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Money may not solve every problem, but it can help you achieve life-changing goals. Take time to write down your future plans and make them attainable by putting deadlines to each. Organise your financial goals into manageable phases:
(Ex. Settling your smallest debts or having enough in your account for your holiday)
(Ex. A more reliable car, a deposit on your first house, or capital to launch your own business)
(Ex. Being totally debt free, covering your children’s university fees, or ensuring a comfortable retirement)
This simple formula is a popular way to divide your monthly income (money you have available to spend) into three main categories. You can adjust the ratio to suit your needs and your goals.
So, you’re excited about the prospect of saving… but where will the money come from? Establishing and sticking to a budget is the smartest way to start saving.
Start with your needs and savings, then allocate the remaining amount until it all balances. Here’s how:
Note your monthly or weekly salary, and any income you receive from interest or property rental, extra work, and even cash gifts or things you’ve sold.
Create categories for your expenses (ex. household bills, children, insurances). Some of these costs will be “fixed” (ex. your bond, car repayments, etc.) and others will be “variable” (ex. groceries and entertainment).
Include amounts for your savings (ex. extra debt repayments, emergency fund savings or long-term investments) as a top priority.
If you have money left after deducting all your expenses from your income, decide where every extra dirham will go (boost your savings or treat yourself).
The Ministry of Finance is proud to support the UN Sustainable Development Goals (SDGs), which aim to promote quality of life and happiness for all.
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