Towards the end of every year, around the time when our office phones are being abused by financial advisers offering to help us plan for next year, my friends and I get together to discuss what we have accomplished.
Finance:
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We talk about whether we have reached our goals, and what we would like to achieve the following year.
However, when it comes to writing their 2012 new year financial goals, saving and planning dominate the wish lists of my Emirati friends.
"My salary is Dh40,000 [US$10,889] a month, and a huge chunk of it goes to repaying my car loan, gifts and fancy abayas. You would think that I should easily save money with an amount like that," says one of my friends, who decided to open a savings account this year and dedicate a portion of her salary to it.
My other friends, however, came to the realisation that they were not familiar with saving - a concept that should have been taught at school along with home economics and personal finance.
I consider myself a good planner, but sometimes I overspend on items that I do not need. My closet and jewellery trunk contain untouched new goods. Instead of buying those things, I could have put money towards an income-generating investment.
Nonetheless, working in an investment institution has allowed me to pick up some tips to plan my finances properly this year.
And if you find yourself in a situation similar to mine or that of my friends, the following tricks should help you to shake things up.
Just as with any other important task, you need to prepare a plan.
Ask yourself what you want to achieve this year and why you want to achieve it.
Do you want to build that dream house, buy that pearly white yacht or finally go on that road trip across Europe? Prioritising is key here, as is differentiating between short and long-term goals. Once you pencil your goals down, it will be easier to stick to them and not overspend.
With your financial plan prepared, you also need to assess your current spending.
If you plan to buy a car, you need to figure out exactly how you spend your money every month, and how much you could save to buy the car.
Keep track of your finances by writing down how much you spend every time you go out, or keep your receipts in a box.
But if you have all these wonderful dreams, they should not be prioritised over paying off any debts you may have.
If you have borrowed money from a bank or from one of your relatives, forget about buying that red convertible for now and focus on repaying what you owe.
If you have several accumulating debts, start by paying back the one with the highest interest.
The financial market is still not stable, and many financial experts are predicting recession for certain countries.
Many of my friends do not realise the impact of such a situation, and thus never find it relevant to start an emergency fund.
Financial experts advise setting aside four to six months' worth of disposable income in an emergency fund.
This reminds me of a situation one of my friends found herself in. She does not believe in saving but rather enjoying life through shopping. Unfortunately, she suddenly suffered an illness and had to take a long, unpaid leave from work.
With little cash left in her bank account, this situation made her realise how one should save, and especially that we cannot control unfortunate events.
As wonderful as the emergency fund idea might seem, setting some amount of money aside for future purposes such as children's school fees or a wedding party is also important.
One of my colleagues agreed with her bank to transfer Dh5,000 from her current account to a savings account every month.
And when summer comes and it is time to plan a trip, she will have saved a decent amount of money to splurge and will have no need to accumulate any credit card debt.
At the end of the day, you do not need to be a financial adviser to manage your money.
A Manar Al Hinai is a fashion designer and writer. She can be followed on Twitter @manar_alhinai
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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.
UAE currency: the story behind the money in your pockets
Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
DUBAI%20BLING%3A%20EPISODE%201
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IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
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
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
