UAE: How can I make better use of my salary each month? Experts suggest 10 ways to plug your money leak

Here's a step-by-step guide on how one can make the most effective use of your income.

Published: December 12, 2021 12:38 Justin Varghese, Your Money Editor

1 of 22

There is nothing more important than setting a plan Image Credit: Stock image

2 of 22

The first step is ‘plugging the money leak’. Image Credit: Stock image

3 of 22

The ideal second step in ‘fiscal rehabilitation’. Image Credit: Stock image

4 of 22

How much money you have leftover for yourself after 'fixed expenses'? Image Credit: Stock image

5 of 22

Set aside at the start of the month one-off expenses as well. Image Credit: Stock image

6 of 22

Making slow-but-steady progress towards establishing an emergency fund. Image Credit: Stock image

7 of 22

Always seek opportunities to stash money – even little – into your emergency savings account. Image Credit: Stock image

8 of 22

Advisors say the impulse reaction of most is to splurge on something ‘depreciating’ if you earn a little extra. Image Credit: Stock image

9 of 22

At a time when you are struggling to make ends meet, ensure you have money set aside! Image Credit: Stock image

10 of 22

Next step is to set up a weekly budget. Image Credit: Stock image

11 of 22

Sticking to a weekly budget, takes you one step closer to what planners call ‘fiscal maturity’. Image Credit: Stock image

12 of 22

Are credit cards a pitfall? Leave all your cards at home. Image Credit: Stock image

13 of 22

Spending cash can seem more 'real' than using cards! Image Credit: Stock image

14 of 22

Hearing an age-old adage again - Think twice before every purchase! Image Credit: Stock image

15 of 22

What are the three vital questions planners say to ask yourself before buying an item or service? Image Credit: Stock image

16 of 22

A common ‘fiscal blackhole’ is how get-togethers with friends turn out to be expensive! Image Credit: Stock image

17 of 22

Spending quality time with people needn’t be an expensive affair! Image Credit: Stock image

18 of 22

Look for cheaper alternatives or means for enjoyment! Image Credit: Stock image

19 of 22

Keep in mind - People you spent time with are likely to be in a similar position like you! Image Credit: Stock image

20 of 22

Remember that while its easy on your pocket, it’s easy on your peers too. Image Credit: Stock image

21 of 22

Do you make your own lunches or buy your food each day? Image Credit: Stock image

22 of 22

Can you do without a take-away coffee some days? Image Credit: Stock image

Your Money Budget Living

UAE: How can I make better use of my salary each month? Experts suggest 10 ways to plug your money leak

More From Your Money

Do multiple bank accounts help you manage money better?

Send money home smarter: Score savings by delaying remittances to November-end!

UAE money transfers to UK, Europe - time it right, save big in November

GULFNEWS SECTIONS

Trending

UAE: How can I make better use of my salary each month? Experts suggest 10 ways to plug your money leak

More From Your Money

Do multiple bank accounts help you manage money better?

Send money home smarter: Score savings by delaying remittances to November-end!

UAE money transfers to UK, Europe - time it right, save big in November

GULFNEWS SECTIONS