The 5 financial tips for the last week of March 2012 are given below:

Tip no 1 - If you're married, try to work together to end debt.

Marriage brings 2 individual souls together. These 2 people face the ups and down of life together. If you have walked down the aisle and you're going through a financial crisis, then it is important to reveal this news to your spouse. Remember that your spouse does not only share your house, but also your life. Share your problem with her and try to work out a strategy. Ask your spouse to suggest you a possible solution. Listen to what she says carefully. Let her walk beside you when all the creditors/collection agencies are making your life hell with collection calls.

Tip no 2 - When you're a college student, consider all the costs of living off-campus.

There is a drastic change in your financial and educational needs after enrolling into a college. On one hand, you have to mug up all the notes given by the teachers. On the other hand, you have to spend lots of money to buy books and notebooks for taking down the notes. Other than that, you have to spend money for renting an apartment (if the college is far away from your house), commuting to the college, paying the premium of the insurance, paying the utility bills, etc. These are hidden college expenses which you'll have to bear with. So, always apply for a loan which will be enough to cover these expenses.

Tip no 3 - A cheap car is cheaper to insure.

A cheap car is wallet friendly in all sense. First of all, you can get this car by spending a small amount of money. Moreover, the insurance companies charge a low premium on the cheap cars. There is a valid reason behind their decision. Cheap cars are less likely to get stolen. Moreover, the insurance companies know that they don't have to pay much to repair the car in case it meets an accident. So, if you're planning to buy a car, then buy the cheapest one in the market. It will help to reduce the premium cost.

Tip no 4 - Program the heater/cooler/refrigerator thermostat to save power.

You need a heater, cooler and a refrigerator at various times of the year. Whenever you're away from the house or asleep, it is better to program the thermostat at a moderate temperature. This helps you to save energy and money. For instance, you use air conditioners during the summers. The higher the temperature in a given day, the greater is the distress of the people. When the temperature is very high, you set a temperature in the AC which will help to remove the heat. This means that the AC will have to work harder to quench the heat. This in turn implies that the AC will consume more energy.

Whenever, you're leaving for office or college, program the temperature of the thermostat accordingly. This will help to save environment and money.

Tip no 5 - Driving a plug-in hybrid/electric car will earn tax credit.

Are you planning to purchase a car? If yes, then consider buying a hybrid/electric car. This is because you can earn federal tax credits on the car. Several state governments give special tax credits and subsidies to the owners of the electric cars. Federal and state governments are taking these steps to promote the hybrid/electric cars amongst the masses. If you're the owner of a hybrid car, then fill out the requisite forms and contact the IRS to claim the tax credit.