Sound financial management is far easier said than done
I write in reference to your online article Money & Me: ‘If you only save and never spend, what type of life are you living?’ (October 13): there is no one in the UAE who is living without spending. In all aspects of our daily lives we are forced to spend.
But it is the urge to make unnecessary purchases that we need to control. You save for your future, it’s as simple as that. However, I know that it is easier said than done. Proper financial planning, thinking and managing your budget goes a long way to improving your standard of living and financial wellbeing later in life.
The trick is to spend within your limits. If you earn a meagre salary, why make flashy purchases by taking loans and other services? That is a oneway ticket to debt. But that is precisely what many people do when they move here. Colorful adverts and promotions also tempt us. Even if we manage our finances carefully and jot down the things we need and how much we would like to spend, something or the other always has a habit of coming up.
Matthew Litty, Dubai