Money -

My simple money tips and money rules for Dubai Abu Dhabi UAE Very often I find people at the malls flashing their gold credit cards and feeling proud. I used to do the same till the day I met the rude shock of life while I was out of job. And that day of reckoning has made me realign the goals of my life. Now I follow strict money rules. My family too supports me in this mission. I bet you will agree to what I have to say. Below are a few of my money rules that I follow without fail: 1. Spend less than you earn: Well this is one obvious rule that everyone of us should follow. Do not stretch your spending to more than what you have. In the recent months, I have not been able to save any money at all as my expenses were quite high. I am trying my best to get over them and this is the time that I was tempted to use my credit card. But I said to myself, ‘how am I going to repay the credit card outstanding?’ And this has kept me out from a lot of troubles. 2. Think over your investments. But do not Over Think. Most of us have some kind of savings or investments. I believe in long term investments and hence have invested in few stocks and a house. Now I do not think much about the stock market ups and downs. They are just a matter of time. Also I do not think much about the real estate prices moving north or south. I have set a time horizon till when I believe I will come out green and have a healthy portfolio. So, if you have investments, make them long term and forget about them while they work hard for you. Having said this you must be prudent to invest in stabilized portfolio rather than going in for a risky portfolio. Your portfolio manager will be able to help you better in this. 3. Stop wasting time. Time and tide wait for none. A minute lost is lost forever. It is OK to while away time when you are tired or are sick. But make productive use of time by investing in a hobby or part time job. You could start an online community on a creative project. There are tons of things that you could do. Join a Yoga club. Spend time breathing properly. It feels great. Do an additional course in the area of your interest. I am planning to start a photography course and looking out for one. 4. Avoid high interest debt like Credit card While they can be a blessing in disguise they could be a curse as well. If you are not a person who settles his credit card debt then they are not for you. Banks will be happy to have you as a customer who pays monthly minimum. 5. Speak and discuss about money to your friends and family and be honest about it. 6. Stop trying to impress others with your financial wealth. Most of them are not impressed. 7. Watch and track your monthly spending and progress in savings. 8. Take good care of your belongings. With belongings I mean that things that you use regularly like mobile phone, laptop, wallet, so you do not have to replace them quite often. 9. Do It Yourself. Did you know that you could make washing powder for the fraction of cost than those are offered in the supermarkets. Search the web and you will find tutorials on almost everything to DIY starting from toothpaste, dispensers and most of them. 10. Plan whatever you do much ahead of time. This one is very important. How much time do you spend in your car driving to and fro from home and work? Get a podcast and play it on your car CD player. If you travel by Metro carry a MP3 player with audio books. Read magazines while traveling. Look for alternative ways and shortcuts to reach your destination and plan for them much ahead of time. 11. Find your true passion and work towards achieving those. I have heard at least dozens of people complaining about their jobs and how unhappy they are. Is blaming going to help? I have heard people discussing on the missed opportunity that they have faced. I believe there is no use discussing those. In whatever you do, be adamant to achieve the goals. If you do not like what you are doing, I would say quit it and do something that you know you will be happy doing. 12. Do not let a chance go by on self-improvement. The other day I was at a friend’s place for a gathering when a kid came upto me and shook my hands and started a conversation with me. It opened my eyes. Atleast 50% of the people in the room were unknown to me. I made it a point to meet most of them. You know, relations start with just a 'HELLO.' 13. Give without thinking about returns. This happens quite often to me. I fill up my car tank atleast once a week. I really care about those boys who fill up our tank. I started on purpose to get out of my car and strike a conversation with them each time I filled up. You should see how happy they are when someone talks to them. Mind it, the weather outside was not less than 45 decrees C and these boys are out most of the day. I make it a point to fill my tank upto AED 95 and give the rest of the AED 100 to them. This could happen to you anywhere, a supermarket, construction site and so on. Well, these were few of the simple money tips & rules that I regularly follow. Hope they make sense.