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We're here to support you every step of the way. Our team of experts is ready to assist you with any questions or concerns related to money management and debt counselling.

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Our team of financial experts is available Mondays to Thursdays, 8:30 AM to 5:00 PM, and Fridays, 9:00 AM to 3:00 PM

We’re here to help you navigate your finances

Whether you're prioritising debt or trying to understand the factors affecting your finances, our team of financial experts at Money Assist is here to provide the support you need. We offer useful tips and advice to help you develop a sound money plan and increase your disposable income.

Managing your debts

If you're facing challenges with debt, it's essential to manage it effectively to avoid financial difficulties. This can involve prioritising your debts and making informed decisions about managing your money.

Prioritise Your Debt

To achieve freedom from financial burdens, managing debts smartly and following a strategic repayment plan will guide you to a smoother path to financial stability.

Start by listing all the debts down—credit cards, personal loans, mortgages, auto loans, and any other commitments—along with their interest rates, monthly dues, and total balances. This clarity is the first step towards taking control.
Create a realistic budget that concentrates on debt reduction. After reviewing your income and expenses, allocate money toward debt repayment each month. This will allow you to identify non-essential expenses that can be reduced, freeing up more resources to allocate to your debts.
Focus on paying off high-interest or smaller debts to reduce the credit you owe quickly. These strategies, known as the avalanche and snowball methods, have their advantages.
Consolidating multiple high-interest debts into a single loan with a lower interest rate might streamline your payments & reduce the total interest you pay.

Embarking on the journey to reduce debt is both empowering and liberating. Feeling overwhelmed is normal, but help is available with our Money Assist team. They will offer you personalised advice and help you craft a debt repayment plan that aligns with your financial goals.

Financial Proficiency

Achieving financial proficiency is an essential step towards a secure and prosperous future. We are committed to empowering you with the knowledge and tools needed to navigate your financial journey confidently.

Creating and sticking to a budget are the foundations for understanding your income and expenses. These empower you to make informed decisions about saving, spending, and investing.
Knowing how credit works and the impact of debt on your financial health is crucial. Use credit wisely as you learn about interest rates, credit scores and effective debt management strategies.
Explore different saving and investment options to build wealth and secure your financial future. Regular savings can grow significantly over time with the power of compounding interest.
An emergency fund and insurance are vital components of financial planning. They provide a safety net against unforeseen events, helping you avoid financial goal derailment.

Remember, persistence and discipline are your allies that will get you closer to your financial goals. With a solid plan and a commitment to follow through, the path to financial independence is within your reach.

Budget planning

Budget planning is not just about restricting spending; it is the cornerstone for sound financial health—a powerful tool that helps you live within your means, save for the future, and achieve your financial goals.

Here's how to master the art of budget planning and pave the way for a prosperous financial future.

Unlock your financial potential: Assess your budget

Budget planning is vital to achieving financial wellbeing while unlocking your potential for a secure future. Master your budget with these simple steps:

As your income comes in, categorise your spending to identify essential expenses (rent, utilities, groceries) versus flexible spending (dining out, subscriptions, entertainment, etc.). Segregating will help you identify areas where adjustments can be made, paving the way for informed financial decisions.
Let your financial goals be clear. These goals will give you purpose and direction as you save, pay off debts, plan for retirement, or meet any specific goal.
Use the 50/30/20 rule as a guideline—spend 50% on needs, 30% on wants, and 20% on savings. Dispense your income among different expenses, starting with necessities like housing and food, then savings, followed by wants.
Flexibility is key to staying on track with your financial objectives. Regularly review & adjust your budget to suit you based on changes in income, expenses or financial goals.
Consider savings as a non-negotiable expense. No matter how small, aim to save a portion of your income regularly to build a financial cushion towards your future goals.
Leverage our budgeting tool to simplify the process & enhance your budgeting strategy.

By adopting a proactive approach to budgeting, you can manage your finances effectively, reduce financial stress and build the future you envision.

Budgeting Tool

Prioritise high-interest debts

Debts with high-interest rates should be your top priority, as they cost you the most over time. Paying these off first can reduce your interest, making funds available for other debts.

If you have multiple high-interest debts, consolidating them into a single loan with a lower interest rate can simplify payments and reduce the amount you pay in interest, helping you to pay off your debt faster.

To avoid impulsive purchases, consider lowering your credit card limits. This can help you keep spending in check, encouraging more mindful use of credit. Apart from maintaining a lower utilisation rate with fewer balances, you now contribute positively to your credit score.

This proactive measure can protect you from accumulating debt that might later become unmanageable, contributing to a healthier financial lifestyle.

If you're feeling overwhelmed by debt, consider seeking assistance from our Money Assist team. They will create tailor-made solutions based on your financial situation.

Strategies to reduce rental expenses

Real estate in the UAE is dynamic and mature, so it is crucial to manage your rental expenses for financial stability and growth. Whether you're a new resident or a long-term expatriate, here are some effective ways to help you reduce rental expenses.

Feel free to negotiate with landlords, as some are willing to lower the rent to secure a reliable tenant, especially in a competitive market.
Look beyond the prime locations to emerging neighbourhoods where rental options are more affordable.
Regularly assess your housing needs to ensure you’re not overpaying for space or amenities you no longer require. Downsizing or relocating can lead to substantial savings.

Grow your savings

Saving money can be challenging, but it's essential for achieving financial stability and reaching your long-term goals. Paying your bills on time, establishing a savings habit, and exploring investment opportunities are some of the ways to grow your savings and build wealth over time.

Re-think your expenses

To manage your finances effectively, it's crucial to rethink your expenses regularly. By being mindful of your payables, you can make informed decisions and achieve better financial stability.

Streamline your finances: Cut back on unused subscriptions

In today’s digital era, accumulating recurring charges from various subscriptions (streaming services, fitness apps, etc.) is easy. It’s a healthy practice to periodically assess and streamline these recurring expenses, as unused subscriptions may drain your budget before you notice it.

For you to cut back on these expenses and reclaim control over your finances, follow the straightforward plan:

Start by reviewing your bank statements and credit card bills to identify all your recurring charges. You would be surprised at how many subscriptions you have, including some you may have forgotten to cancel.
Evaluate the subscription's usage and value to decide to cancel the subscription.
Check for free alternatives before subscribing to a new service, or consider sharing subscriptions with family or friends, as this approach can offer significant savings over time.
Keep track of the money you save after cutting unused subscriptions. Redirect these savings towards your financial goals, whether paying down debt, saving for a vacation, or investing.

By regularly evaluating your subscription habits, you can avoid unnecessary expenses and focus your resources on what truly enhances your life.

Kickstart your investment journey

Embarking on an investment journey is a pivotal step towards securing your financial future. Investing is not just about growing your wealth; it's about ensuring you beat inflation, financial security, and achieving your long-term goals. Here's a brief guide to getting you started with an investment strategy that aligns with your aspirations and risk tolerance.

Why investing is important

Investing helps you put your money to work, potentially generating higher returns compared to traditional savings accounts. The power of compounding can significantly increase your wealth over time, helping you keep pace with inflation while funding your future dreams, whether it’s buying a home, securing your retirement or ensuring your family’s wellbeing.

Start your Investment strategy by complying with the below steps:

Ensure you have a solid financial foundation before you dive into investments. This foundation includes having an emergency fund, minimal high-interest debts & a clear understanding of your financial goals.
Investment comes with risks. Assess your risk tolerance and investment horizon to choose the right investment. For example, younger investors' appetite for risk may be higher than those who may be retiring soon.
Please don't put all your eggs in one basket. Diversify your investments across different asset classes (stocks, bonds, real estate, etc.) as it reduces risk & stabilises returns over time.
Beginning with small amounts but keeping it regular can help your investments grow substantially over compounding.
As we live in a VUCA (volatile, uncertain, complex, ambiguous) world, make informed decisions by utilising online resources, workshops, and financial advisors.
Regular reviews of your investment's performance over time will help you stay on track towards your financial objectives.

Investing is a crucial element of financial planning, offering a pathway to financial freedom and realising your dreams. In the dynamic landscape of the UAE, starting your investment journey with a thoughtful strategy can lead to a prosperous future. Our bank is here to support you with expert advice and investment solutions tailored to your unique needs.