands of dollars in debt. This debt is bringing out the worst in both parties. By living within your means, you will have less fuel for the fire in case of divorce.
3. Get college funds for your children. From the moment they are born, if you want the best for your child, saving for the education is a must. This money needs to bear your child's name and be placed in trust so if the parents do split, lawyer fees will leave this money untouched and the children will get their rightful share of the wealth. If all their kids get a public education, and become doctors, the Gosselin family will be paying roughly $800,000 for secondary education. We're guessing that won't hurt so much though, because the couple got somewhere around $75,000 per episode of the TLC show.
4. Save up for your child's health expenses. Once again, if the children did come first, the two would've stopped their bickering and put money aside to care for their kid's medical well being until they turn age 18.
5. Don't use your family for profit. Although Jon and Kate started their family out of love, the brood eventually became the source of their livelihood. Now, aside from the childrens' worlds being turned upside down by a restructured family, Jon got a court order preventing the children from being filmed. Both parents are struggling to find a new source of income for themselves. People should have families for love and support, not for tax deductions or income. That's not to say that they shouldn't get the child tax deductions they deserve.
   
6. Stay true to your word -- financial or otherwise. Recently, Jon was sued by TLC for not fulfilling his contract with the cable television channel. Although it didn't have to do with his personal money management, it's about setting an example. If you say you're going to save this month, then don't let your kids catch you buying a new handbag or tech toy. If you sign a contract, fulfill it, even if you don't feel like it. It's part of being responsible.

Because of both the financial and media blunders made by these bubble-heads, the children will suffer most of all. If you are looking for a case study on how not to raise a family and handle your financial affairs, there is no better example than Jon and Kate.

(image from kjarrett at flickr.)

When you're married with no children, very often you have to plan for an uncertain future. You may know that you would like to have children eventually, which means you may eventually need a bigger house to accommodate the new brood - and of course, you'll need tons of money to pay for unexpected expenses down the line, and even college.

It's not particularly easy to plan for an uncertain future; however, it can be done. So if you and your spouse are ready to set a plan into action then take a look at these ways to prepare:

Start with a Short-Term Plan

Any good plan for the future starts with a good short-term plan. If you don't know where your money is going on a daily basis then it's pretty difficult to make any long-term plans. As a couple, you want to keep track of daily, weekly, and monthly expenses so that you know where your income is being distributed.

Prepare for the Family You Don't Have

Now that you know where your immediate income is going, it's good to think about ways of making sure that you will have some set aside in case you do have a family in the future - or simply want to take extravagant vacations. Here are a few ways to do so:

• Get a Joint Savings Account - If you and your spouse open a joint high-yield savings account, you can set money aside while allowing for returns that can help your funds add up in the future.
• Think about Investing - Another option to help prepare for your future is to think about investing in stocks, bonds, CDs, or money market funds. But of course, before making any investments it's important to understand the risks involved and the potential rates of return for each type.
• Take OutLife Insurance Policies - It's always a good idea to make sure that you're properly covered with life insurance in the event that you or your partner dies prematurely. But if you take out a variable or universal insurance policy, you can take advantage of savings/investment components that eventually offer cash values for withdrawing.

These options, along with retirement savings plans, can help you and your spouse prepare for the long haul. Whether you're preparing for children or an unexpected emergency, making the right plans can set you on the right track.

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