2. 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.
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3. 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
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5. 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.
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6. ▪ 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.
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8. 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.
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9. ▪ 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.
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11. 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.
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13. 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.
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14. ▪ 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.
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16. 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.
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17. ▪ 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.
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