The 5 Financial tips for the last week of September 2012 are attached herewith.

Tip no 1 - Never ever use a payday loan to pay down your debts.

Payday loans can offer you a short term solution to your existing financial problems. You can use the loan to pay off your store card bills, gas bills, water bills, credit card bills, etc. However, once you have paid off your bills, you'll have to make payments on the payday loan with your next paycheck. Unfortunately, the interest rate on a payday loan is extremely high. As such, your monthly income may not be enough to satisfy the loan. Your financial condition will turn from bad to worse.

Your life will become more miserable if you take out loans from a lender who doesn't have the permission from the state government to do business. The illegal lender won't follow the state rules and make unreasonable demands upon you.

Tip no 2 - Safety is priceless. So, don't trim your insurance requirements just to keep the expenses under control.

If you want your car, house, home, family, etc. to be safe, then don't try to curb your insurance requirements. You may be able to save some dollars by purchasing the minimum coverage from the insurer. However, if you think little wisely, then you'll realize that this won't make your life better in any way. Your insurer won't take care of your car or house properly if it is not adequately insured. Imagine what will happen if your house gets severely damaged due to a natural disaster and you don't have money or sufficient home insurance coverage. Your insurer will pay a minimum amount. You'll have to bear the remaining expenses on your own.

Tip no 3 - Drive your car, like you have rented it!

Car is your faithful companion in life. It is not a luxury. Rather, it has become a necessity. You need it after stepping out of your house. So, you do need to take care of your precious possession. Drive your car sensibly. Consider it as rental car.

You'll have to pay a substantial amount if your rental car is damaged. So, you take additional care of the car. You follow all the rules while driving the car. Just follow the same strategy when you take out your own car on the road.

Tip no 4 - Create a succession plan and some form of insurance to support the business if you can't run it.

If you can't run your business properly or you're on the verge of retirement, then it is important to create a succession plan. Choose your successor wisely. Make sure your successor is able to run the business smoothly, especially when you're not there to look after the business. There is yet another thing which you need to do. Purchase some insurance policies to keep your business protected from mishaps. For instance: property insurance, business insurance, worker's compensation, business vehicle insurance, business interruption insurance, etc. Talk to an insurance broker to determine your business needs and requirements.

Tip no 5 - Consider all of the debt relief options, before choosing a particular option. All of the options may not be helpful for you.

Debt relief options help you clear your debts through successful negotiation with the creditors. There are 4 key debt relief options in the country. Now, all the 4 debt relief options have different features. For instance: creditor forgives a fraction of your debt in debt settlement. On the other hand, in debt management, creditor lowers the interest rate if it is unfeasible for you. Bankruptcy allows you to get out of debt ditch within 3-4 months. Debt consolidation saves you from paying multiple bills every month.

You know the basic traits of the 4 debt relief options. Decide which option will help you solve your problems in the best possible manner. Make a decision accordingly.