Every year ending quite a lot of people resolve to get wealthier, improve their personal finances and become healthier. As part of the resolutions, some would want to cut on spending, take care of debts as well as pay attention to budgets.
In the UAE, this is easier said than done as the UAE is known as a country with high personal borrowings. Consumer loans have been growing, amounting to an increment of Dh27 million from the given amount in 2015 (which is Dh417 million).
Also, with regards to the data released by Strategic Analysis also stated that in the UAE, the debt burden is Dh348,000 per household (which makes a total of $114 billion in-debt).
Having these figures in mind, it would be extremely difficult to achieve financial goal. To some extent, to achieve financial goals, one must have a clear strategy and determination.
Experts came up with a plan (useful tips) to help achieve the financial goal. Below is the plan:
Saving should be off top priority for those that wish to build wealth. According to a National Bonds survey, Western expatriates-48 per cent are the most committed to saving on a regular basis, followed by Asians-44 per cent and UAE and Arab nationals at 28 per cent and 27 per cent, respectively.
#2.Pay your credit card dues in full
Another step forward is to clear your credit card. This helps a lot to avoid incurring thousands in interest. Interest rates on credit cards in the UAE are said to be higher compared to those in the UK or US.
“Living in Dubai, individuals can predict their monthly budget for the year in terms of their fixed costs, such as rent, Dewa, telephone, car payments, etc. They can set aside a budget for shopping, eating out and car payments. They can also include a miscellaneous budget for any unforeseen situations that may arise during the course of the month,” noted Leigh.
Follow the save strategies for investing and also take into consideration the global economic environment.