The National published an article on a 12-step strategy that can help you inculcate financial discipline in your life in 2017.
Plan ahead
Ambareen Musa, the founder and chief executive of comparison site Souqalmal.com, says you should decide your financial goals first and then work out what steps you must take to get there. “Plan for major expenses such as moving house, holidays and travel spends, a new car and so on well in advance. If you spread the cost throughout the year, you won’t get hit with them all at the same time.”
Prepare for a rainy day
2016 was a year full of political shocks, and 2017 could prove just as troubled, as the era of near-zero interest rates and inflation draws to a close.
The US Federal Reserve finally increased interest rates in December and may hike them three times more in 2017, while president-elect Donald Trump’s proposed trillion-dollar reflation blitz signals an end to the age of austerity.
You also need to protect yourself against any personal swings in fortune such as losing your job, rising mortgage rates or a property crash.
A safety net is vital in uncertain times, says Ms Musa at Souqalmal. “Could you really manage if you were faced with a sudden cash crunch? Building an emergency savings pot to help you out in difficult times is vital.”
For full article go to The National
