Check out the 5 financial tips for the first week of November 2013.

Tip no 1: Start paying down your debts from smallest to largest to stay motivated. Small wins will give you the courage to aim for bigger wins.

It is comparatively easier to pay off small debts since you need less amount of money. Once you're able to pay off smallest debt, you can focus on the next small debt and try to pay it off. This way you'll able to progress towards a debt free life gradually.

Your confidence will go on increasing as you overcome your debts on by one. In addition to that, you can save money for the emergencies too. You never know, your refrigerator may not work tomorrow. You'll need money to repair it and you'll get the amount from your emergency fund.

Tip no 2: Watch out for the less-expensive ways to have fun when you're on a budget. You don't have to live like a monk.

You don't need million dollars to have fun. Simple activities can help you enjoy life to the fullest. For instance, if you've a smartphone, you can chat with all your friends through various applications without spending a dime. You can even share pictures and videos for free. If you're a bookworm, then it doesn't mean that you'll have to spend a huge amount on books. All you need to do is register into the websites wherein you can download ebooks for free. This means you can read the recently released books without spending a dime. You can even save the transportation cost.

Tip no 3: Make a simple budget and offer spending guidance to your kids. Set allowance with respect to chores that they do.

Guide your kid to spend money properly. Don't let him spend money according to his wish. Rather, create separate categories for spending money. For instance, create categories for saving, spending and giving money. Make a simple budget that your kid can easily follow. For instance, don't buy a toy just because your kid loves it. Rather, tell him that he can buy the product by doing additional chores. Ask him to save money as well so that he can buy that toy from the store soon.

Usually, children have a very short memory. Moreover, they can't plan for a long period of time. So, try to create a budget for a short span of time.

Tip no 4: If you've the bad habit of spending all your money, then pay back your creditors as soon as you get your paycheck.

Do you happen to spend all your money soon after getting the paycheck? Do you owe money to lots of creditors? If yes, try to make payments on your debts before you spend all the money. Find out how much you can afford to pay on your debts. Once you've calculated the amount, pay it to your creditors. If you can, then make weekly and bi-weekly payments to your creditors. If you really want to spend money, make sure you do it for the right cause. This means paying off your debts.

Tip no 5: Don't depend too much upon your bankruptcy attorney. He would not do all the work.

The bankruptcy attorney is your ally. The attorney will ask various types of questions to you. He'll give you various papers and documents. In fact, he'll help you fill out all the documents. However, this doesn't mean that the bankruptcy attorney will do anything and everything for you. The attorney can't check out your mail box, reside in your home or drive your vehicle. If you're not active and super lazy, then the bankruptcy process will also get delayed. If there is anything that you need to inform your bankruptcy attorney, do it fast and quick.