Amid rising inflation, interest rate increases and recession worries, money is getting tighter for many people — and probably for you.
Yet, there may be charitable organisations you want to support, friends or family asking for financial help and things you want to buy for yourself. It is possible to do these things even on a limited budget.
But if you want to be responsible with your money, you have to know where to draw the line. When is it acceptable to put your own interests first? Use these criteria as guidance.
When your finances are at risk
Think carefully before spending any amount of money on somebody else, whether it is $20 or $2,000.
Will it jeopardise your ability to pay bills or save for emergencies? Picking up the lunch tab for a friend or helping to put your child through college shouldn’t come at the cost of your own expenses and goals.
A crucial part of this assessment: assume you will never get the money back. There is no guarantee your loved ones will repay you, no matter how well-intentioned they may be.
“If you can’t afford to give it as a gift with no expectations on your end, then you can’t afford to help,” says Lacy Rogers, a financial planner in Texas.
Chicago-based financial planner Valerie Rivera says saving towards a “giving budget” in a designated account can create a clear separation for your spending.
If you don’t have enough funds in the account, that signals that you can’t spare the money.
You are under pressure to pay
You are not required to hand out money even if you have the means to be generous. You have the right to say no when you feel stressed or uncomfortable. Don’t let others talk you into something you will regret.
Saying no can be challenging, especially when dealing with family or a close-knit community.
A sense of guilt and obligation often clouds judgment. Your mother raised you, so the least you can do is pay her credit card debt, right? Not if it enables her to repeatedly overspend and turn to you for money.
Having conversations about finances with loved ones early and often helps to set expectations.
“It is totally OK to re-establish or establish for the first time what money looks like in discussion with friends or family,” says Kate Mielitz, a financial counsellor in Washington.
Take time to process each money request that comes your way. Consider passing if you are concerned about being taken advantage of or supporting harmful financial behaviour.
You can help in other ways
Supporting the people you care about does not always have to cost money. Your time, skills and knowledge are valuable, too.
Say you have an elderly neighbour you used to purchase groceries for. If you are unable to pitch in personally, point them in the direction of those who can.
“Familiarise yourself or help your friends and family familiarise themselves with resources in the area — if that is a food bank, second-hand clothing, job services or resume help — to help them move forward and get a stronger foot up,” Ms Mielitz says.
Set aside money to treat yourself
Taking care of your needs and goals (and giving to others) is important. But everyone deserves a little fun, too.
“We are human and we need balance. We can’t only save for later and not enjoy life today,” Ms Rivera says.
If you have discretionary money, don’t spend it all on others. Leave room for self-care, entertainment or whatever brings you joy.
“A lot of times, we use money to find ways to enhance our mood. Whether that is dining out or going out for a drink with a friend or buying a book,” Ms Mielitz says.
“But you have to put together a spending plan and know what you have access to, because there are times when we don’t have the money and we spend it anyway.”
Regularly setting aside funds or shuffling expenses around can give you the flexibility to splurge on yourself without hurting your finances.
“Life, in general, is a series of trade-offs,” Ms Rivera says. “So, it is picking and choosing what really is going to add value to your life.”
Associated Press
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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
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
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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
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Global state-owned investor ranking by size
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United States
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2.
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China
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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