Latest news with #financialawareness
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE: Have you calculated where all your money goes every month?
Have you ever reached the end of the month only to find your bank balance mysteriously lower than expected? You're not alone. Whether you're a new graduate starting your career or a parent juggling school fees and groceries, the question is the same: Where does all my money go every month? It all boils down to tracking your spending and coming up with a budget for how much you will spend each month and on what. But let's start with one big myth – budgeting isn't about restricting yourself. It's about having better awareness and control over your money. Know your numbers The first step in mastering your money is understanding your income and expenses. Start by writing down all your sources of income: your salary, freelance gigs, passive income or side hustles. Next, track your spending. For at least a month, record every dirham you spend - on rent, groceries, utility bills, transport, takeaways and subscriptions. This is where technology can be your friend as there are now many apps that help track your spending such as Spendy, Wally, Buddy and Yabi. They may have silly names but they can really save you time – and hopefully money. Yabi is a homegrown financial app that uses AI to not only track your spending buy then give you some actionable insights to budget better. Many UAE banks also have their own budgeting tools you can use for free. For example, Liv digital bank, part of Emirates NBD, has a budget planner to see how you can change your spending patterns. Using these tools can be very eye-opening. You may discover you're spending more on food deliveries like Careem, Uber Eats and Deliveroo than you thought. And you might unearth those unused online subscriptions that are draining your wallet. But knowledge is power as they say – once you know you can then take action. Rakhil Fernando, the CEO of Yabi, which targets individuals between 25 and 35 years old, said: 'We want to reach users before they develop poor financial habits, so they avoid common pitfalls like lack of savings or overspending.' In Dubai especially, given its glamorous and fun image, many workers are dining out frequently, going to clubs and bars while others are frequently buying designer labels and the latest electronic gadgets. Categorise your expenses Personal finance experts recommend you break your spending down into three main categories. First you have your essentials like rent, utilities, groceries, transport costs and school fees. Around 50% of your income should be allocated to these. In high-cost cities like Dubai or Abu Dhabi, rent may take up more than 50% - that's okay. The idea is to put it all down first and then adjust accordingly. Next you have your lifestyle spending – dining out, clothes shopping and entertainment. This should be around 30%. This may be a challenge living in a city with non-stop nightlife, fancy restaurants and fast food delivery apps. Then you have your financial goals – what are you saving towards and how much are you putting aside each month? You could be paying off debts instead. Record how much you are setting aside in savings and investments, which should be about 20% of your income. Set SMART goals Financial goals deserve their own section as ultimately you want to budget better in order to save money for the things you want – that dream holiday, a new car, your kid's education. Goals give your budget a purpose. Start with short-term goals, like saving 5,000 dirhams for a staycation, clearing a credit card, or building a 3-month emergency fund. Then look at long-term goals – such as a deposit on a house or that new SUV. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. So instead of vaguely saying 'I want to save more' you will write down 'I'll save AED 500 a month to build an AED 6,000 emergency fund by next summer.' Be realistic Most budgets fail, much like diets, because they are too restrictive. It's hard to suddenly stop going out for meals when these are part of your normal routine. Instead, you can set limits on how much you will spend on specific things like lunches out, taxis etc. This is where the budgeting apps come in very handy. ADCB Hayyak, and Mashreq Neo are two banks that offer budgeting features that let you set limits and get alerts when you're near them. Review Budgeting isn't a one-off activity. It's something that you should be doing regularly, ideally at the end of each month. It doesn't need to be hard work and can actually be fun – if you save more than expected at the end of the month then treat yourself to a small indulgence. And gamify it - set targets for you and your partner to beat and compete with one another. Also, don't be too hard on yourself. We all have lapses and make mistakes. Just quickly get back on track afterwards. Make it work in the UAE Living in the UAE brings unique financial opportunities — and pressures. Many residents enjoy tax-free income, but also face high living costs, social expectations, and the temptation to spend big. Salaries can be generous, but it's easy to fall into the lifestyle inflation trap — the more you earn, the more you spend. Don't be one of them.
Zawya
23-05-2025
- Business
- Zawya
NBK organizes a chain of workshops to enhance financial awareness in collaboration with 'Lei W Lakom' initiative
NBK continues to emphasize the importance of not disclosing any sensitive financial information to any entity National Bank of Kuwait is committed to enhancing the financial knowledge of all society segments, raising their awareness in the best ways possible to protect their rights, and safeguarding their accounts and banking information. In this light, NBK launched a chain of workshops to be held all year long in collaboration with 'Lei W Lakom' initiative to spread financial knowledge, raise awareness, and provide essential pieces of advice when using digital banking platforms. This initiative comes in line with the bank's support to 'Let's Be Aware', the banking awareness campaign launched by Central Bank of Kuwait in collaboration with local banks and Kuwait Banking Association. On its part, NBK has intensified its efforts to publish awareness content on its social media platforms, in addition to assigning a specific page on its website that includes all guidelines and relevant topics. Moreover, these workshops provide pieces of advice that should be followed to avoid fraudulent actions, such as not clicking on any unknown links whether through e-mails or text messages (SMS) or WhatsApp messages or social media pages that transfer users to fake websites, as scammers design web pages like famous shopping websites, pointing to the necessity of checking URL legitimacy before entering any banking data and information. NBK also called to always check the identity of individuals or companies before disclosing sensitive information or making any transaction that requires personal information, especially with the constantly evolving fraud tactics that scammers follow, like pretending to be friends and family through WhatsApp and e-mails to steal money or pretending to be bank and official institution employees to steal banking information. NBK affirmed that it will never ask customers for personal information via e-mail, SMS or phone calls, warning of responding to such messages representing fraud attempts to steal banking or sensitive information like PINs or Debit Card passwords, unless identified. The bank also advised customers to use trusted applications only when logging in to banking services, in addition to the importance of using official websites and applications when paying bills, like logging in to official services pages through the government app Sahel, and not using Google search tool as it will show multiple pages similar to government official pages, which put users at risk of being scammed upon clicking on unverified bill-payment links. NBK also emphasized the importance of paying attention when paying any bills for any service provider and verifying the website. In the same way, users must verify online shopping websites and make sure they are securely coded using the safe https protocol. In addition, NBK called customers to keep a close eye on bank statements and transaction history, to identify any suspicious or unauthorized activity, as the latter often occur after stealing Credit Cards or personal banking information or hacking smart phones through fake apps, further calling for regularly changing passwords and not using the same one for more than one account. NBK ensures to employ all its massive efforts to communicate with customers through all its digital platforms that are the most followed locally among other banks, to support CBK's endeavors to protect customers and the economy. It is worth mentioning that NBK is a key supporter and partner in all CBK's campaigns and initiatives to increase financial and banking awareness among different society segments. As the leading financial institution in Kuwait, the bank frequently organizes various activities to raise awareness on all topics related to the banking sector, as well as organize training programs for employees to enhance their experience in fraud actions and financial crime protection.
Free Malaysia Today
17-05-2025
- Business
- Free Malaysia Today
RM13.3bil in unclaimed money as of April
Accountant-General Nor Yati Ahmad revealed that since the establishment of the unclaimed money system in 1977, only about RM4 billion had been successfully claimed by the rightful owners or their heirs. (Facebook pic) PETALING JAYA : A total of RM13.3 billion in unclaimed money was recorded by the accountant-general's department until last month. Accountant-General Nor Yati Ahmad revealed that since the establishment of the unclaimed money system in 1977, only about RM4 billion had been successfully claimed by the rightful owners or their heirs, Bernama reported. She said this situation likely occurred because many individuals or their heirs were either unaware that they had unclaimed money or had never taken the initiative to check with the accountant-general's department. 'They can actually check or submit a claim application via the official portal, or the eGumis app, and go to our branches in each state. 'We will also continue to intensify promotions and field activities to publicise the existence of this unclaimed money because it can only be issued to the owner or heir,' she told reporters after opening the Kampung Angkat Madani and Santuni Madani programme in Batu Pahat today.
