Are you feeling a financial pinch at the moment? Is the negative and foreboding financial news making you anxious? If so, you are not alone.
It feels as though inflation around the world is rising by the day.
In the UK, inflation has hit 9.1 per cent, up from 2.1 per cent in May 2021, according to the Office for National Statistics.
Meanwhile, US inflation surged to a 40-year high of 8.6 per cent earlier this month.
The inflation reports show that the areas most affected include groceries and fuel. As two of the more volatile categories, they not only affect inflation but also the hip pocket of average consumers.
In the US, it was reported that energy costs rose 34.6 per cent in one year while groceries increased 11.9 per cent in the same period. Other than housing, these tend to be the two largest costs I see in my client's budgets.
So, what do you do when two of the largest categories of your budget are increasing so dramatically?
Let’s put it in perspective. As individual consumers, there is little we can do to control what is happening to the economy.
However, we can control how we react to it, which means that now is an important time and opportunity to focus on your cashflow plan or budget.
It is also time to figure out or revisit your values, ambitions and goals. The next step is to then build a cashflow plan in line with those values, ambitions and goals to ensure you allocate your resources to the parts of life that are most important to you.
This does not guarantee there will be enough money to do everything that you want to do, but it will help to ensure that you are making the best use of what you do have.
This is powerful knowledge that you can use in many areas of your life.
Facing the reality of your finances may also motivate you to bridge the gap by asking for that pay rise you have been putting off, looking for a new, higher-paying job or setting up a side business that you not only love but one that will bring in extra income to help you do all the things that you want to do.
When reviewing your budget or cashflow plan, it is important to look for areas where you can reduce your costs, especially in the grocery and energy categories.
You can save money by shopping in cheaper supermarkets, for instance. It also helps to have a shopping list prepared to avoid unnecessary purchases, while shopping online and using delivery apps can also save you money.
Limiting your driving is not only good for the environment but will also help to reduce the cost of running a car, while using electricity-hungry appliances, such as washing machines and dish washers, during certain times of the day when the charge per unit is less can lower your energy bill.
Be creative and involve the family. My children love it when we set a family challenge! Be positive about it and make it fun.
If you are doing well financially and can comfortably absorb the inflation increases, this is a timely trigger to assess if you would be ready if your fortunes changed
Carol Glynn,
founder of Conscious Finance Coaching
On the flip side, if you are doing well financially and can comfortably absorb the inflation increases, this is a timely trigger to assess if you would be ready if your fortunes changed, such as losing your job or facing a large, unexpected bill.
Do you have an emergency fund in place? Are you making the most of your income? If your savings are not invested, now is a great time to start.
But remember: fretting about the doom, gloom and fear we are hearing in the news will only increase our stress levels rather than our finances.
Instead, allow the noise to be your motivation for positive change and take charge of what you can control by focusing positive energy on your income and cashflow plans.
Carol Glynn is the founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
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IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
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Killing of Qassem Suleimani
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Killing of Qassem Suleimani
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Company%20Profile
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
UAE currency: the story behind the money in your pockets
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
