Check out the financial tips for the last week of June 2013.

Tip no 1: Don’t borrow recklessly. If you do, then remember, you’re simply saying goodbye to your "future" earnings.

Borrow rationally and wisely. Don’t borrow from lenders, financial institutions, payday loan lenders, etc. without planning. If you do, then you’ll get into financial problems without getting any red signals. It’ll become very difficult for you to manage so many loans simultaneously. You may forget the payment dates or you may not be able to pay the interest rates charged on the loans. It is true that you’ll be able to buy several things now. However, later you’ll have to pay back your lenders from your “future” earnings only. Your savings rate will decrease in the future.

Tip no 2: Don't pretend everything is fine when you’ve lost your job. State the truth to your spouse.

Don’t hide the fact that you’ve lost your job from your spouse for this will only bring fresh troubles in your life. Money problems are one of the main reasons behind the increasing rate of divorces. Couples often hide financial facts and mistakes from each other and the problems start right from there. Your spouse won’t be happy to know that you’re unemployed. However, your spouse may help you get another job. He/she may also revise the family budget to avoid aggravating the problem.

Tip no 3: Allow yourself to have only a weekly cash allowance for entertainment and food.

Allot yourself a certain amount every week for your entertainment and food expenses. Buy food within that amount. Keep calculating how much you’re spending on your purchases. If you’ve spent a few extra bucks on your food, then you can cut down your expenditures on your entertainment. For instance: you can watch a movie at T.V or your laptop instead of a movie theater. You can just take out a rental dvd and watch a movie at half the cost. This will potentially help you reduce your expenses and stay within the budget.

Tip no 4: Don't wait too long. Apply for a scholarship after getting admitted to a college.

Getting a scholarship is just like finding a hidden treasure after a lot of hard work. Several students assume that they won’t qualify for a scholarship. Some students start applying for a scholarship a little late, which is again a wrong step. Don’t wait till it is too late. If you’re getting admitted to a college, then start looking for a scholarship from now onwards. You can get valuable information from the Internet. Other than that, you can even talk with the senior students of the college or financial aid officer to know about the application procedure and rules.

Tip no 5: Give special attention to minutes and text to reduce your phone bill.

Make sure you're well aware of your phone plan. Know how much you’re spending for talking with your loved ones and other people. If you’re addicted to chatting with your friends through text messages, then find out how much you’re paying for sending each message. If you don’t keep a tab, then you may get a huge shock after receiving an unexpected bill.

Acquire information about the different phone plans from beforehand. Opt for a plan that will fulfill your requirements without getting a huge phone bill.