Check out the 5 financial tips for the 3rd week of June 2012.

Tip no 1 - Payday lending laws don't apply to Credit Service Organizations (CSOs).

A lot of people think that Credit Service Organizations need to follow the payday loan laws, but this is not true. They don't have to abide by the payday loan laws. For instance, you live in the state of Pennsylvania. Lending of payday loans is illegal in your state. You're obliged to pay back the principal amount on the normal payday loans. However, if you have taken out a payday loan from CSO, then you've to pay back the principal amount along with its interest rate. There is no respite for you.

Tip no 2 - Buy affordable car insurance for your own car so that the policy does not seem to be a burden for you.

Insurers won't give you financial protection for free. You'll have to pay insurance premiums monthly, quarterly or annually. If your premium is too high, then the car insurance policy will seem to be a burden for you. You'll find it hard to pay the premiums.

Shop around prior to making a deal with an insurer. Find out what you're getting in the deal. Make a deal with an insurer who offers an affordable car insurance policy to you. Your best bet will be to get a good insurance policy at a cheap cost.

Tip no 3 - Buy things only with cash and if you don't have enough cash, wait till you have the required amount.

This is a smart budgeting strategy. It helps you put a lid on your expenses. Develop a habit of purchasing everything in cash. Carry cash whenever you go out of your house. If you like something in the market, don't hesitate to buy it with your cash. However, this doesn't mean you should buy things which are completely useless. If you want to buy a thing but don't have enough cash in your wallet, then refrain from purchasing it. Wait for a few days. You may lose the interest on that product after a few days. You may not feel like buying the product only. This in turn will help you save money.

Tip no 4 – Keep your pets secured by purchasing a suitable pet insurance policy.

Life becomes so much beautiful when you've pets in your house. Pets offer companionship and friendship to you. Unfortunately, pets are prone to diseases and accidents. They need medical attention frequently. This is why it is better to purchase a pet insurance policy. It will help you focus your full attention to the medical treatment of the pet. You won't have to think about arranging money for your feline friend. If you love your pet, get a pet insurance policy as early as possible.

Tip no 5 - Always carry some cash in your wallet. Skip the idea of carrying credit cards with you every time you go out.

Forget about the plastics after stepping out from your home. Don't look at credit cards as the tools to buy new things. This is not the right financial attitude. Keep cash in your wallet and use it for meeting various expenses. If you want to have a cup of coffee or a new t-shirt, spend your cash as and when required. Don't whip your credit cards for every single expense. This will make you exhaust your credit limit gradually.