The coach of culture and financial awareness, Abdullah Al-Hassawi, called for the establishment of a local or federal institution that adopts the dissemination of culture and financial awareness in the community, where efforts in this field are limited to personal initiatives and sporadic practices, despite their importance to society, stressing that this stage will go on and return to life as before, and must Use this opportunity to better review your personal money management.
Al-Hassawi explained that the Corona crisis represents an appropriate opportunity for individuals and families to get rid of consumer habits and behaviors that are prevalent in society and that represent a burden on the family and individual budget, noting during the lecture organized by the "Sea of Culture" Foundation, the day before yesterday, remotely, under the title "Managing personal expenses after the stage of Corona", that the most important problem facing families in this field is how to teach children the skills to manage their financial expenses, advising that the family start giving children these skills early using modern methods suitable for them.
3 axes
Al-Hassawi, who provides the radio program "Financial Clinic", identified three main axes to control personal expenses, the first is to change consumer habits and behaviors, and this requires getting rid of consumer convictions that a person believes in, such as "spend what is in the pocket, what comes in the unseen comes to you" And others, and analyzing the family's needs to identify necessities and luxuries, which was achieved by many in light of the current crisis. The second is using appropriate tools to manage financial matters, such as setting a monthly budget for the family, and allocating an emergency account that includes family expenses for a period of between three and six months. The third axis focuses on knowing and using the skills needed to manage financial matters, such as the skill of financial planning, and the skill of smart shopping that includes smart methods such as negotiation and comparison of goods and the search for promotions, and attention only to promotional offers on the goods that we need.
Boasting consumption
Al-Hassawi warned of what he called "boasting consumption", influencing the stars of social media platforms, and the resultant people's desire to obtain goods similar to the ones they are promoting. He explained that this crisis was not present in the beginning of the current century, and man was affected by the tastes of those around him and what he sees of them, but with the spread of the phenomenon of social influencers through social networking sites, and their promotion of certain consumer goods and lifestyle, many have become affected by them and try to imitate and get For the goods they are promoting, which is called boasting consumption. He added: "If you cannot control your consumption behavior, you should stop following these influences, or choose who offers useful content away from the promotion and advertising of products."
Ideas for new projects
And on economic projects in the post-Corona period; Abdullah Al-Hassawi advised those who wish to launch a special project to study the idea well, and focus on ideas related to providing solutions to a problem that exists in society, or that meet a need of the client, and these ideas can be determined based on a careful market study, noting the change brought about by the crisis of «Corona »In the pattern of consumer behavior among people, such as increasing the trend towards e-shopping.
And on the difference in the ability to manage expenses between men and women; He pointed out that these skills differ from one person to another regardless of gender, advising women to deliberate buying when doing shopping for entertainment, but in the investment field, they can buy 24-carat gold bars, especially if the investment is for small amounts.
He explained that most women miss the post-retirement planning. Stressing the need to formulate future goals at this stage, the most important of which is planning for the post-retirement stage after defining the pattern that a person will live after retirement, bearing in mind that the plans are appropriate and realistic.
Crisis fear behaviors
Culture and financial awareness coach, Abdullah Al-Hassawi, warned of consumer behaviors resulting from the fear of rising prices in times of crises and beyond, and added: “I am against the behavioral purchasing tendency resulting from panic from high prices in crises, or fear of a lack of commodities in the markets, To resist this behavior, there are many skills that must be acquired, such as finding alternatives to goods of the same quality, changing behaviors in order to coexist with an unusual pattern due to this crisis, setting a road map by formulating near and long-term financial goals, adhering to savings behaviors, and educating children about financial culture at the age of Early, such as teaching a child to save Eid or give him a certain amount in which to buy specific things.