To control spending and rationalize consumption to face the high cost
Two experts: 10 items that can be dispensed with in the family budget
Mohamed Helmy: “One of the items that can be dispensed with is going to cafes, eating out, or buying ready-made meals.”
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Two financial experts identified 10 items that can be dispensed with in the family budget to control spending and rationalize consumption, in order to face rising prices and inflation.
They confirmed to "Emirates Today" that the wave of global price increases, and inflation levels are likely to increase, in light of the crisis of the Russian-Ukrainian war, and the rise in oil prices.
In detail, the economist, Hammad Abdullah, said that “there are spending items that the individual can review and dispense with immediately, and he will see a difference in his monthly budget, such as avoiding buying luxuries, rationalizing the use of water, electricity and mobile phone, stopping food waste, and staying away from unhealthy offers. or useless, in addition to reducing oil consumption, by dispensing with unnecessary (rides) or that can be accessed with cheap alternatives.
He added, "The government is adopting a variety of awareness and rationalization campaigns, even before the recent price hike, specifically since the global financial crisis, as it urged individuals to save and avoid extravagance or borrowing to buy luxury goods, travel and other things, or live in a way that exceeds the level of income."
For his part, the financial expert, Mohamed Helmy, said that “the family can do an assessment of the commodities that are consumed monthly, classify them between necessary, unnecessary and recreational, and focus on the necessary commodities while looking for alternatives or cheaper outlets if the price is high,” adding “Families can also make a comparison between the quality of the product and its price, in order to ensure that they avoid buying overpriced brands, as well as monitoring stores that make discounts and buy from them as long as it does not prejudice the quality of the product.”
He continued, "There are other items that can be dispensed with, such as the daily habits of going to cafes, eating out of the house, or buying ready-made meals."
Helmy said: "It is also possible to allocate a fixed monthly amount, even if it is simple, for savings or investment, in addition to trying to increase income by allocating a specific time to work on the Internet in the field of specialization that the individual is proficient in."
10 items
1- Reducing the number of times eating in restaurants or stopping them, if necessary.
2- Reducing the number of times you go to cafes.
3- Avoid buying unnecessary things, and focus on food commodities
Basic and healthy, and stay away from useless offers.
4- Educating family members about the importance of rationalizing all kinds of expenses, and saving savings for rationalization.
5- Stay away from buying expensive brands, and look for outlets that offer good offers and discounts.
6- Avoid living above income, or borrowing to buy luxuries or to travel.
7- Not to waste water, electricity and mobile phones, and avoid food waste.
8- Reducing the use of petroleum.
9- Allocate a fixed amount of savings per month, even if it is small.
10- Searching for an additional source of income, perhaps by allocating a specific time to work on the Internet in the field of specialization that the individual is good at.
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