Check out the 5 financial tips for the 4th week of March 2012

Tip no 1 - Amass wealth to live a secure and stress free future. Amassing wealth means saving money.

It won’t be wrong to say that money is the most important thing in the modern life. You need money to meet your basic and luxury needs. However, you can accumulate money only when you save a considerable amount from your paycheck. Your basic wage may not be very high, but if you save a certain percentage of your paycheck every month, then it won't be difficult to become wealthy one day.

Buy a piggybank and develop a habit of saving money in it every day. Don’t spend all the cash in your wallet. Deposit a couple of dollars in your piggy bank to become a wealthy person one day.

Tip no 2 - Use student discounts to your advantage.

If you’re an undergraduate, then make sure you take advantage of the student discounts. Some credit cards offer special discounts to the students on the items they need to purchase on campus. You can also get discounts on certain items purchased across the country. These credit cards will help you save money when you're still financially dependent upon your parents. You’ll feel good after saving your parent's hard earned dollars. You can get information about these cards from the Internet. Another genuine source of information is your college. Contact them as soon as possible.

Tip no 3 - Skip that cup from Starbucks and brew your own coffee.

Brew your own coffee when you're working in your office or at home. Avoid having several cups of coffees from Starbucks in order to save money. For instance, the cost of a cup of coffee from Starbucks is $4.00. You have at least 2 cups of coffee in a day. If you’re working for around 300 days in year, then you’re spending $2400 in a year. If you brew your coffee at home or workplace, then you’ll be potentially saving lots of money. If the cost of self-brewed coffee is $0.30, then you’ll be spending $180 in a year. This means you’ll be saving around $2220 in a year.

Tip no 4 - If you have dependents, get disability/life insurance, a will and an estate plan.

If you are the single bread earner of the family, then several people must be depended upon you. In such a situation, make it a point to purchase a disability/life insurance policy. If you become disabled by any chance, then at least your family members won’t be without any food until your recovery. If the unthinkable happens and you’re not physically there to look after your family, then a life insurance policy will help them to fulfill their financial needs. Make a will and estate plan for the benefit of your family members. These 2 things will help them to get over the financial trauma after your death.

Tip no 5 - Live below your means.

Live below your means to bring a positive change in your life. Forget about wasting your hard earned dollars to make a good impression upon others. Rather use your money consciously. It will not be easy to live within your means. However, with right strategies and approach, you’ll be able to live within your income. For instance, try to stay focused and keep a stern eye on your expenses, avoid frequent visits to the shopping malls, purchase things with cash. A lethal combination of patience, commitment, dedication and determination can help you lead a comfortable life within your means.