Housewives play an essential role in managing their households finances. In the past, husbands preferred to make financial plans by themselves. However, things are significantly different now.
Below is a list of helpful tips that will enable you to draft a beneficial financial plan when living as a newcomer housewife in the UAE:
Before you can start planning, make sure you and your partner are on the same page. Your husband may be the sole breadwinner, but you, too, have a right to his earnings. You will be using the income he generates to run your household together. Hence, you should both work towards maintaining transparency when dealing with the inflow and outflow of cash from your home.
To ensure your financial setup flows smoothly, sit down and have a conversation with your husband first. Talk about how you plan on managing expenses â€“ this guide will help you understand how to do this. You should also talk about key points like bank details, current, and future investments, and spousal support money. Being aware of your familyâ€™s financial assets will help you draft an effective money-handling plan. It is difficult to manage expenses and savings if you are not fully aware of your financial position.
You and your spouse should also work out an effective way to transfer money to one another. For example, some couples prefer opening up a joint bank account that can be accessed by both partners. You can also keep individual bank accounts. However, keep in mind that you will need to devise an efficient way to transfer money from your spouse’s account to yours.
Popular digital wallet solutions come to the contribution, like payIt app. which can help you handle your transfers to home countries, make bill payments, pay schools fees, and more. Also, your spouse can easily transfer money into your account with just a few taps.
Understanding how much money is flowing into your household can help you develop an effective financial plan. Here are more handy tips to help you get started:
Now that you have got these essential points down, it is time to move on to the next step!
Taking note of your expenses can help you draft an accurate expenditure plan. Below are some steps to help you do this:
Effective payment planning can help you save money by steering clear of late payment fees and availing of excellent retail discounts. Go over the following points for tips on how to create an efficient payment plan:
Check to see if your bank affords special discounts at select grocery shops and the like. If you are using a digital wallet app like PayIt, it can afford you excellent discounts when using them to pay for your purchases. For example, payIt users can avail of 30% cashback when shopping at K.M.Trading supermarkets and department stores. Planning your purchases in advance can help you maximize your use of these special discounts, ultimately helping you to save money.
Take note of payment deadlines and clear your dues on time. Doing so can help you avoid having to pay extra money as of late fees. Using a helpful online payment solution can help you make these payments on time without having to leave your house. If you are making payment directly through your bank, try logging onto their online banking platform. Or, if you are using an eWallet like payIt, you can directly make bill payments from their mobile app.
Do you have any major expenses coming up? Perhaps you are expecting a child or saving up to buy a new apartment in your home country. Whatever it may be, don’t forget to account for it within your payment plans. Carve a fixed amount out from your disposable income each month. Start saving up in advance to ensure you have enough money when the time to pay up finally rolls around!
Remember to set aside money as a safety net for a rainy day. If your family has subscribed to an insurance plan, try not to delay your payments. There’s no point in risking your future just to “save” a few extra dirhams. So, if you haven’t yet subscribed to some sort of financial emergency backup plan, start now!
Now that we’ve gone over all of the essential financial planning steps in detail, let’s recount them in a quick checklist:
Hopefully, working with these helpful tips will help you create a beneficial financial plan as a newcomer housewife to the UAE.
Remember that the responsibility associated with ensuring financial matters flow smoothly in your household is as much yours as it is your husband’s.
To ensure your payments are never late, consider setting up payit eWallet account. Unlike most digital wallets, payIt can afford you special services within the UAE, like making quick online payments to domestic workers. It can also give you access to helpful discounts at leading stores and entertainment spots.