“Money, I don’t know where it goes. On payday I have money, then, far too quickly, it’s just … gone. I feel trapped in this endless cycle where I can’t get ahead!” I can’t tell you the number of times people have told me this, or something very similar.
In my experience, it seems there are five main factors keeping us from being successful money managers. There are also five fixes, one for each problem, to help you straighten out your finances.
Problem 1: we don’t track our spending
Unless you have a tracking system that works for you, you won't be able to tell why you aren’t reaching your financial goals. As the saying goes, “we can’t control what we don’t know”.
Solution: get a free spending tracker app on your phone. I use Spending Tracker — free on iOS and Android. It takes 30 seconds to enter all your daily purchases and put them in their proper categories. Once you have this information, you can make better choices about where you want your money to go. It also helps identify trends that you wouldn't spot otherwise, like when I realised my car was my greatest expense last year.
Problem 2: our brains are conspiring against us
When we make a purchase, our brains send a spike of dopamine into our systems, leading us to feel a temporary jolt of happiness. This quickly fades, leaving us wanting more: more purchases, more dopamine, less money. And because there is always more stuff to buy, thanks to the marvel of modern capitalism, we can never really get enough.
Solution: do free fun stuff and achieve that same dopamine spike as when you make purchases. If you're able to enjoy free activities — a hike, playing board games or yoga in the park — you can start to break the connection in your mind between spending money and happiness.
Problem 3: advertising works
We live in a world drowning in advertisements clamouring for our attention. It is so omnipresent we don’t even register its effects on how we consume and act. Before we know it, we’ve spent far more money on things we suddenly need to have, all because of advertising. This can blow our budgets.
Solution: stop impulse buying. My system for this is to wait three days from when I first feel I have to get something. If I still feel strongly that I need whatever it is after that time period, I will shop around to see if I can buy it second-hand first. If I can't, I'll buy it new, but try to get it cheaper. Giving myself that three-day buffer lets me decide if it's something I really need, and usually, it's not.
Problem 4: we admire people that own luxury cars, yachts and designer clothing
There's a reason we watch Keeping Up With The Kardashians and not Keeping Up With The Dalai Lama, because we all dream about what it would be like to live that crazy life with only the best stuff and experiences.
Solution: realign your thinking and realise those people are chained to jobs in order to have enough money to buy all that expensive stuff. Once you have a grasp on managing your money and start reaching your financial goals and lowering your spending, you won't need to be trapped in jobs you dislike. You can just leave; that freedom is worth more than a fancy pair of shoes or an expensive luxury car.
Problem 5: we think investing is too complicated
There is an infinite number of ways to invest, and it can feel intimidating to pick the right one to grow your wealth and not get caught out by bad investments. Many “financial advisers” also sell complicated products with pages of fine print. Sadly, those products are made intentionally confusing so that investing stays mysterious and we keep giving our money to these “professionals”.
Solution: learn about index fund investing. It's easy to set up simple investments for yourself that even Warren Buffett, the greatest investor alive, recommends. Simply buy index funds and forget about them.
Managing our money wisely, spending less than we make and investing the difference productively can allow us freedom in our lives to pursue our passions. We can do the work to determine what it is that makes us feel alive and passionate, not just what we need to do to survive financially. Isn’t that how you’d like to live?
Dubai schoolteacher Zach Holz (@HappiestTeach) documents his journey towards financial independence on his personal finance blog The Happiest Teacher
UAE currency: the story behind the money in your pockets
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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
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
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
Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
The UAE's journey to space
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
Killing of Qassem Suleimani
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Killing of Qassem Suleimani
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
