This blog is for the hard times. Primarily the hard financial times.
In turmoil and when the rubber meets the road, it is time to remember the ground rules for managing money: save some, spend some, and give some.
1- Save some because you will need every penny you have. You will also need to think about the possibility of losing your job. No job is secure, so it is your sole responsibility to think for the next six to 12 months.
2- Spend some; well, of course. This is the way we fulfill some of the needs which may be basic but important. You also need to spend occasionally on items or experiences that fuel you. Favor experiences!
3- Give some. Yes, even in downturn. When you give you
Feel better about yourself
Contribute to causes that matter to everyone including yourself and your loved ones
Pay forward as life must have been good to you one day; if not, it surely will
This philosophy (save some, spend some, give some) needs to be put into action in every individual’s effort to maximize wealth. Everyone has two primary focus areas when it comes to personal finance.
Why should I begin saving today?
There is a clear economic rationale behind saving early. It is every individual’s responsibility to take care of the older self. Stay tuned on our social media platforms for some scenario simulations.
How much should I save?
Saving in the Middle East is easier than saving in other parts of the world. How much a person saves depends on the person’s lifestyle decisions. For each of the following category, one could identify whether she is a low spender, moderate spender, or a high spender.
What tools can I use to help me plan and control my budget?
Saving is a habit. Like any other good habit, it needs commitment and deliberate effort. It helps to have an evidence-based financial plan that one can work against.
Here are some lessons learned when it comes to personal budgeting.
What are the most common savings/investment vehicles?
Technology has made it a lot easier to develop a budget, keep track of expenses, and plan savings. A wide range of software and apps are available to develop, monitor, and stay on top of personal finances. Some apps (Quicken, Mint) integrate with bank accounts so data entry and spend categorization is automatic (this may vary based on your location base!).
Look for an app that allows to
What are common saving/investment options in the Middle East?
Investing can seem complex but it really is not. The important thing is to start. Investing in something is (usually) better than doing nothing.
People ask very similar questions when it comes to personal finance
As such letting money sit in a bank account (even a Savings or eSaver account) does not help it grow. Individuals should grow three skills
Hereunder a handpicked selection of books about money.
For the less nerds, here is our favorite blog about money: https://www.themoneyhabit.org/blog/
Our contributor Ken McKellar reviews a book about his personal hobby. Tell us about yours!
This book is an invitation to women who are oftentimes overly fearful of being seen as “too much” or “not enough”. The authors urge women from all walks of life not to back off prematurely and not to worry if they step over the line.
Women tend to tell themselves stories about their emotions and their bodies. Reading this book helps any women rewrite her story to her own advantage.
In her book Never Give Up, Joyce Meyer quotes this speech as an example of a winning state of mind. Her book is about how to create it.