?? Welcome to our weekly roundup on mastering family finances!

Through the #LivAhead series, we aim to bring you practical tips and tricks on everything from creating a family-friendly budget to teaching your kids the value of saving up for what they really want, and more.

So, if you're looking for ways to make your family’s money work smarter, not harder, you've come to the right place!

Here are the past week’s bits:

? Here is a crucial piece of statistics: About 1 in 5 (18%) UAE residents are unsure where to invest their savings.?

This is why financial literacy can help you achieve financial freedom.

Financial literacy is about knowing how to earn, save, budget, and invest money to secure your future and fulfil your financial goals.

Here are 10 benefits of getting financially literate:

1. Maximizing income ??

2. Developing effective budgets to track and manage expenses ??

3. Building a saving habit ??

4. Saving for an emergency fund ??

5. Choosing the right investment tools ??

6. Planning for children’s education ??

7. Building a strong credit score ??

8. Picking the right credit card or loan ??

9. Selecting the best insurance policy that suits your needs ???

10. Managing and repaying debt ??

? According to a study by Visa, 54% of people in UAE have fallen victim to financial fraud at least once.?

Yes, more than 1 in 2 people have been taken under by financial scammers!!??

What is more concerning is that 17% of these victims have been deceived multiple times!?

While the numbers are scary, you can avoid being the next victim by knowing the common digital scams.

Here are the top 6 financial scams:

1. Phishing Scams: Don’t click on any unknown links received on emails, WhatsApp, or text messages.?

2. Identity Theft:? Protect your personal info—don’t share it on unsecured platforms or with unknown sources.

3. Investment scams: Don’t invest based on tips received on social media.?

4. Credit Card Fraud: Protect your credit card credentials like card number, CVV, and expiry date.?

5. Online Romance Scams: Don’t send money or share personal financial information with someone you haven’t met in person.?

6. Fake Job Offers: If someone asks for money in exchange for a job, it’s probably a scam—run!

?? Do you know that 1 in 2 UAE residents have fallen victim to at least one financial scam in their lifetime? ??

How can you ensure that you are the next victim?

Pro tip: One key step is to protect your personal information online.

Follow these 7 best practices to ensure your personal information doesn’t end up with scammers:

1. Use strong and unique passwords. ???

2. Enable Two-Factor Authentication (2FA) for an extra layer of security.?

3. Avoid clicking on any unknown links in emails, WhatsApp, or texts. ???♂?

4. Don’t share sensitive personal information on social media. ??

5?. Avoid using public Wi-Fi for financial transactions. Use secure network connections instead. ??

6?. Monitor your bank statements, credit reports, and online accounts for any suspicious activity. ???

7?. Regularly update your operating system, apps, and antivirus software for the latest security updates. ??

?? Got an unsolicited call or message asking for a sensitive information?

Found an unknown transaction on your credit card statement??These are some of the tell-tale signs of financial fraud. ??

Here are some ways you can spot and report financial scams:

1. Too good to be too offers

2. Unsolicited calls, emails, or texts with investment offers, links, or forms to be filled with personal information.

3. The promise of guaranteed profits

4.? Urgency and pressure tactics (for instance, ‘this special offer ends today’)

5. ?Demand for an upfront payment for jobs

6.? Lack of transparency and proper documentation?

7.? Offer’s website has limited information with no physical office address or offshore address.?

Report Financial Scams in UAE:

1.? Contact the official customer service of your bank to block your card or temporarily disable Internet banking. ??

2.? Report directly to UAE public prosecution through the My Safe Society app. ??

3.? Report to UAE’s Ministry of Interior through the MoI UAE app. ??

4.? Report through Dubai Police’s?eCrime website. ??

5.? complain to Abu Dhabi Police’s Aman Service. ??

? According to a Visa-Dubai Police survey, a quarter of UAE consumers (27%) have experienced phishing.

Plus, about a fifth (19%) have experienced credit card fraud.?Most of these scams are done through identity theft. ???

10 Safety Hacks to Protect Yourself Against Identity Theft:

1. Use strong passwords to protect your personal data. ??

2. Don’t reveal your passwords to anyone. ??

3. Use 2-factor authentication (2FA) to make your accounts and devices more secure. ??

4. Keep your personal documents like Emirates ID and passport secure. ??

5. Don’t click on unsolicited links or download suspicious attachments. ??

6. Use only secure websites - look for “https” and a padlock icon in the browser bar. ??

7. Don’t install unknown, suspicious apps. ??

8. Don’t share personal information on social media or with people you have met only online. ??

9. Monitor your financial statements to spot scams. ??

10. Report potential scams immediately.?

? Worried about how to secure your child’s future??

Well, you are not alone. The cost of education is on the rise. 19% of parents in Dubai report that they allocate between 25% to over 50% of their household income.

Securing your child’s financial future calls for proper planning and execution.?

Here are 5 key steps to get started in the right direction:

1. Dedicated savings account: Open a savings account for your child as early as possible. ??

2. Automated savings plan: Manual transfer is a hassle - an automated savings plan will ensure regular savings.? ??

3. Child education plan: Subscribe to a child education plan to cover educational expenses.

4. Long-term investment: Explore long-term investment avenues like ETFs to accumulate a large corpus in the future.

5. Financial education: Impart healthy financial habits in your child from an early age.

We hope that you’ve enjoyed these nuggets as much as we’ve loved creating them and picked up some handy tips to manage your family finances even better.

There’s great content lined up for the next week too, so make sure to stay tuned. If you haven’t already, hit that subscribe button so you’re always in the loop.