Are you bad with money?

Common real-life financial mistakes to avoid for optimal financial wellbeing...

At some point or the other we all have pondered over where we are going wrong with our money. The search for the answer often boils down to making bad choices and excuses for not sticking to our budgets and financial plans.

“I can’t resist when I want something,” Sameena, mother of two kids explains. “It doesn’t always have to be expensive but simple things such as getting coffee and a croissant in the morning. Such a small habit costs me around AED 460 a month.”

Jumana, a working mother, explains, “my family and friends visit me all the time especially during the holiday season. Its great being the host but the costs add up.” Hosting guests can be expensive so spread the cost over the whole year.

Anish says “I lived in India my whole life and when I moved here, during the festive season I would get home sick. To make myself feel better, I would end up spending money on things I didn’t need. I now avoid malls when I’m feeling homesick.”

Many of us spend money we don’t have yet. As Ernest, a businessman puts it, “I recently opened an office and got carried away decorating it. I didn’t realize I was spending money on my credit card before the business was even generating profits.”

We don’t always start early. Take the example of Sara: “after graduating I was excited to make my own money and spend on things I wanted. But before I knew it years passed, and I saved almost nothing. Now I have learned to control my spending urges.”

?Learn from the mistakes of others and get yourself on a good financial path.

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