Here are the 5 financial tips for the third week of June 2013.
Tip 1: Avoid planning a too strict budget for you may start hating your life all of a sudden.
Changing your lifestyle for the sake of your budget is good. However, try to avoid formulating a too tight budget for this will create problems in your life. Your expenses will not be same in every month. Your expenses can be more in some weeks. For instance: you end up spending a big amount while enjoying a summer vacation with your family. A too strict budget may make it very difficult to save dollars. Other than that, it may also make you lose a proper perspective of your finances. Moreover, it won't even allow you to face the emergency expenditures.
Tip 2: Strike the perfect balance between paper and plastic so that your credit report remains impeccable.
Use a combination of plastic and paper to buy various things. It is pretty easy to swipe your credit card and make payments. However, a credit card has its own share of disadvantages. For instance: you've to pay interest rate on the card. Plus, if the card falls in the hand of a thief, then he/she can use your account information to ruin your finances. Debit cards are even more risky since they come with less legal protection. On the other hand, you need to use your credit card to keep the account open. So, a good option will be to use the card for buying a few things. Purchase the necessary items with cash.
Tip 3: Discuss with your teacher and then buy books. Don’t purchase all the books that are there on your book list.
Don't rush to the bookstore just after getting the book list. Rather, attend a few classes in your college for some days. Teachers will tell you about the books that you actually need. You can also talk with the teachers and ask about the books you’ll need to complete the course. They can even tell you where to get books at heavy discounts. This will help you save money on books. Use the money to make payments towards the necessary expenses.
Tip 4: Subscribe to several coupon websites but unsubscribe if you can't resist an attractive deal.
Register into various coupon websites so that you can get heavy discounts while shopping. You can get coupons to local stores, bars, restaurants, etc. through these websites. So, you can easily fetch good deals and shop.
You'll get various attractive deals in these coupon websites, but this does not mean that you should accept each and every deal. If you do so, then you'll end up spending all your money in a month. The basic purpose of using coupons is to save money. If you can't control yourself or resist any temptation, then it is better to unsubscribe from the websites.
Tip 5: Give the $70 dollar test to realize the true meaning of needs and wants.
Give yourself $70 dollars for a week and make a pledge to live within this amount. Whenever, you go to a store to buy something, you'll remember your pledge. For instance: you go to a store and fall in a love with a new dress. You check the price tag and find out that the dress is beyond your affordability. You just give up your resolve to purchase the new dress for you need the money to buy food and pay bills. This is the time when you realize the value of every dollar. You understand the true meaning of needs and wants.