5 Financial tips for the 3rd week of November 2011

Check out the 5 financial tips for the 3rd week of November 2011

Tip no 1 - Don't shop when you're hungry or sad.

Research shows that people end up taking hasty decisions when they are ravenous or not in a good mood. They don't make decisions judiciously. This is why it is advisable to avoid going to a departmental store when you had a fight with your spouse or are extremely hungry. You'll not be in a good state of mind when your stomach is empty. Your mind will be focused on food, and not on the other things.

If you had an argument with your partner, then stay at home and postpone your shopping program. If you're hungry, then have a hearty meal at your home, and then march towards the store.

Tip no 2 - Don't buy things new when used will do.

People love to have new things. A brand new skirt will appeal to you much more than a used one. However, this does not imply that you should purchase a new skirt every single day. This will be a recipe for a financial disaster. Your funds will get exhausted within a few days.

Refrain from purchasing new things when used will do. It will help you save money. For example, you can wear a used skirt and still look beautiful. All you need to do is wash and iron it properly. A used toy or a music CD can serve your purpose. You just need to handle these items with care.

Tip no 3 - Have payment protection insurance for any emergency which disables you from working.

Payment protection insurance offers financial assistance when you're without any job because of an accident or due to sickness. It helps to meet your financial expenses for a certain period of time. The coverage kicks in when you're unable to work due to some disability. Usually, you can take advantage of its benefits during the following circumstances:

Make sure you know the various aspect of the insurance policy before purchasing it.

Tip no 4 – Buy things out of season when they're cheaper.

You can get some items at a cheap price when they are out of season. It might be little difficult for you to accept this fact, but this is true. It is possible to purchase some items at a moderate price when they are not in season. For instance, you can purchase the winter garments during the summer season. There is not much demand for the woolen garments during the summer months. This is why retailers slash the price of these items during summers. Similarly, you can also purchase decorative items after the festive season is over.

Tip no 5 - Save, regularly or irregularly.

The key thing is to save money. Try to save money whenever you can. The rule of thumb for a healthy and happy financial life is to save money. It is best to save money regularly. You can save some money in your piggybank after returning from the office. In case you can't save money on a regular basis, then you can save money when you can. Do not spend your entire income. Make it a point to set aside a certain amount for savings purpose. Browse through the different personal finance websites to know about the tips to save money in different areas.