There is no doubt that many youngsters leaving school this summer are lacking in practical knowledge about their finances. It is important to have some financial knowledge to safely negotiate the adult world so here are some points that every young person should know about money.
There is no doubt that we live in interesting times on many levels and naturally people will have financial concerns. High on the list of worries is the potential adverse effect of a geopolitical event but it is the potential repercussions of this and how issues impact us locally and well as globally that we need to consider. There is not much most of us can do about these global issues but we can take steps to protect ourselves and our families.
Life in the UAE has its own pressures and challenges and whilst there is usually a lot of optimism, right now there are issues facing us. It is no worse here than in the rest of the world but being an expat can have its own demands. To find out what UAE residents are thinking and feeling as we start the new year, I put together a survey and this article is about the results. All responses were anonymous.
These are the official dates of public holidays for the UAE for the coming year so you can make a note in your diary now and plan ahead. Actual days off work for both the public and private sector will vary but these are the dates announced by the UAE Government so far.
We have known about the introduction of VAT on 1st January 2018 since early 2016 but the official guidance and final rules have not long been issued. There seems to be a fair amount of misunderstanding as to how it will work, and who and what, will be affected so this article, is an overview of some of the facts.
Businesses should be taking professional advice on the topic, so I won’t be going into detail in here, as this article is designed as an overview for individuals only.
Many of us muddle through our financial lives, not focusing on what matters the most, so this article is designed to help you sort out your financial priorities.
You have probably thought that there are some issues you need to address but it is common to be stuck in limbo, not quite sure what to tackle first, or a to have a vague to-do list but are unsure where to start.
I am often asked what are the most important topics to focus on so this is a guide to what you may need to look at if you haven’t reviewed your personal finances before, or haven’t done so for some time. What should you do now and what is most important?
All too frequently I see people who have been sold long-term savings plans without having been given the right advice to address more immediate issues. The most important consideration is to focus on what could go wrong tomorrow and then to take steps to protect you and your family. This doesn’t have to be expensive but this is what proper, ethical, financial planning is all about.
Following some months of speculation it has been announced that IFGL, which owns RL360°, will acquire FPIL (Friends Provident International Limited) from the Aviva Group, subject to regulatory approval.
Given all that has happened over the past year we’re all pretty switched on to movements in exchange rates these days and we look to move our money when it is beneficial. Despite this far too many people are using their online banking system for transfers but this is rarely the best option as not only is there usually a fee, the exchange rates are rarely competitive. If you want to save money on your currency transfers read on.
With Sterling being relatively weak compared to the US Dollar, the currency to which most GCC currencies are pegged, it is still a good time to move your Dirhams, Riyals or Dinars to Sterling although there have been suggestions that we may see some movement the other way before too long.
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We all have certain beliefs and behaviours that guide us in our choices in life, whether that is in respect of the food we eat, how we live, the way in which we work or bring up children, our political views etc, so it stands to reason that these personality traits cross over to our financial identities.
Although the financial services industry tends to pigeon hole people into various categories such as balanced investors, retirees, young married, cautious types and more, I believe that there is a whole other set of identities that relate to how we run our financial lives.
You may have heard people claim that they are a ‘spendthrift’ or that they are ‘saver’ but I think it is a little more complex. In reality we rarely have such black and white styles of money management.
There have been a number of studies with authors listing up to 20 different personality types but I have narrowed it down to seven which I think cover most of us.
These are the official dates of public holidays for the UAE for the coming year so you can make a note in your diary now and plan ahead. Actual days off work for both the public and private sector will vary but these are the dates announced by the Government so far.
When it comes to taking control of your finances, the obvious, but frequently overlooked first step, is to take a long, hard look at your monthly budget. Quite simply, if you don’t know what your outgoings are, how do you know if you are overspending? How do you know how much money you have available to spend each month?
This article provides a guide to working out your budget and reducing wasted expenditure. Life in the UAE is expensive and we can all benefit from reminders of how to manage our heard-earned income a little better.
Get started by following these steps: