The best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation.
The following guidelines will help you to save, borrow, spend and protect your money.
Prioritise saving for retirement
In an ideal world, you’d start saving with your first pay cheque and keep going until you’re ready to retire. You also wouldn’t touch that money until retirement.
Even if you can’t save 15 per cent of your income for retirement, as recommended by a number of financial services companies, anything you put aside can help give you a more comfortable future. Borrow against or cash out retirement funds only as a last resort.
Save for a rainy day
You may have read that you need an emergency fund equal to three to six months of expenses, but it can take years to save that much. That’s too long to put off other priorities, such as saving for retirement.
A starter emergency fund of $500 can be your first goal and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as space on your credit cards or an unused home equity line of credit.
Save for college
Got kids? Retirement savings come first, but anything you can save will reduce how much your child may need to borrow.
Also, research shows the simple act of saving for college increases the chances that a child from a low to moderate-income family will go to college.
Borrow smart for college
A college degree can pay off in higher earnings, but lenders may allow you to borrow far more than you can comfortably repay.
If you’re borrowing for your own education, consider limiting your total debt to what you expect to earn in your first year out of school.
If you’re a parent borrowing for a child’s education, aim for payments that are no more than 10 per cent of your income and that still allow you to save for retirement. If your payments are higher than 10 per cent of your income, investigate income-driven repayment plans that could bring down your costs.
Use credit cards as a convenience
Credit cards offer convenience and can protect you from fraud and disputes with merchants. But credit card interest tends to be high, so don’t carry credit card balances if you can avoid it.
If you routinely pay your balances in full, look for a rewards card with a sign-up bonus that returns at least 1.5 per cent of what you spend.
Finance your home smartly
If you want to be a homeowner, the best time to buy your first home is when you’re financially ready and in a position to stay put for a few years.
Opt for a mortgage rate that’s fixed for as long as you plan to remain in the home and don’t make extra payments against the principal until you’ve paid off all other debt and are on track for retirement.
Buy used vehicles and drive them for years
Buying a car right now isn’t a great idea; supply chain kinks and other pandemic-related issues have inflated the cost of both new and used cars.
In general, though, buying a used car can save you money over your driving lifetime, as can driving your car for many years before replacing it.
These days, a well-maintained car can last 321,868 kilometres without major issues, according to JD Power. This means you can get roughly 13 years of service out of your car if you drive it for 24,140km a year.
Ideally, you would pay cash for cars. If you need to borrow, try to limit the term of your loan to a maximum of five years.
Insure against catastrophic expenses
Use insurance to protect yourself against catastrophic expenses rather than smaller costs that you can easily pay out of pocket.
If you have sufficient savings, consider raising the deductibles on your policies to save money on premiums.
Be careful about high-deductible health insurance policies, though. Having a high deductible could cause you to put off medical care and it’s better to err on the side of safety when it comes to health.
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
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Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Company%20profile
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
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
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
