A lot can happen in six months. That’s why, as we close out the first half of the year, it makes sense to check in on your financial life.
“With inflation, I think people this year are more heavily affected than they probably have been in many years leading up to this point,” says Jason Dall’Acqua, a certified financial planner (CFP) and founder of Crest Wealth Adviser.
“So it’s a good time to see how things have been going … as well as plan for what lies ahead in the remainder of the year.”
So where should you start? Add these three items to your mid-year money checklist.
1. Review your income, expenses and goals
You don’t have to tally up every cent you’ve made and spent over the past six months. But taking a few minutes to check a bank or budget app can help you better understand your finances and course-correct if necessary.
“Right now with inflation, even if you had a budget back in January, it probably is not the same as it is today. There are some things that are going to need to be changed. So it’s just really resetting and figuring out where you stand today versus where you thought you were going to stand today,” says Kayla Welte, a CFP with District Capital Management.
Look for opportunities to scale back if you’ve spent more than anticipated. For example, you can dine out less or cancel subscription services you rarely use.
“Any excess spending that you’ve been doing, you may have to cut down to account for this higher cost of things that you absolutely have to buy,” Ms Welte says.
If you set money resolutions or other financial goals earlier this year, check on those, too. Have you saved as much towards retirement or an emergency fund as you planned? Are you on track to pay off debt?
2. Deal with debt
Debt is becoming more expensive to carry due to rising interest rates. Pay down debts sooner, particularly those with variable interest rates, to save money. These debts might include credit cards, personal loans or adjustable-rate mortgages.
Concentrate on reducing your debt with the highest rates first, then move on to the next highest.
Mr Dall’Acqua also suggests switching from variable-rate to fixed-rate options by refinancing, if possible. “If you can lock in the fixed rate now, you’re likely to be saving yourself significantly in interest costs over time,” he says.
3. Plan Christmas shopping
Inflation could make Christmas gifts a little pricier this year. Create a shopping list and think about how much you can afford to spend. “Figure out what that would require for you to start saving on a weekly or monthly basis and start putting that money aside right now,” Mr Dall’Acqua says.
Starting shopping early can also help you manage the cost without accruing debt. Many retailers host major sale events in the summer, including Amazon’s Prime Day, which begins in July.
Don’t worry about getting everything perfect right now.
As Joe Bautista, a CFP from Oregon, says: “Financial planning is dynamic, it’s not static.”
Check in on your money plans periodically and update them as needed.
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UAE salary guide 2022 — in pictures
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Poacher
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
KILLING OF QASSEM SULEIMANI
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
Company%C2%A0profile
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
AIDA%20RETURNS
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