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    Cash crunch? Here are 15 tips to wisely manage your routine finances in such dire times

    Your Money

    • Saving and Investment
    • Budget Living
    • Taxation
    • Expert Columns
    • Community Tips

    Your Money

    Budget Living
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    Budget Living

    Cash crunch? Here are 15 tips to wisely manage your routine finances in such dire times

    Ways to go about reining in day-to-day expenses when facing a pay cut or a loss of income


    Published:  July 08, 2020 17:00 Last updated:  August 28, 2020 12:51 Suchitra Bajpai Chaudhary, Senior Reporter

    1 of 25
    15 tips to manage your personal finance wisely
    Ways to go about reining in day-to-day expenses when facing a pay cut or a loss of income. Image Credit: Stock image
    2 of 25
    15 tips to manage your personal finance wisely
    Take 10 per cent of what you bring in, put it aside and let it accumulate. Image Credit: Stock image
    3 of 25
    15 tips to manage your personal finance wisely
    Pay rent, school fees, utility bills, grocery, fuel and then set aside the surplus. Image Credit: Stock image
    4 of 25
    15 tips to manage your personal finance wisely
    Use some of the fringe benefits on your credit card. Image Credit: Stock image
    5 of 25
    15 tips to manage your personal finance wisely
    Optimise vehicle fuel bills by combining more than one essential trip. Image Credit: Stock image
    6 of 25
    15 tips to manage your personal finance wisely
    Leasing a car makes more sense in the short term versus buying a car. Image Credit: Stock image
    7 of 25
    15 tips to manage your personal finance wisely
    Once salary is credited, pay bills through auto pay to avoid fines. Image Credit: Stock image
    8 of 25
    15 tips to manage your personal finance wisely
    If phone bills are out of control, seek pre-paid instead of post-paid. Image Credit: Stock image
    9 of 25
    15 tips to manage your personal finance wisely
    Be mindful of the use of your calling minutes from the beginning of the month. Image Credit: Stock image
    10 of 25
    15 tips to manage your personal finance wisely
    Plan well for big monthly savings. Image Credit: Stock image
    11 of 25
    15 tips to manage your personal finance wisely
    Bulk buys give far better deals financially. Image Credit: Stock image
    12 of 25
    15 tips to manage your personal finance wisely
    While planning your costs for clothes, spread the expenditure over months. Image Credit: Stock image
    13 of 25
    15 tips to manage your personal finance wisely
    Draw up a budget on the number of times you are likely to eat out and set up a cash ceiling. Image Credit: Stock image
    14 of 25
    15 tips to manage your personal finance wisely
    Avoid holding onto more than one credit card. It make you vulnerable to fall into major debt traps. Image Credit: Stock image
    15 of 25
    15 tips to manage your personal finance wisely
    Its often recommended that you set aside funds for a rainy day. But how much? Image Credit: Stock image
    16 of 25
    15 tips to manage your personal finance wisely
    Put 50 per cent of your monthly savings into a separate savings bank account. Image Credit: Stock image
    17 of 25
    15 tips to manage your personal finance wisely
    Invest at least 10 per cent of your monthly income into a plan like mutual funds, stocks or bonds. Image Credit: Stock image
    18 of 25
    15 tips to manage your personal finance wisely
    If you are not able to do this, you may need to consider other means of income as well. Image Credit: Stock image
    19 of 25
    15 tips to manage your personal finance wisely
    Seek to save by using discount coupons at your local hypermarket! Image Credit: Stock image
    20 of 25
    15 tips to manage your personal finance wisely
    Preferably, stick to one supermarket to avail long-term savings in loyalty programs. Image Credit: Stock image
    21 of 25
    15 tips to manage your personal finance wisely
    Let's look at some crucial money saving ideas while renting or buying a home in the UAE. Image Credit: Stock image
    22 of 25
    15 tips to manage your personal finance wisely
    You could also rent a home in a location nearer to your children’s school or your place of work to save on transport costs. Image Credit: Stock image
    23 of 25
    15 tips to manage your personal finance wisely
    Opt for a residential area that is cheaper than the expensive downtown area in Dubai. Image Credit: Stock image
    24 of 25
    Personal finance tips
    Get-togethers are good as long as it does not come at the cost of your financial goals. Image Credit: Stock image
    25 of 25
    15 tips to manage your personal finance wisely
    If it’s a singles or couple’s party, draw up a budget and stick to the limit. Image Credit: Stock image
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