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Scott - every penny counts

How to shore up finances in the new year

UAE, January 7, 2016

A recent study has pointed out that wage increases in the Middle East are going to be rather flat this year, due to the slump in the region’s economy brought about by the crash in oil prices. It further states that companies will continue being cautious and not hire as much as before. 
 
With such head winds, it becomes imperative to secure the financial resources one already has, in order to weather the storm.   
 
An official from Prestige Wealth Solutions has come up with a few tips to help people save money in the year ahead. 
 
Senior financial advisor Jamie Scott suggests the following steps for creating a comfortable nest egg for the upcoming year: 
 
• Reduce Debt – For people carrying credit card debt, Scott suggests choosing to pay of one card at a time, giving preference to those with higher interest rates, while paying only minimums for the rest. 
 
• Focus on savings – Decide how much of one’s income is available to save each month, and have that portion deposited directly into a savings account. 
 
• Use cash first – Take out enough cash to last one week at a time. Prepare and stick to your weekly budget. 
 
• Cut down on unnecessary costs – Everyone has that one luxury expense such as dining out or buying a premium coffee every day. These expenses should be moderated in order to build savings. 
 
• Share Responsibility – Sit down with your partner and work out a savings strategy which both of you can maintain. 
 
• Keep receipts – Maintaining a budget is easier when all the money is accounted for. He suggests keeping a record of all receipts. 
 
• Check your balance online – Prevent overdraft charges and insufficient funds in the account by regularly checking account balance and acting accordingly. 
 
• Analyse your spending – Rove over your expenses with a critical eye and identify areas where you can cut them out. 
 
• Life is a hurdle race, not a flat race – Remember that life is unpredictable, and things happen that are out of our control. When you make a budget, try to allow some extra money for variable expenses. It can be hard to get back on track if you let yourself get too frustrated over a mistake or two.
 
• Reward yourself – If you can set a regime and stick to it, you will see rapid improvement in your financial situation. Setting personal financial goals, even reducing debt deserves personal reward. So, treat yourself to small monthly rewards. 
 
Scott concludes by saying that budgeting will come easily the longer one stays with it. He asks people to remember that budgeting is worth the effort and that keeping on budget can make a significant difference across many areas of life. – TradeArabia News Service



Tags: debt | New Year | Savings |

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