In this edition we delve into budgeting apps, saving for children, and automating savings to help you stay on top of your financial game.
✅ Using Budgeting Apps for Financial Management
What's the biggest budgeting challenge you face when managing your money? 🤔
Some may find it difficult to track expenses while others may be overwhelmed with managing too many bills.
No matter what budgeting challenge you face, there is an effective solution: Budgeting apps 📲.
Here are 5 ways budgeting apps help you manage your finances.
1. Tracking expenses 📊
2. Setting financial goals 🎯
3. Generating bill-payment reminders⏰
4. Automating saving 🤖
5. Cutting back on unnecessary expenses ✂️
✅ Tips for Effective Budgeting in the UAE
“I earn enough but I am not sure where my money is going” 😟
If that sounds like you, it’s probably a good time to start thinking about budgeting.
Budgeting allows you to track your income and expenses to have better control over your money. 💰
Here are 5 pro tips to ramp up your budgeting game.
1. Know how much you are earning from all sources.
2. Track everything you are spending on in a month.
3. Categorize your spending in Needs and wants.
4. Follow the 50/30/20 rule - spend 50% on needs, 30% on wants, and save the remaining 20%.
5. Get rid of all unnecessary expenses.
✅ Saving for Children's Education in the UAE
Do you know the average international school 🏫 fee in UAE can range from 35,000 AED to a whopping 120,000 AED a year?
Plus, as Dubai school fees are set to rise by 5.2% for the 2024/2025 academic year, it’s time to start planning!
According to an EdStatica.com survey, school fees constitute one of the largest outlays for many Dubai families. In fact,19% of parents report that they allocate between 25% to over 50% of their household income toward their child's education.
💡Here are 5 ways you can start saving for your children’s education.
1. Estimate expenses: Estimate how much is required to cover all educational expenses including tuition, boarding, and other costs.
2. Start early: Start early to benefit from compounding.
3️. Pick a savings plan: Talk to financial advisors to pick an educational savings plan.
4. Automate savings: Contribute every month through automated transfer.
5. Adjust household budget: Make adjustments to your monthly budget to save more.
✅ Setting Up Automatic Savings Transfers
Saving is essential to achieving financial freedom. So, why not automate it❓
It’s a hassle to manually transfer and save money for specific financial goals. This means you end up saving less than what you want. 💰💰
👉 Here are 3 key benefits of setting up automatic savings transfer:
1. Save consistently: Allow your bank to transfer specific amounts from your main account to recurring deposit accounts. 💸
2. Save more: Avoid the hassle of manual transfer to save regularly and build a large corpus. 💰
3. Fulfil long-term financial goals: Set long-term goals and automate transfers to separate accounts to achieve them. 📈
✅ Benefits of Tracking Daily Expenses
💡How much do you think you spend on eating out or shopping online each month?
🤔Not sure?
👉 It’s probably the right time to start tracking your daily expenses.
Not tracking your expenses 🟰 not knowing where your hard-earned money💸 is going.
Here are 5 key benefits of tracking daily expenses:
1. Cutting unnecessary expenses - for instance, unused subscriptions and memberships.
2. Spending within your means.
3. Having better control over your finances.
4. Saving more money consistently.
5. And, avoiding debt.
We hope you found this week's posts helpful and inspiring.
Remember, taking small steps today can lead to big financial achievements in the future.
Don’t forget to stay tuned for next week’s posts, where we’ll continue to explore more ways to enhance your family’s financial well-being.
