Sound fi­nan­cial man­age­ment is far eas­ier said than done

The National - News - - OPINION -

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

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