The family economy.. How do we ensure its stability?


Yousef al-Sharif

January 25, 2023

in the law of supply and demand;

The higher the price, the lower the demand, but in the family economy the equation is different, the higher the price, the higher the demand!

This is because today we live in a life of bragging, imitation, prestige, and preserving the social level, and whenever we compare ourselves to those around us, we desire to be distinguished by more expensive and high-priced possessions, and for this I say that in the law of the family economy;

The higher the price of the need or the purpose, the more your children, your wife, or even you yourself will demand it in order to stand out among your society and feel that you are on the same level with your colleagues and companions.

In light of the successive crises and the high cost of living that many are currently experiencing, and that have greatly affected the family economy, it is true that we in the UAE have not been affected in the same way as other countries, and this is due to the economic policies set by our great government that are in line with the possible repercussions that may be faced due to crises, but that does not mean that we as families are far from these repercussions, and we must realize and learn how to manage our family economy in a way that guarantees our peace and financial stability for us and our children.

From my point of view, the human being is like the family or corporations and states, everyone is subject to the same law;

Good years and lean years, and in good years we have to learn how to manage our wealth;

And to allocate a part of it to face crises and invest it for our benefit, or at least to overcome its mistakes and failures, and therefore we must, whatever our situation and income, allocate part of that income to saving or investing, and to learn how to spend and where to spend, and here I do not mean that we make our hands tied to our necks, it is our right Enjoying the money we earn, but it is reasonable and that we put a form of management for our money to know where it entered and where it was spent, and we don’t mind if we write books and write it down as if we were in a company, because the family is a long-term company and ensuring its financial stability has positive effects in many of our life decisions.

It is never wrong to teach our children the value of money and how to manage their personal economy from a young age, even if we want to pamper them and buy the most expensive and latest collectibles for them, but we have to bring them into the circle of our financial accounts, and teach them how much effort it takes to earn that money so that they do not get used to extravagance and spending. Without realizing or calculating, and in fact I am surprised by those who are ashamed to tell their children or families about their financial problems or stumbling blocks, and try to fulfill their requests with the principle of “dressing the caps” taking from this and giving that and so on, until he finds himself in a spiral of debts that he cannot get out of, so it is safer To make our material experience an open book in front of our families, even if there are mistakes in it, let it be a lesson for them and their future.

Also, one of the things that must be taken into account in our family economy is the issue of setting priorities, and it may be difficult for us in this time to implement this matter. It occurs in our world at the expense of our financial stability, or that we are dragged into habits that may bring us momentary happiness in exchange for months or years of unhappiness. Our material condition is very important in shaping our personalities as it directly affects our moods and our ability to face changing circumstances.

Therefore, it is really of great benefit for us to deal with our family economy in our current time as if we were running the largest company in the world, we calculate all the accounts and put all the necessary plans to ensure a better future for us and our children, and we must guess all the variables and put them in our eyes to maintain stability Our financial families, and we have lessons in these crises. 

Lawyer and media writer

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