1
Raise awareness on the importance of embedding higher levels of financial literacy and money management within the Abu Dhabi community, especially families that need to improve their financial management skills.
2
Enable community members to spend, save and invest their assets today for a more secure and financially stable future.
3
Foster a community of self-sufficient individuals who can achieve their financial goals by giving them the right knowledge and tools through collaborating with volunteers and community leaders.
The UAE is becoming one of the world’s fastest growing economies with a large segment of youth and working population. However, financial knowledge is generally seen as a difficult subject to master and carries a cultural and societal stigma of individuals not reaching out for financial help. We aim to change the perception around this topic by raising awareness and strengthening the path for clear, concise and actionable information.
We are strongly influenced by what others do, especially people we perceive who are like us. Since we are all ‘actors’ in our own ‘life stories’, we behave in ways that make us feel better about ourselves and like almost everything else in life, our responses to money are also largely dictated by our personality types. Understanding our money personality is the first step and will help shape our approach to spending, saving, and investing.
See below our top 10 most useful financial management tips to help you be better prepared and safeguard your financial freedom in the future.
Know Your Money Priorities- The most crucial priorities should
reflect what matters most to you, whether you value setting up your own business or a savings plan
for your child’s education.
Create a comprehensive budget- Write down how much money you
receive from your salary, bonuses, benefits, and other sources. Compare that to your total expenses
to ensure you have enough money to cover everything you need.
Set clear goals to help accelerate your savings- write down all
the things you’re saving for, work out how much you need to set aside each month to reach your
goals, and then “pay” yourself this amount each month as if it is another bill.
Start an Emergency Fund- A good rule of thumb is an emergency
fund that would last for six months of your current living expenses.
Spend less by trimming day-to-day costs- identify areas to save,
such as planning meals and groceries to avoid takeout lunches and last-minute ordering in.
Get your family involved- Get everyone in your family involved
with keeping to a budget. Sit down together and make a plan that you can all stick to.
Get in touch with a financial advisor- A good method for setting
yourself up for long-term financial success is speaking with an expert.
Limit your credit card purchases- Resist the urge to use your
credit cards for purchases you can’t afford, especially on items you don’t really need.
The 50/20/30 method- If you can pay all your bills with 50% of
your income, try this method. You apply 50% of your income to living expenses, 20% toward savings
and debt reduction, and 30% to personal spending (e.g., vacations, dining out, personal shopping).
Make savings automatic- Choose when, how much and where to
transfer money or even split your direct deposit so a portion of every paycheck goes directly into
your savings account.The Ghaya program educates participants in financial literacy, the importance of saving, spending and debt on their personal life, and the consequences of not managing finances. Through real life scenarios, specific to the UAE, beneficiaries will gain valuable knowledge from their assigned volunteers on how to manage their finances effectively, make their ends meet and finally drive change within their families, as well as the community they belong to. This program is in partnership with the Abu Dhabi Global Markets Academy and the London Institute for Banking and Finance, and the Abu Dhabi Social Support Authority, and the UAE Banks Federation.
To register as a participant, please email
ghaya@maan.gov.ae
Terms and Conditions. © 2023 Authority of Social Contribution - Ma'an. All rights reserved.
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