2 Financial tips for the last week of October 2012

Check out the 2 financial tips for the last week of October 2012.

Tip no 1: The quickest way to pay off your total debt is to pay off the account with the highest interest first.

Your debt burden is drastically reduced after you pay off the account with highest interest. You may face problems in paying off this account initially. You may have to accumulate money from various sources. However, once you repay this account, you're only left with smaller accounts. As the interest rates on the smaller accounts are not high, so you can pay them off quite easily. Your stress will be reduced to a great extent. You can plan your finances and budget accordingly.

Tip no 2: If you don't save, you can't spend also.

Keep this in mind if you want to steer clear of financial problems in life. Remember, if you're not able to save money, then you won't be able to make purchases. You won't have anything to spend. So, make it a habit to save a few hundreds of dollars every month. Actually, the more money you save, the better for your financial health. You'll be able to buy various things with the saved money. For instance: refrigerator, television, jewelry, etc. You can even use the money to make down payment on mortgage. This will help you get low interest rate on mortgage.