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How much do you save every month? If you are unable to answer this confidently, it is time to look at forced options and automate your financial plan. Make use of saving and investment products to put your house in order.
Instant Cash gives your family more money back home.
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» By Suneeti Ahuja-Kohli
T
here was a time when Amit Shah, a 32-yearold senior bank executive, had to seek his mother’s help to bail him out of burgeoning credit card interest payments. Right out of college, Shah had bagged a good paying job and signed up for a couple of credit cards offering discounts and reward points on every purchase. Initially, it was a smooth ride;
We are available through all Emirates Post office branches and leading money exchanges.
cards were swiped at every possible opportunity and bills were paid on time. But eventually, lack of financial discipline took a toll and debt ballooned. Shah had maxed out one of his credit cards and could barely keep up with payments for the second card. For a debt of Dh20,000, he paid the minimum balance of 5 per cent (around Dh1,000) for months. At this rate, it would have taken him almost 20 years to repay this amount without any extra expenditure. Fortunately, he had access to free credit through his parents. But that’s a rare privilege. As of June this year, residents in the UAE have borrowed more money than in the previous year, totalling to Dh1.2 trillion — which takes personal debt to about Dh350,000. While some of it might be good debt in the form of mortgages, the rising access of credit and credit lines highlight the need for promoting discipline and astuteness in money matters.
Why should you start saving? Simply put, because there is merit in saving now. The bottom line to financial happiness is to spend less than what you earn and save.
Why should you start saving? Simply put, because there is merit in saving now. The bottom line to financial happiness is to spend less than what you earn and save. With a flurry of products in the UAE, especially for non-resident Indians (NRIs), you can automate your savings plan and pave way towards a financially relaxed future. This can be done either in the UAE or by remitting money to India, while making the most of high interest-paying instruments and the falling rupee. Here’s what we suggest: Remit every month: The transient nature of work life in the UAE offers an opportunity to expatriates to save for retirement in their home country or wherever they wish to retire. Once you make monthly remittance a commitment, you can channel funds into various instruments on a monthly basis and build up significant wealth over a long time. For NRIs, the present environment of high interest rates in India and low value of rupee offer a perfect opportunity to start now. There are a number of money transferrers in the UAE you can rely on. Instant Cash is a quick and reliable money transfer service that is available through Emirates Post and leading exchange houses including the Wall Street Exchange. These allow remittances of as low as Dh15 and offer convenient and » Continued on next page
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• Competitive AED to INR rate* quivalent of INR 1.7cr • Personal Finance available up to the equivalent • Instalment payment in Dirhams • Enables you to settle your existing liabilities in India • Free job loss protection Finance proceeds enable you to pay for new purchase at all stages of construction or to renovate your existing home. Call now
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* Applied at the prevailing foreign exchange rate on the conversion date. * Terms & conditions apply. Offered under finance for individuals program subject to UAE Central Bank guidelines and subject to salary transfer.
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