With the world gradually recovering from the effects of Covid-19, despite the onset of the Omicron variant, the New Year's holiday season will be characterised by shopping sprees. But it is important to guarantee that you make every penny count.
About 62 per cent of households in the Middle East reported a reduction in income and 49 per cent registered an increase in expenses during Covid-19, a study by PricewaterhouseCoopers found last year. The topic of saving, therefore, assumes even more importance during the festive season.
Life is unpredictable. With no indication of what lies in store for us, it is best to be prepared in every aspect possible.
We have imbibed an important life lesson from our parents: saving money. However, it becomes far more important in the latter phase of our lives as saving money is a necessity for every individual at a personal level.
Managing your money and finances is no rocket science. Neither is it the hegemony of professional financial advisers. Usually, people who struggle to save money are victims of bad spending habits.
We have all been there – an indulgent purchase, an impulsive vacation, an unforeseen emergency – these are inevitable situations in everyday life. But, you can easily adapt to these circumstances if you only spend after you save.
Putting money away in savings or investments in a systematic manner can help you avoid financial problems. It can help you in your hour of need and guarantee that your family has a cushion to fall back on in the event of an emergency.
Savings are essential for everyone, regardless of one’s income, expenditure or life stage. Here are some reasons why you should start saving:
- It provides peace of mind.
- It ensures a brighter future.
- It covers future expected liabilities such as children’s education.
- It protects your family in the event of financial turmoil.
But how does one save money? Here are a few tips:
Create a budget for savings
It is a good idea to create a monthly budget. You can plan at the beginning of each month to save and establish spending limits. This allows you to focus on what is essential, minimises the likelihood of overspending and put away some money as intended.
To stay on track with your budget, create a separate account for savings and transfer the planned amount on the salary date.
Record your expenses
If you find it difficult to save on a regular basis, consider keeping a record of your monthly expenditure. This will provide you with a clear picture of where your money is going. You may then identify non-essential items and strive to save more money by avoiding them.
Use your credit card smartly
Credit cards may give a momentary sense of comfort, but the hefty interest rates can quickly drain your funds.
They do offer rewards, cashback, miles or discount benefits. Prudent use of these cards will help you access easy credit and save a decent amount of money each month.
The cardinal rule for prudent use of credit cards is to pay the total outstanding bill in full every month before the due date
Nitin Agarwal,
president, Hundred Offers
The cardinal rule for prudent use of credit cards is to pay the total outstanding bill in full every month before the due date. Otherwise, the card provider charges a hefty interest from the day of transaction.
Track discounts on your credit cards
It is difficult to be fully aware of relevant offers, especially with cards and loyalty programmes offering thousands of deals. Use aggregator apps to identify the best deals, which help you save money while purchasing everyday essentials.
Invest in long-term financial plans
It is essential to watch your money develop over time while you save. Investing in a long-term plan provides a decent rate of interest or return and allows your money to retain its value and outperform inflation.
Nitin Agarwal is the president of Hundred Offers.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Read more from Aya Iskandarani
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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COMPANY%20PROFILE
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
UAE currency: the story behind the money in your pockets
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Small%20Things%20Like%20These
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COMPANY%20PROFILE
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Persuasion
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Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Company%20Profile
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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Naga
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'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Outsider
Stephen King, Penguin
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes