UAE: Facing a pay cut? Here's what you should not do when saving money during COVID-19

When seeking to save money in a dire situation, keep in mind the Don'ts as well.

Last updated:
Justin Varghese, Your Money Editor
1/18
Don’t dip into savings without a plan and withdraw too often.
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2/18
How often do you turn to your savings?
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3/18
Keep in mind that you’ll eventually need to save up again.
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4/18
Don’t be too aggressive in saving for future needs.
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5/18
Did you initially target to pay off your high-interest credit card debt at the start of the year?
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6/18
Reassess your strategy at least for the short term.
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7/18
Don't just save for immediate use, only to spend it all again after the pandemic eases.
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8/18
Money needs to either go into an emergency fund or into buying assets such as stocks.
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9/18
When we wisely buy assets like this, our money helps build the freedom and safety of our future.
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10/18
Don’t give up on retirement savings because of a setback.
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11/18
Don’t give up on retirement savings because of a temporary setback.
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12/18
Always consider investing for retirement, be it a retirement plan or a pension account, for the long-term.
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13/18
Questions to ask yourself when considering whether to build up the retirement fund further during such dire times.
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14/18
By answering these questions you’ll be able to understand the emphasis on how vital it is to build up retirement savings in your case alone.
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15/18
Don’t defer or put a pause on all your loans all at once - costs will add up!
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16/18
Service high cost loans first or pay those with longer repayment tenures and seek relief for low-cost ones.
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17/18
Loans which have a long tenure ahead will bear a higher cost.
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18/18
If you miss EMIs early in loan schedule, a bigger amount of unpaid interest gets added to loan.
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