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<br>Beware of little expenses .A small leak will sink a great ship<br><br>When difficulties come to our lives it comes without an invitation<br><br>As we know nowadays that whole world is facing a pandemic (COVID-19) disease .It is really tough time for the countries because everything is lock down. There is shortage of wages and sources to people , Economy and stock market will recover but we have to keep an eye on how we utilize & protect our personal finance.<br> <br>The future is unpredictable and we cannot prepare ourself for every hassle , but we can prepare our financial status so that in difficult times we donu2019t need to panic.<br>Regularly reviewing your financial status is a good idea for everyone, there may be no need to modify a thoughtful and balanced long- term financial plan if you have sufficient finance.<br><br>Here are some things that you should know and get ready yourselves for financially tough times:<br><br>u2714tMake a budget of your spends<br>u2714tMaintain good credit scores<br>u2714tPlan for alternative if you lose your job<br>u2714tPrioritise your bill payments<br>u2714tSaving and emergency funds<br><br>Check your spends<br><br>We should keep a track of our spends , make a budget and always spend accordingly.<br>A budget makes you aware of where you are spending money, how much you are spending and whether you need to spend money on that things or not. After making a budget and left money you can safe for future.<br><br>During hard phases of your life spend on your needs, not on wants. Everyone wants everything in his life so plan accordingly for same and safe.<br><br>When you make budget of your spends make it on sheets on software, by doing so you donu2019t need to recheck every bills or dates, system will remind you such as your vehicle maintenance, services of A.C. & gifts for loved ones doesnu2019t spend your money every month. Spend not beyond than your pocket. Try to save 40-50% of your income , after keep a little amount aside by which you can pay for your utility bills or other small things. If possible purchase from the places where you can get cash backs & discounts. These small steps saves a lot when do for large time. Suppose by doing so you safe AED10 per month by end of year you can safe AED120.<br><br>Protect your Credit scores<br><br>Your credit scores should be good for further financial support & you apply for any mortage. When you have lack of money and for the emergency funds we spot on credit card , it is important to pay back the amount on time as it is important factor for good credit score.<br><br>For the current situation of COVID-19 , the time of re payment has increased , check the same with your issuers.<br><br>If you want to apply for any finance or are about to make a big purchase such as home so it is better not to apply for any credit card at that time, your credit score also depends on your credit limit how much you are spending, if your credit scores are good you can apply for higher credit limits. The issuers will check it and every thing about your financial status so it is good to keep your credit scores good ,<br><br>Use a credit card only to an extent that you can afford to pay, leave your oldest credit accounts open as it will help to increase credit. Check your credit scores whenever you get time , so that you can keep an eye on the things that are effecting your credit scores. Do not apply for many credit cards , it is good to have 1 or 2 cards only.<br><br>What to do next if you loss your job<br><br>What to do if you lost your job due to any reason in that situation apply resume online on applications as networking is the best way to find jobs easily and within your comfort. You donu2019t need to go to other places and waste your time.<br><br> Meanwhile you can learn many things or do some part time work by which you can earn money by part time such as tuition or other your passion work , we know that by it you canu2019t earn much but you can earn a little bit by which you can make your life easy to some extend.<br><br>Have a plan when you are already in job and keep your job alternatives ready. If you lose your job you can implement your alternative job plan. As we know people earn a a lot by network sites you can always keep your aside business for the same by which you can earn. Always have a planning with your partner when you are taking new steps .<br><br>You can go for your business setup in starting you can face difficulties in starting but by end you can earn huge. If your credit scores are good you can apply for loan from bank for the business setup.<br><br>Prioritise your bill payments<br><br>When your are making budget always discuss with your partner or family member.<br>Because it is well said that ladies safe alot. In budget list think with strategy ,always prioritise your bills. Check it out whose payment is most necessary and spend according to that ,<br><br> We know that for our survival we need food& shelter , spend your amount on it firstly and after that pay your utility bills, work related expenses such as transportation and phone bills. If you have children then there essential expenses such as fees, transportation fee, tuition fee and all other things that need to be pay.<br><br>If your financial conditions are not good you can skip credit repayment or other things which are not important it will eventually effect your scores but you can always maintain it later when difficulties are over.<br><br>Even during this COVID period we need food and shelter mainly. Maintain budget , keep essential products at your home , but keep in a limited stock so that you can utilize it and it wonu2019t be wasted and eventually you end up saving your amount and resources.<br><br>Saving and emergency funds<br><br>After making budget and spend on essential , save the left money and invest it. By investing money you can earn more and at the time of emergency you can use these funds.<br><br>As we all know that banks has many schemes and there are other issuers , check the terms and conditions when you are spending amount.<br> <br>It is important to have medical insurance and if you have vehicle then its insurance and other insurances which you require, because it helps in your hard times. When you are in hospital and you donu2019t have health insurance then at that time you will loss your all savings.<br><br>Emergency funds will help you in unexpected scenarios, invest your amount in emergency funds it canu2019t be done overnight you have to plan it for many months for the same there are many schemes such as mutual funds and for the same there are short term as well as long terms plan.<br><br>There is no solution for the financial problems but some steps can help us to fight against it. Such as savings , emergency funds & spend in budget can help to protect finance in tough times .<br>
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Beware of little expenses .A small leak will sink a great ship • When difficulties come to our lives it comes without an invitation • As we know nowadays that whole world is facing a pandemic (COVID-19) disease .It is really tough time for the countries because everything is lock down. There is shortage of wages and sources to people , Economy and stock market will recover but we have to keep an eye on how we utilize & protect our personal finance. • The future is unpredictable and we cannot prepare ourself for every hassle , but we can prepare our financial status so that in difficult times we don’t need to panic. • Regularly reviewing your financial status is a good idea for everyone, there may be no need to modify a thoughtful and balanced long- term financial plan if you have sufficient finance.
Here are some things that you should know and get ready yourselves for financially tough times: • Make a budget of your spends • Maintain good credit scores • Plan for alternative if you lose your job • Prioritise your bill payments • Saving and emergency funds
Check your spends • We should keep a track of our spends, make a budget and always spend accordingly. • A budget makes you aware of where you are spending money, how much you are spending and whether you need to spend money on that things or not. After making a budget and left money you can safe for future. • During hard phases of your life spend on your needs, not on wants. Everyone wants everything in his life so plan accordingly for same and safe.
When you make budget of your spends make it on sheets on software, by doing so you don’t need to recheck every bills or dates, system will remind you such as your vehicle maintenance, services of A.C. & gifts for loved ones doesn’t spend your money every month. Spend not beyond than your pocket. Try to save 40-50% of your income , after keep a little amount aside by which you can pay for your utility bills or other small things. If possible purchase from the places where you can get cash backs & discounts. These small steps saves a lot when do for large time. Suppose by doing so you safe AED10 per month by end of year you can safe AED120.
Protect your Credit scores • Your credit scores should be good for further financial support & you apply for any mortage. When you have lack of money and for the emergency funds we spot on credit card, it is important to pay back the amount on time as it is important factor for good credit score. • For the current situation of COVID-19, the time of re payment has increased, check the same with your issuers. • If you want to apply for any finance or are about to make a big purchase such as home so it is better not to apply for any credit card at that time, your credit score also depends on your credit limit how much you are spending, if your credit scores are good you can apply for higher credit limits. The issuers will check it and every thing about your financial status so it is good to keep your credit scores good.
Use a credit card only to an extent that you can afford to pay, leave your oldest credit accounts open as it will help to increase credit. Check your credit scores whenever you get time, so that you can keep an eye on the things that are effecting your credit scores. Do not apply for many credit cards, it is good to have 1 or 2 cards only.
What to do next if you loss your job • What to do if you lost your job due to any reason in that situation apply resume online on applications as networking is the best way to find jobs easily and within your comfort. You don’t need to go to other places and waste your time. • Meanwhile you can learn many things or do some part time work by which you can earn money by part time such as tuition or other your passion work , we know that by it you can’t earn much but you can earn a little bit by which you can make your life easy to some extend. • Have a plan when you are already in job and keep your job alternatives ready. If you lose your job you can implement your alternative job plan. As we know people earn a a lot by network sites you can always keep your aside business for the same by which you can earn. Always have a planning with your partner when you are taking new steps . • You can go for your business setup in starting you can face difficulties in starting but by end you can earn huge. If your credit scores are good you can apply for loan from bank for the business setup.
Prioritise your bill payments • When your are making budget always discuss with your partner or family member. • Because it is well said that ladies safe alot. In budget list think with strategy ,always prioritise your bills. Check it out whose payment is most necessary and spend according to that. • We know that for our survival we need food& shelter , spend your amount on it firstly and after that pay your utility bills, work related expenses such as transportation and phone bills. If you have children then there essential expenses such as fees, transportation fee, tuition fee and all other things that need to be pay.
If your financial conditions are not good you can skip credit repayment or other things which are not important it will eventually effect your scores but you can always maintain it later when difficulties are over. • Even during this COVID period we need food and shelter mainly. Maintain budget , keep essential products at your home , but keep in a limited stock so that you can utilize it and it won’t be wasted and eventually you end up saving your amount and resources.
Saving and emergency funds • After making budget and spend on essential , save the left money and invest it. By investing money you can earn more and at the time of emergency you can use these funds. • As we all know that banks has many schemes and there are other issuers , check the terms and conditions when you are spending amount. • It is important to have medical insurance and if you have vehicle then its insurance and other insurances which you require, because it helps in your hard times. When you are in hospital and you don’t have health insurance then at that time you will loss your all savings. • Emergency funds will help you in unexpected scenarios, invest your amount in emergency funds it can’t be done overnight you have to plan it for many months for the same there are many schemes such as mutual funds and for the same there are short term as well as long terms plan.
There is no solution for the financial problems but some steps can help us to fight against it. Such as savings, emergency funds & spend in budget can help to protect finance in tough times.
References • https://www.compare4benefit.com/credit-cards
