Tips on meeting your family's needs and securing your own financial future
By Cleofe Maceda, Senior Reporter
Published: 00:00 May 12, 2012
Image Credit: Virendra Saklani/Gulf News archive
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.