If you're determined to improve your financial life in the last quarter of 2013, then check out the following 5 tips.

Tip no 1: Help your kid to choose a career that won't leave him/her in debts. Don't let debt cripple your kid's dreams.

Debts can ruin and demolish your kid's dream brutally. So, if you love your kid, help him/her to choose a career that is not too expensive. This implies don't let your kid to choose a field that would drain your funds. For instance, if your kid wants to be a doctor, then he/she will have to choose the medical field, which is quite expensive. Your kid will have to take out a huge loan to complete the course. If your kid is unable to pay off the loan, then this much is guaranteed that he/she will pass out with a huge debt burden. Your kid may not be able to have a fantastic career with such a big debt load.

Tip no 2: Debt collectors won't release you after your debt is charged off. So, try to pay off your debts to pacify your collectors.

Your debts are not eliminated after they're charged-off by the creditors. It's just that creditors declare to the IRS that they have been unable to retrieve money from you. They have incurred losses and as such won't pay tax on the charged-off accounts.

Charged-off accounts are still collectible. This means that the collectors can send notices or call you for collecting money. In fact, they can even file a lawsuit against you to garnish your wages or levy your bank account. If you want to protect yourself from wage garnishment, then strike a deal with debt collectors soon.

Tip no 3: Everyone wants to be wealthy and wise without making any effort, but nothing comes for free. You've to pay a price.

You would obviously want to be rich without making any extra effort. You're already hard pressed with the work pressure and you wouldn't want to take extra burden in your life. However, understand this fact that you can't get anything in life for free. You need to make a deliberate effort to make money and boost your cash-reserve. You've to devote time and exhaust your energy to be wealthy. You need to make certain sacrifices to accumulate wealth. After all, nothings comes for free. You've to pay a price.

Tip no 4: You need to have a budget for everything - from gifts to vacations. Plan ahead to avoid troubles.

Create a budget for shopping, family expenses, vacations, etc. No matter what is the occasion, formulate a shoe-string budget and stick to it. The moment you start spending money as per your budget, it becomes easier for you to manage money. You won't run out of money at the time of emergencies.

Don't formulate a budget that won't help you save money for the emergencies. Allocate an amount for your necessary and miscellaneous expenses every month. Make sure you're left with at least 10 percent of your income after allocating money to various categories. This amount should be saved in your emergency fund.

Tip no 5: Try to make dining out a treat. Don't develop this as a habit. Lose weight and save money.

If you have a weakness for good food, then develop a habit of preparing yummilicious meals at home instead of heading to the restaurants. Buy all the necessary ingredients and cook meals at your family. Surprise your kids and other family members with the home cooked food. Believe it or not, they'll appreciate your endeavor and enjoy the meals. The biggest advantage of eating at home is that you can save money which you'd have otherwise paid to hotels. Moreover, you can eat hygienic and nutritious food at home only.

Dine out only on the special occasions such as marriage anniversary. Make dining out a treat rather than a habit in your life.