Check out the 5 financial tips for the fourth week of October 2013.

Tip no 1: You'll get various options to get out of debt. The biggest challenge will be to pick the right options and ignore the wrong ones.

There are both the right and wrong options to get out of debt. Right options will help you solve your financial problems. On the other hand, wrong options will simply aggravate your problems. So, you've to skip the wrong options, no matter how tempting they are. For instance, you can take out a high interest loan and pay back your creditors. However, this is only a temporary solution. Surely, you'll be able to pay off your current loans, but it'll be difficult to repay the new one, especially when your monthly income is not good. You'll get into debt problem yet again, but this time it will be all the more difficult to solve it.

Tip no 2: Work while you're in college to increase cash flow and cut down your student loan debt. Develop proper money and time management skills for a better future.

A job helps the college students to bring extra money at home. They can use this money to buy text books, pay rents, cover the transportation cost, etc. This in turn helps students to depend less upon the educational loans. What more, they can use a portion of the paycheck to pay back their creditors.

Students can't develop money management skill simply by studying at college. They can develop this by only earning a paycheck and using it to for various purposes such as paying their bills.

Students' life becomes hell after they graduate and enter into work life. They need to balance their personal and professional life. In addition to that, they need finish their job within deadlines. This requires time management skills. Students can develop these skills by doing jobs.

Tip no 3: There will be a saver and spender in marriage. Work with your spouse and try to create a perfect balance between saving and spending.

There will be one saver and spender in marriage. This means either you will be saver or your spouse. Don't get hyper if your spouse is a spender. Rather act wisely and try to balance the expenses. If your spouse is a spender, then your job will be to play the role of saver. This is because if you're a spender too, then both of you'll soon become a broke.

If your spouse is splurging beyond any limits, then ask her/him to reduce spending and stay within the budget. Explain that he/she needs to spend wisely in order to manage family expenses efficiently.

Tip no 4: The term 'budgeting' has received too much negative publicity. It is not as bad as it has been made out to be. You don't have to simply live on nothing.

Budgeting has received negative publicity since you need to have a rigid self-control and patience. In addition to that, you need to deny yourself instant gratification. You've to live below your means, and that's difficult for several people. You've let go of the luxuries in life. However, this doesn't mean that you would have to simply live on nothing.

All you need to do is use some strategies to save money. This includes using coupons for buying groceries and other products. Stop living from paycheck to paycheck. Instead, save money to boost your emergency fund.

Tip no 5: Don't try to make any money decision when you're distressed. There are high chances of making wrong decisions.

Emotional stress is not good especially when you want to make financial decisions. In fact, chances are high that you'll make wrong money decisions when you're stressed. Usually, when you're stressed, you tend to engage yourself in certain activities that would help to reduce your stress. If you're not cautious, then you can very well make poor financial decisions. A single wrong decision can be lethal. A series of wrong financial decisions can destroy your financial life completely.

If you really need to make a financial decision, then at first try to alleviate your stress. Mediate or listen to music to reduce your emotional stress. This may help you avoid stress and making bad money decisions.