The 5 financial tips for 1st week of July 2011 are given below:

Tip no 1 - Do not use too many credit cards

It is better to not use several plastic cards simultaneously. It becomes quite problematic to pay all the bills at the same time. You may forget the due dates of the credit card bills. It may also become very difficult for you to make timely bill payments. Financial expert are of the opinion that most consumers get into debt problems as they can’t manage multiple bills at the same time. However, if you are confident that you can afford to pay all your bills on time, then you may use several credit cards to make various purchases.

Tip no 2 - Visit your State Dept. of Insurance website to remain compliant

Visit your state department of insurance website to know about the insurance laws in your state. You can know about the insurance rules and regulations in your state and follow them with ease. You can also gather knowledge on the licensed insurance companies and work with them. You'll also be able to know whether or not your insurer is cheating you. If you feel that your insurer is cheating policy holders, then you can find out the consumers helpline number from the website and file a complaint.

Tip no 3 - Stick to a frugal budget - Eliminate stuff that you can do without

Frugal budgeting is one of the best ways to avoid debts. It not helps you to stay away from debts, but also assists you to lead a healthy financial life. It helps you save money gradually. For this, you need to spend your money cautiously. You'll have to spend your money for purchasing the items you need. Sort out the items you don't need in your daily life and avoid spending a penny on them. You should specially avoid purchasing branded items in the market. These are quite expensive and you can easily live without them. You get the same items at a much cheaper price from local companies.

Tip no 4 - Shop around to get the best mortgage deal

You should shop around before taking out a mortgage loan. The interest rates charged on the mortgage loans from lender to lender. Some lenders charge high interest rates where as the others charge comparatively low rates. Apart from that, it won't be possible for you to understand the market rate if you don't shop around. Compare the interest rates charged on the loans by the lenders and work with the one who offers you the best deal. Try to maintain decent credit throughout your life. This will help you obtain a loan at favorable terms and conditions.

Tip no 5 - Try to buy items in bulk so as to get items at discount price

Some retailers offer special discounts to the consumers purchasing items in bulk. Most of the consumers don't purchase the products in bulk. They visit the shop and purchase 1 or 2 items. The retailers don’t make huge profits by selling few items to the consumers. If the customers buy a lot of products from their shops in a bulk, then they are able to make huge amount of money at once. This is why they agree to give discounts to the consumers purchasing products in bulk. The retailers give discounts to encourage other consumers for buying products in bulk. The retailers may agree to give as much as 20% discounts on the products, which is great.