It is well known that filters designed using the frequency response masking (FRM) technique have very sparse coefficients. The number of nontrivial coefficients of a digital filter designed using the FRM technique is only a very small fraction of that of a minimax optimum design meeting the same set of specifications. A digital filter designed using FRM technique is a network of several subfilters. Several methods have been developed for optimizing the subfilters. The earliest method optimizes the subfilters separately and produces a network of subfilters with excellent finite word-length performance. Subsequent techniques optimize the subfilters jointly and produce filters with significantly smaller numbers of nontrivial coefficients. Unfortunately, these joint optimization techniques, that optimize only the overall frequency response characteristics, may produce filters with undesirable finite word-length properties. The design of FRM-based filters that simultaneously optimizes the frequency response and finite wordlength properties had not been reported in the literatures. In this paper, we develop several new optimization approaches that include the finite word-length properties of the overall filter into the optimization process. These new approaches produce filters with excellent finite word-length performance with almost no degradation in frequency response performance.