By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Making financial discipline work for you – News
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Moscow Metro Marks 90 Years with Technological Advancements and Heritage Events
Lifestyle World
Senkron Digital Showcases CyberPact Service at GISEC Global 2025
Gulf UAE
Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World
Business Gulf UAE
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports
Double victory at Red Dot: Eczacıbaşı Tiles Group’s VitrA and Villeroy & Boch brands recognised for their design excellence
Lifestyle
Your Next Destination in Dubai: Mövenpick Hotel Apartments Downtown Dubai – The Perfect Choice for Your Stay
Gulf UAE
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Making financial discipline work for you – News
Business

Making financial discipline work for you – News

News Room
Last updated: 2024/04/28 at 3:03 PM
News Room
Share
8 Min Read
SHARE

The UAE’s tax-free salaries and luxurious lifestyle can make financial discipline a challenge, an expert said.

“Easy access to credit, coupled with spending opportunities, can blur the lines between wants and needs,” Mithil Ajmera, co-founder and chief operating officer of Sav, told Khaleej Times in an interview.




While the CPI is expected to grow at 1.9 per cent in 2024, the consumer spending is expected to grow by five per cent. The Ministry of Finance has put in significant efforts with the savings awareness initiatives to help residents manage their money better.

“We have heard horror stories of residents who have consumed beyond their means and been trapped in a debt cycle. A large portion of credit card holders in the UAE are overleveraged and are unable to pay their credit card bills in full so they pay ~3.6 per cent interest monthly. Loans and interest on it hinder financial freedom and reduce preparedness for long term goals like retirement or buying a new house,” Ajmera said.






Excerpts;

Impulse spending can be a significant hurdle. What strategies can be used to help UAE residents build impulse control and stick to their financial goals?

The UAE’s vibrant consumer culture, with spending increasing 13 per cent in 2023, can easily lead to impulsive purchases. However, there are smart ways to manage your finances. Creating a detailed budget is essential for financial discipline. You can use technology to create budgets and automate rules to decide when funds will be allocated accordingly (offered by Sav). Additionally, understand financial jargon, stay current on financial laws, and thoroughly research investments before committing funds – below are a few more ways to help with impulse control.

1. Know your income: How much disposable income do you have after paying bills?

2. Understand your expenses: Where is the money going?

3. Pay yourself first: Savings after bills then leisure spending

4. The five-minute rule: Wait for five minutes before tapping the card

5. Ask questions: Am I getting the products at the best prices?

6. Timing: The UAE typically has three to four sales every year where brands offer up to 80 per cent off – ask yourself, “Can I time and plan the purchases during sales?”

The best financial management begins with careful budgeting. Therefore, establishing a plan that categorises expenses, short, mid and long-term goals would be a good start. Tracking expenses will help you in the future and is a more efficient way to save.

Saving for the future is crucial. What are some of the unique considerations for young people in the UAE when it comes to financial planning?

Financial literacy is a superpower, especially for young people in the UAE. Understanding how to budget, save, and invest wisely puts you on a path toward financial freedom. The UAE understands the importance, leading the charge with “first division” financial literacy programs. The sooner you begin saving and investing, the more you’ll benefit from the magic of compound interest. This aligns perfectly with the UAE Ministry of Finance’s plan for economic growth and financial empowerment for everyone.

Here are a few tips from the Ministry of Finance:

a. 50/30/20 rule of spending

b. Automating savings

c. Saving spare change every time you spend through the card

d. Make someone else accountable for your financial success

e. Understanding that credit is not bad, however can hurt if not managed properly

f. Attribute money towards your goals

g. Best to subscribe for savings schemes so that you get rewards at the end of it

Mithil Ajmera, co-founder and chief operating officer of Sav

Mithil Ajmera, co-founder and chief operating officer of Sav

Also, emergency funds are an essential part of financial planning. Think of an emergency fund as your safety net. It will protect you when life throws you a curveball, ideally you should be saving 3-6 months of living expenses.

At the same time, be mindful of debt – it can be a sneaky trap. Before taking out loans or racking up credit card bills, be sure you have a solid repayment plan. Also, explore investments beyond basic savings accounts! Stocks, mutual funds, or even real estate can potentially grow your money over time, aligning with the UAE’s emphasis on balancing taxes and managing public debt within its strategic plan.

Leverage technology to optimise your financial wellbeing. Sav’s data-driven savings features, including Smart Rules, round-up savings, and the “Save Now, Buy Later” options, empower users to achieve financial objectives with precision. Doing that, encourages prioritising long-term financial stability through comprehensive planning, and tailored personal savings solutions.

Data privacy is a concern for many. How does Sav ensure the security of users’ financial information and promote responsible data management?

Sav understands that trust is paramount when it comes to handling sensitive user data. Here’s how Sav prioritises the security of your financial information and responsible data practices:

• Security measures: Sav employs military-grade security protocols to safeguard your data at every stage. This includes robust encryption during both storage and transmission, ensuring your financial details are protected from unauthorised access.

• Transparency and control: Sav believes in providing users with clarity and control over their data. Our privacy policy is presented in a clear way and outlines exactly how your data is collected, stored, and used. You can manage your data preferences directly within the Sav app.

• Limited Data Collection: Sav operates on a “need-to-know” principle, collecting only the essential information required to provide the services. We do not sell your data to third parties.

• Compliance and Regulation: Sav adheres to strict financial regulations set by the Central Bank of the UAE. We maintain compliance with data protection standards, ensuring your information is managed responsibly.

• Partnerships: Sav carefully selects partners who share their commitment to security. The Sav Card, for example, is issued by Mashreq Bank and powered by Visa, both of which have robust systems in place to protect user data.

Sav’s commitment to security is ongoing. We consistently monitor and update security measures to stay ahead of evolving threats.



Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room April 28, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Minister Al Ibrahim calls for enhanced global cooperation at WEF meeting in Riyadh
Next Article IPL 2024: Kohli lost for words after Jacks stunning match-winning hundred for RCB – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?