The financial expert, general manager of the «Bizat.com» specialized in helping individuals achieve their financial goals, Salah Al-Halyan, provided 10 financial advice to the residents of the Emirates in the framework of dealing with the new circumstances that have occurred in their lives due to the repercussions of the emerging corona virus (Covid-19), which were represented at:
1- Prepare a tight personal budget, and stick to it, as it is the most important step for individuals at different times, as it is one of the tools that helps them to organize and manage financial life, control it, and control debts, with the possibility of saving some money.
2- Being cautious about purchasing decisions for luxury products, and only at this stage being satisfied with the urgent needs, as it is necessary for individuals, and in all cases, to avoid lifestyles that exceed the level of financial capabilities.
3- Developing a plan for spending, reviewing it and constantly controlling it that will enable customers to control their needs and requirements, and will reveal ways to save, thus adding these amounts to savings, and reviewing the habits that waste resources and increase spending levels.
4- Contacting banks and lenders to get acquainted with the facilities they provide, as the banking sector revealed initiatives that include a set of measures and privileges granted to customers in the current period, in order to alleviate economic pressures, including periods of grace or installment payments due on dealers, and not to ignore financial institutions In these circumstances, but rather to communicate with them, these institutions are fully aware of the employees whose salaries have stopped, or those whose dues have been deducted.
5- Communicating with the rental company or the owners of residential buildings to schedule or divide the payments, as many companies announced facilities in this framework during the recent period, and the process of prioritization can help individuals overcome financial crises, and inquire from educational institutions about the nature of fees, The ability to schedule payments in flexible times.
6- Stop borrowing more money and reconsider the ability to carry debts. During crises, the chances of accumulating payments and debts increase to the point that impairs a person’s ability to pay, especially in light of declining levels of income and instability.
7- Providing a cash reserve for unforeseen expenses that guarantee protection for individuals and families, as these expenditures are often large and unpredictable, and cause debts to accumulate and make them unmanageable, while ensuring that savings in the emergency fund continue to grow.
8- Reconsidering the value of the monthly bills, especially if they consume a large part of the budget in the context of preparing to reduce expenditures. Whenever we are able to control and reduce budget categories based on priorities, we succeed in protecting our financial resources.
9- Drawing news from its official sources and constantly following it, in order to ensure that the right steps are taken, as rumors and false information make us take wrong decisions that increase the financial burdens on individuals during these exceptional circumstances.
10 - Saving some money from the monthly income as much as possible even if the amounts are few, and this is achieved only through building sound financial habits, in the end individuals who follow a serious savings plan will not face financial problems.