“Think a step ahead!” One of my old colleagues used to say it all the time and she was extremely proud to be at least one step ahead of everyone else. Indeed, thinking ahead can have numerous advantages as colleagues, friends and I have discovered over the years.
Do you plan for your retirement? Or should I ask you which word scares you more: Planning or retirement? As part of my main business, I was supporting a client with their end of service (EOS) benefits which are the equivalent to a pension (or 401(k) or super) in the Middle East. A lot of employees, however, are complaining that these EOS benefits are not enough to prepare them financially for retirement. Yet, and maybe not surprisingly, many people don’t prepare more for their retirement. Why is it?
You may say setting up a budget and tracking your actual expenses was challenging. Today, I’m going to ask you to go one step further and to take a step towards staying within your budget and avoiding overspending.
We are approaching Ramadan. Muslims will be celebrating this holy month with their friends and families. Special meals will be cooked or Muslims and non-Muslims enjoy delicious Iftar meals in restaurants. It’s a time when it’s so easy to spend just a little bit more on food and eating out, new clothes, presents for Eid and so on.
Let’s have a look at how you can stay within your budget and avoid overspending. Here are 10 great tips to help you succeed:
Last time, I shared my tricks on creating a budget with you. Are you using this weekend to set up your own budget? Fantastic! It’s a great first step to get control over your expenses and to gain financial peace of mind. In this blog, I’ll show you how to track your expenses and how to identify your spending habits.
Have you ever noticed how many people shriek when they hear the word budget? Yesterday, as I tackled my paper binders, I also reviewed some documents in more details. The ones which can have an impact on my budget.
My mom taught me how to set up a budget and while I don’t always stick to it (yes, I am human too), it’s been such a great gift. It allows me to plan my financial resources and take corrective actions as needed. Sounds very business like, doesn’t it? Well, it helps and makes your life easier.
If you aren’t budgeting already, try it for the summer and have more peace of mind!
It’s often only after a few years within the region that expats are thinking about putting some money aside. Working in a tax-free environment is very appealing and folks are thinking of how much they can save while here. After all, most employers don’t provide a pension or provident fund and employees need to save for their retirement themselves. Yet, with the great opportunities we have here after work, thinking of savings is put on the back burner. After all, who wants to think about saving money when enjoying a day at the beach, regular visits to the mall or eating out with friends?
There are various possibilities to increase your savings. You just have to make a small start. Take the first step with these top tips:
February was my no spending month. While I had built in some provisions, it was a totally new journey and I’m glad I ventured out for 29 days! The results were rather surprising, despite not knowing what to expect from and for myself even. Here’s what happened:
One of the beauties of Dubai is its tax-free nature. Unfortunately, some of us still have to file a tax return in our home countries. I’m lucky and only have to submit a “mini” tax return. The supporting documents, receipts and forms are already available and kept in one folder. It shouldn’t take my accountant too long to complete it. It’s not always this easy to get ready for tax season.
I’ve had my years where I scrapped for the receipts to get the most out of the different allowances and deductions. The stress of knowing that I had it but couldn’t find it drove me nuts. Until I changed to a system of collecting and sorting tax-relevant documents throughout the year, tax season always had a reputation. Please note this is not tax advice, just general information: Here are my tips to make tax season easier for you:
I’ve read a number of articles where folks experimented how long they’d last not buying something. Often, shopping has a very calming effect. In the short-run, it gives you that pleasant feeling. Almost like a reward. You’ve made it through another tough day at work. Treat yourself to that nice handbag, that lipstick or that dress. You are worth it. It will make you feel so much better!
Yet, shortly afterwards, this positive feeling changes into guilty. Did I really need that handbag? How can I justify spending so much on a lipstick? Is that dress really looking that good on me?
While visiting my family in Germany, our freezer decided to break down. It was ironic to happen when our handyman checked our dishwasher and shortly afterwards, there was the new freezer. After 21 years, it’s a well-deserved retirement. For my mom, it meant an unexpected and unplanned expense. Luckily for her, she had set some money aside for these events.
We don’t know what the future holds but we can prepare ourselves for the unexpected. Here are the latest tips to start your own preparations for unexpected financial expenses: