The 5 financial tips for the first week of April 2012 are mentioned below:
Tip no 1 - Get an advanced medical directive and financial power of attorney when you're nearing retirement.
Try to grab an advance medical directive before retiring from your job. Otherwise, your estate may get exhausted due to severe medical measures post retirement. If you don't want to risk your financial life, then it is a wise idea to give power of attorney to someone you trust blindly. That person will make financial decisions when you're not mentally or physically fit.
Tip no 2 - Get a grip on your taxes.
Every responsible citizen of the country needs to file tax returns in a year. So, if you're a good citizen of the nation, then do file your income tax returns within time. Evaluate your income correctly and report it to the IRS. You can consult your tax consultant to get a grip on taxes. The consultant can tell you how much you need to pay for tax in a given year or the ways in which you can get tax credits. You can even go through the articles published on various financial websites about tax tips and advice.
Tip no 3 – Get paid what you're worth and spend less than you earn.
If you're working hard for your employer but not getting due recognition, then talk to your employer about it. If your pay scale is low even after giving your best efforts, then speak to your employer about a wage hike. Otherwise, there is no point in working hard at your job. Alternatively, try to spend less than what you earn. You should apply this strategy throughout the year for building your cash-reserve. This cash-reserve can be used at the time of emergencies.
Tip no 4 - Use cast iron cooking utensils to save gas and cooking oil.
If you want to stay healthy and wealthy, then start cooking your lunch and dinners in cast iron utensils. These are special utensils which help you cook food with less oil. It is scientifically proven that too much oil consumption is not good for health. It increases the cholesterol level and puts your heart at risk. You'll surely not want to get a heart attack on any day.
The best part of these utensils is that food gets cooked very quickly. This means that these utensils are eventually helping you in saving fuel. In short, you're saving both fuel and money at the end of the day.
Tip no 5 - Start saving from your college days.
It is said that the student debt load will reach $1 trillion soon. The financial incapability of the students due to the lack of proper job opportunities is largely responsible for this. However, the rising tuition cost of the colleges has made the student loans indispensable. If you wish to pursue higher studies after growing up, then it is better to start saving for your college days from now onwards. The higher funds you accumulate for your college days, the better for you. This may help you avoid taking out student loans all together.