Are you someone who overspends, guilty of buying things that you don’t need? Has your credit card been declined before or are you actively looking for a useful money-saving plan?
Saving money can help you in the long run and also provide you with the necessary reserve when you need it the most. Don’t have a saving plan yet and want to save money the old way?
You definitely need financial advice to level up your saving methods. That’s why Commercial Bank (CB) constantly gives out tips to get you saving your hard-earned money.
From investments to money-saving tips, CB's Rashid AlBoainain, Area Manager - Branches (Grand Hamad) has covered plenty of useful financial tips and plans, just for you. Let’s take a look at them below and get saving!
Are you falling into a debt trap? Here’s how you can solve it. Note down all of the current debts you have, including your total loan amounts but also interest rates, minimum repayment, loan period, etc. This will help you prioritize your debt repayment and help you manage your finances better.
Your friends might go on expensive holidays, buy big houses, but you might never know if they can truly afford the lifestyle they have or you might not even know what kind of debt they are in. Don’t get into peer pressure, being comfortable in your own financial race is a good habit to build. Moreover, it will work in your favour today and even in the future too.
There is a high chance that most of us are guilty of this. You too might be part of many unnecessary subscriptions that might be draining your money. It’s easy to forget about monthly subscriptions like mobile apps, streaming services etc. Take time to review your spending on these and get off the ones that you don't need to hold more money in your account.
Do you think you have a spending problem? Then it’s time for you to follow this tip. Set aside some time and check your financial transactions. Wait a few days before deciding on unnecessary purchases, you will realize you don’t need them. Bringing this into your routine will help you to confront the bad habit of overspending and will help you plan your budget better. This will definitely bring you out of the impulsive spending mindset.
You may never know when an emergency may arise. Moving your savings to a different account will come in handy during emergency situations. Always save 1/3rd of your income as it will keep you protected against any unexpected expenses. Adopt a Standing Order Technique to make sure to put a part of your salary into the savings account automatically.
Everyone needs to have a goal in mind. Be familiar with the scope of your financials, set realistic goals, and work towards fulfilling it.
Setting automatic payments for your bills can be advantageous for you. This will see to that your money is out of your account on time, hence helping you avoid late fee payments. Simple and effective, right?
This is a very important tip to keep in mind to keep your financials safe from potential fraud. Never share your personal information with anyone, on a call, email, SMS, or even via WhatsApp. Commercial Bank (CB) will never ask you for any of your personal information. Keep your personal information safe to keep your finances safer.
Never ignore CB’s notifications, protect yourself from fraud and cybercrimes. If Commercial Bank sees anything suspicious or unusual during a transaction, you will receive an interactive live alert (notification) from CB in real-time and the transaction will be temporarily paused. To complete the transaction, you will have to press ‘YES’ to confirm your identity. Never ignore CB notifications!
CB’s Rashed tells us that budgeting is simple and is not as complex as you may think it is. Your balance sheet should show that your expenditure is lower than your income. Easy, isn’t it? But what does this tell you? This shows you that you can spend your money however you like but it must be in a thoughtful manner.
Cover image: Commercial Bank
What do you think about these money-saving tips from CB Area Manager Rashid AlBoainain? How many of these tips are you already following? Let us know in the comments below. Do share this article – it keeps us going!
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