5 Financial tips for the 1st week of December 2011

Here are the 5 financial tips for the first week of December 2011:

Tip no 1 – Do Christmas shopping year-round.

Generally, people go to the super market for shopping Christmas gifts at the fag end of the year. However, there are loads of advantages of doing your Christmas shopping throughout the year. Firstly, you get ample time to grab the cheapest deals. You don't have to endure the stress of purchasing bulk gifts at the last minute. It will not create a sudden pressure on your budget as you spend a small amount every month to do your Christmas shopping. You can buy good gifts for your friends and family according to your budget, much ahead of time.

Tip no 2 – Purchase an annuity.

People often get scared by the word 'annuity'. However, not may people know that annuities come with plethora of advantages. Annuities can be a good source of income during your golden years of life. You can invest in annuity and receive payments for a particular period of time or throughout your life. Unlike the popular retirement plans, there is no contribution limit for annuities. The more money you invest, the more money you get during your retirement years. Make sure you research well before investing in annuity. This will help you determine whether or not it is a worthy investment.

Tip no 3 – Book a hotel room with a kitchen.

Booking a hotel room with a kitchen can cost you some money. You may have to pay more money for reserving a room with kitchen than the standard rooms. However, it helps you in saving money in the long run. For example, you can cook your meals for your loved ones without spending much money. You can cook foods hygienically, and prevent yourself from getting sick at a place far away from your home. You can save the money you would have spent at a restaurant. You can also utilize the money for the other purposes.

Tip no 4 – Saving money is a vital part of being responsible.

Saving money is an integral part of being a financially responsible person. You'll have to trim down your expenses for saving money. You may hate to live frugally, but when you're able to save money at the end of a month, you'll feel happy. Put aside some money for your future use. Set up goals for saving money through out the year. Find out the ways to meet your saving goals within a certain period of time. Create a budget and plan your life accordingly. This will help you meet your saving goals eventually.

Tip no 5 – Create a "want" waiting list before making purchases.

Do not rush to the stores and start buying the items you want at present. Buy only those items which you or your family really needs. Instead create a "want" waiting list prior to making any purchases. After a few days, have a look at the list again. You may find that you don't wish to purchase some of the items anymore. You have just lost the interest. The price of the other items may fall after a month or so. You can purchase those items then and save money.