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Given below are the 5 financial tips for the 2nd week of October 2011:

Tip no 1 - If you have multiple credit cards, then use a pay-down strategy to reduce your debt.

If you are using multiple credit cards at the same time, then it is important to develop an intelligent strategy to repay all the bills on time. If you don't develop a strategy, then it will be very difficult for you to make the bill payments. You'll start missing payments and the creditors will report them to credit bureaus. Negative items will be reported on your credit report and hurt your score.

There are lots of pay-down strategies which you can use to protect your financial health. For example, you can use bi-monthly strategy to repay your bills. You can pay off the bills twice a month. This way, you won't have a pay a huge bill at the end of the month.

Tip no 2 - Get paid what you’re worth and spend less than you earn.

If you are working hard at your office but feel that you are not paid well, then it is better to discuss about this matter with your employer. If you are performing well at the company, then you deserve to be paid well. Sometimes, the employers are not aware that the employees are not happy about the pay scale. So, unless you tell your employer about it, he/she can't take any step to solve the problem.

It is important to get paid as per your capability. However, it is equally crucial to spend much less than what you earn every month. Unless, your expenditures are less than your income, it will not be possible for you to save money and build emergency fund.

Tip no 3 - Don't hide your credit problems from your spouse.

If you are short of cash and going through serious credit problem, then don't hide it from your spouse. Your spouse will come to know about it one day. If your spouse comes to know about it from any third person, then it may create serious problems in your marriage.

It is tough to tell your spouse that you are going through a financial crisis. Still, you should discuss about it with your spouse. Your spouse may suggest some ways which can help you get out of financial crisis.

Tip no 4 - Get insured and guard your health.

Medical services are quite costly nowadays. It is just impossible for the average Americans to pay for health care expenses out of their own pocket. In fact, thousands of people are forced to file bankruptcy due to unpaid medical bills every year. So, if you are a regular serviceman and not a millionaire, then purchase a health insurance policy to protect your health and wealth. Go to various insurance companies and compare the premium rates from one to the other. Purchase that health insurance policy which provides adequate coverage to your health and give you a peace of mind. Make sure you pay the premiums regularly. Otherwise, the insurance may refuse to pay any money when you are sick and going through medical treatments.

Tip no 5 - Learn self control to establish solid financial footing.

Everybody wants to lead a happy and peaceful financial life. If you are currently in a bad financial position, you'll want to get useful tips and advice from your near and dear ones to get your finances back on track. One tip that will certainly help you to restore your financial house is self-control. You'll have to develop financial self-control to establish a strong financial footing.

For example, you'll have to control your overspending habits and save a certain amount every month. You'll have to stop buying all the items you see in the departmental store. Besides, you'll have to create a new spending plan.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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