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

    Your Money

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

    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.


    Published:  February 22, 2021 11:00 Justin Varghese, Your Money Editor

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