If you do want to know about the financial tips for the first week of July 2013, then go through the sections below.

Tip no 1: Create a spending plan so that you can easily avoid and stop overspending.

A realistic spending plan has become a necessity in today's world. It helps you avoid overspending, and stay on the right financial path. List your actual income and compare it with your expenses in a month. This will help you know if you're on the right financial track.

Create a spending plan and follow it for a month. Find out if you've been able to follow the plan at the end of the month. If you've not been able to follow the spending plan, then you've re-evaluate your expenses and cut them down. If the spending plan is too strict or rigid, then you need to make certain changes so that you can develop future spending plans at ease.

Tip no 2: If your spouse was married before, then ask if he/she has made any financial commitment to the ex-spouse.

Ask if your spouse has any financial obligations towards his/her ex-spouse. Find out if your spouse has to pay child support, alimony, or the debt of the ex-spouse. If you forget to ask your spouse, or he/she deliberately hides this fact from you, then there can be financial problems in the future. For instance: the creditor may garnish your joint account after getting permission from the court. This means that both you and your spouse will lose money. Your spouse has past financial obligations but you don't. So, it'll be a mistake to lose money on your part without making any fault.

Tip no 3: Make the maximum out of the student perks so that you can save some dollars.

Does your college offer a cafeteria? If yes, then avoid eating food at your favorite restaurants. Check out the college meal plans first. Usually, the college meal plans are less expensive than that of the restaurants. You can potentially save a lot on your monthly allowances by just eating food at your college.

It is true that you'll get a variety of foods at the restaurants. You may not get your favorite dishes at the cafeteria, but then it'll help you save money. You won't have to pay extra charge to the restaurants.

Tip no 4: Download an application to know how much you're spending and saving.

Download an application in your smartphone so that you can track your expenses, albeit in a fun way. Most of the banks have introduced applications for the customers. Find out what application your bank is offering to you. Download the application and track your accounts without any problem. You can even download a free application in your smartphone so as to break down your expenses without spending extra bucks.

Just make sure you use the application from time to time to track your everyday expenses. This will help you live within your means and determine if you're really spending more than what you can afford to do.

Tip no 5: Interact with people who give you the right financial advice and tips.

You'll come across a lot of people who are always ready to give you financial advice, right or wrong. A right financial advice can actually help you avoid debt and bankruptcy. However, a wrong financial advice can easily push you towards a debt hole. So, it's imperative to pay heed to the people who give you wrong financial advice. Associate yourself with the people who will suggest the right financial advice and tips to you. Talk with the people who have managed to secure a comfortable financial life through proper money management.