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.

Last updated: December 12, 2021 | 13:05

Justin Varghese

2 MIN READ

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There is nothing more important than setting a plan

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The first step is ‘plugging the money leak’.

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The ideal second step in ‘fiscal rehabilitation’.

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How much money you have leftover for yourself after 'fixed expenses'?

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Set aside at the start of the month one-off expenses as well.

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Making slow-but-steady progress towards establishing an emergency fund.

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Always seek opportunities to stash money – even little – into your emergency savings account.

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

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At a time when you are struggling to make ends meet, ensure you have money set aside!

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Next step is to set up a weekly budget.

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Sticking to a weekly budget, takes you one step closer to what planners call ‘fiscal maturity’.

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Are credit cards a pitfall? Leave all your cards at home.

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Spending cash can seem more 'real' than using cards!

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Hearing an age-old adage again - Think twice before every purchase!

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What are the three vital questions planners say to ask yourself before buying an item or service?

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A common ‘fiscal blackhole’ is how get-togethers with friends turn out to be expensive!

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Spending quality time with people needn’t be an expensive affair!

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Look for cheaper alternatives or means for enjoyment!

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Keep in mind - People you spent time with are likely to be in a similar position like you!

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Remember that while its easy on your pocket, it’s easy on your peers too.

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Do you make your own lunches or buy your food each day?

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Can you do without a take-away coffee some days?

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