ADIB Summary
The main topic of the lecture revolves around learning how to save money. It is mentioned in the lecture that nearly thirty five percent of the people in the UAE do not save at all. Besides, only thirty percent of the population in the country have personal accounts. There are various negative situations that a person might face throughout his/her life. These situations may include experiencing sickness, being in debt, and taking care of family members. Therefore, it is crucial to learn ways to save money.
Why and how to budget? You have to know how to track your income and expenses. You have to focus and progress towards your financial goals. It is necessary to know what makes up a monthly personal budget. These might include profit from investments, salary, allowances, and income. From the salary you get you should know how much of it you should spend and save. For example, you can spend 25% on housing, 15% on transport, 10% on living expenses, 30% on eating out and clothes, and 12% should be saved.
When it comes to savings, you should set realistic goals. You should open a saving account that is separate from your everyday money. You can set up an automatic transfer of your pay directly to your saving account. Start saving little amounts as even little amount can add up over time. In order to be able to save and avoid spending more, there are some tips you can try. You can keep as little cash with you as you possibly can. In other words, you can buy things that you really need and avoid buying those that you might not really need. In addition, there are various kinds of savings. These include long-term, emergency, and short-term savings. In addition to that, there are bad and good finances.
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