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Set aside some money for yourself

Tips on meeting your family's needs and securing your own financial future

Image Credit: Virendra Saklani/Gulf News archive
Gulf News

Dubai Being the sole breadwinner in the family entails a lot of sacrifices. If you find yourself in the same situation, it is important that you know how to strike a balance between meeting your family's needs and securing your own financial future. Here are a few tips from Natalie Storey of Acuma and Steve Gregory of Holborn Assets:

  • Before anything else, set aside 10 per cent of your salary for yourself.
  • Buy income protection insurance. This will ensure you will have an income in case you get seriously ill and are unable to work.
  • Take out life insurance to ensure your family has money to dip into if you die prematurely
  • Once you have secured your own savings and the two insurance policies, set your budget for spending and helping your family.
  • Ensure you have enough money to live within your means. Create an Excel spreadsheet of your earnings and enter everything you spend in a given month.
  • If you find yourself spending more than you earn, look for ways to decrease your expenditure to ease the deficit and financial strain.
  • Set aside some money each month for emergencies.
  • Start a savings plan to be in a stronger position in later years.