The financial expert, the general manager of the "Bizat.com" website, which specializes in helping individuals achieve their financial goals, presented Salah Al-Halyan, tips to reduce expenditures in financial emergencies, indicating that simple adjustments to the daily routine and changing some habits may contribute to achieving financial savings that can be directed To more important and urgent things.
Hallian drew attention to many ways to save in our daily life, including grocery and dining expenses outside the home, entertainment, and shopping centers, as well as taking advantage of discounts and corporate loyalty programs and promotions, as well as reviewing paid TV or telephone service packages, or Refinancing the loan, to take advantage of the lower interest rates if possible and others.
Al-Halyan explained to «Emirates Today» that the monthly budget is the most important means at all in arranging income and spending, as it is through which all expenses are determined and divided into several items in order to facilitate their management, it is the key to effective money management, and allows knowledge and organization of the financial position in advance In addition to finding ways to boost financial savings.
Show that the first step to building a budget and managing financial life in an effective manner requires determining the net income that an individual receives at the end of the month, including fixed salary and any other income that he may receive from additional work, including cash rewards or the value of the things he sold.
Al-Halyan added that tracking expenses and expenses and recording them accurately provides the individual with information that would know him about the weaknesses in his behavior towards spending, and this requires recording all expenses even if they are simple, as they affect the budget lines at the end, and determine whether the individual is able to manage Things happen in a successful way.
He pointed out that through tracking expenses, it becomes clear to individuals day after day, the best way to reduce their expenses, including identifying unnecessary spending categories, dispensing with some items and converting them into more important categories that have priority in the context of the financial plans laid down.
Al Halyan said: “For the budget items to work perfectly at the end of each month, after putting the savings amount, for example, 15% of the salary, an amount should be set aside for emergency cases, such as sudden damage to the house and others. These funds keep people on the right track of their financial plans.” .
He said: «There is no doubt that building a tight budget requires making some adjustments to the way of life, and reconsidering the habits that increase the pressures on income, as these simple steps turn over the days into a habit in our financial lives, highlighting the positive side of keenness on funds. That many individuals follow costly daily habits that may increase the pressures on the budget and expenditures, if these funds are calculated over the month, and in this case it is preferable to transfer these contributions to more important groups for basic needs or savings fund support.
Shopping rationally
With the crisis of “Covid-19”, the financial expert, Salah Al Halyan, said, “The activity of shopping and visiting markets has decreased. To be utilized for any investment or opening a small project or any financial goal.
Al Halyan added that «many consumers succeed in managing their financial lives to the fullest, by following plans that qualify them to pay all their obligations at the end of the month, along with some extra surplus money, and here we must determine how to spend each additional dirham in an effective way, as it can be used to increase Savings, or raising the amount of contributions to the emergency fund ».
Tracking and recording expenses allows an individual to know the weaknesses in his behavior towards spending.