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5 Financial tips for the fourth week of August 2013

August 26th 2013

Check out the 5 financial tips for the fourth week of August 2013.

Tip no 1: You can never stay within your income without a proper plan. So, create a plan based upon your needs to live within your means.

It is impossible to spend as per your income without creating a good financial plan. So, if you wish to stay within your income and avoid incurring unnecessary debt, then devise a good budget plan. Make sure you formulate this plan based upon your needs and not on your wants. Calculate how much you can pay for your needs. If you've some extra money, then save that amount. It won't always be easy to follow that plan since you'll be often tempted to buy the best things from the market. However, if you're really be able to make a strong resolve, then you'll be able to overcome all your temptations.

Tip no 2: Everybody has a weakness for something. The challenge is to avoid succumbing to that weakness. Don't buy anything just because your heart longs for it.

You may have a weakness for gadgets. You may love buying and using the trendiest gadgets that come into the market. However, gadgets do carry a price tag along with them. So, you'll have to spend a good amount of money for the gadgets. If you love iPhone, then you need to spend $199 for it. It doesn't take a second guessing to know that iPhone 6 will be launched after a few months. You'll feel like buying that also, which can really burn a hole into your pocket.

You may love many things in this world, but that doesn't mean that you'll buy those items. You need to have a control upon yourself. Otherwise, you'll soon fall into a deep debt hole.

Tip no 3: Children should not be allowed to party when the parents are leading a frugal life. Kids should be taught the art of frugal living as well.

Children are an integral part of the family. A large portion of the income is used for the overall development of the children. In such a case, they should be involved in the budgeting planning. They shouldn't be left out of the discussions on budget. Rather they should be encouraged to participate in those discussions. Then only they will they learn the importance of leading a frugal life.

A family can never stay within a budget if all the members don't co-operate with each other. Both the parents and the kids have to make conscious effort to save money. If parents embrace a frugal life and the kids exhaust all the money, then the family can never lead a peaceful financial life.

Tip no 4: Tell your best friend that you're on a saving mission. Ask him/her to help you fulfill your goal.

Your best friend is perhaps your biggest supporter in this world. He/she will do anything to fulfill your dreams and aspirations. So, confide your hidden goal to save money to your best friend. Ask him/her to support you. Your best friend may suggest you some tips that can help you achieve your goals. For instance: Both of you can rent movies instead of going to the theaters. Other than that, both of you can cook meals at home and eat together while catching the favorite shows on TV. Your best friend can point out the areas where you spend unnecessarily. You can cut down your expenses on those areas and save money.

Tip no 5: Ask your kids to not get carried away with advertisements. Teach them the art to read the hidden message inherent in the advertisements.

Advertisements are used to induce consumers to buy products. However, this doesn't mean that advertisements tell you the real story of a product. Rather, they tend to hide the essential facts and highlight only the benefits of a certain product. For instance: a lot of stores advertise "Up to 50% discount" on purchases to lure customers. Kids and youngsters get enthusiastic after watching those advertisements. They just drag you to store for shopping. However, what they miss out is the fact that the discount is not flat 50 percent. The discount can be as low as 5 percent on certain products. Moreover, the discount won't be applicable for all products as well.

Let your kids know about the little tricks that the advertisers often play to dupe consumers so that they don't lose money.

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