With the world gradually recovering from the effects of Covid-19, despite the onset of the Omicron variant, the New Year's holiday season will be characterised by shopping sprees. But it is important to guarantee that you make every penny count.
About 62 per cent of households in the Middle East reported a reduction in income and 49 per cent registered an increase in expenses during Covid-19, a study by PricewaterhouseCoopers found last year. The topic of saving, therefore, assumes even more importance during the festive season.
Life is unpredictable. With no indication of what lies in store for us, it is best to be prepared in every aspect possible.
We have imbibed an important life lesson from our parents: saving money. However, it becomes far more important in the latter phase of our lives as saving money is a necessity for every individual at a personal level.
Managing your money and finances is no rocket science. Neither is it the hegemony of professional financial advisers. Usually, people who struggle to save money are victims of bad spending habits.
We have all been there – an indulgent purchase, an impulsive vacation, an unforeseen emergency – these are inevitable situations in everyday life. But, you can easily adapt to these circumstances if you only spend after you save.
Putting money away in savings or investments in a systematic manner can help you avoid financial problems. It can help you in your hour of need and guarantee that your family has a cushion to fall back on in the event of an emergency.
Savings are essential for everyone, regardless of one’s income, expenditure or life stage. Here are some reasons why you should start saving:
- It provides peace of mind.
- It ensures a brighter future.
- It covers future expected liabilities such as children’s education.
- It protects your family in the event of financial turmoil.
But how does one save money? Here are a few tips:
Create a budget for savings
It is a good idea to create a monthly budget. You can plan at the beginning of each month to save and establish spending limits. This allows you to focus on what is essential, minimises the likelihood of overspending and put away some money as intended.
To stay on track with your budget, create a separate account for savings and transfer the planned amount on the salary date.
Record your expenses
If you find it difficult to save on a regular basis, consider keeping a record of your monthly expenditure. This will provide you with a clear picture of where your money is going. You may then identify non-essential items and strive to save more money by avoiding them.
Use your credit card smartly
Credit cards may give a momentary sense of comfort, but the hefty interest rates can quickly drain your funds.
They do offer rewards, cashback, miles or discount benefits. Prudent use of these cards will help you access easy credit and save a decent amount of money each month.
The cardinal rule for prudent use of credit cards is to pay the total outstanding bill in full every month before the due date
Nitin Agarwal,
president, Hundred Offers
The cardinal rule for prudent use of credit cards is to pay the total outstanding bill in full every month before the due date. Otherwise, the card provider charges a hefty interest from the day of transaction.
Track discounts on your credit cards
It is difficult to be fully aware of relevant offers, especially with cards and loyalty programmes offering thousands of deals. Use aggregator apps to identify the best deals, which help you save money while purchasing everyday essentials.
Invest in long-term financial plans
It is essential to watch your money develop over time while you save. Investing in a long-term plan provides a decent rate of interest or return and allows your money to retain its value and outperform inflation.
Nitin Agarwal is the president of Hundred Offers.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
RESULT
RS Leipzig 3
Marcel Sabitzer 10', 21'
Emil Forsberg 87'
Tottenham 0
Mobile phone packages comparison
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'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
