Credit card UAE

1
Finance in tough times Compare4Benefit
2
Beware of little expenses .A small leak will sink
a great ship

• When difficulties come to our lives it comes
  without an invitation
• As we know nowadays that whole world is facing a
  pandemic (COVID-19) disease .It is really tough
  time for the countries because everything is lock
  down. There is shortage of wages and sources to
  people , Economy and stock market will recover
  but we have to keep an eye on how we utilize
  protect our personal finance.
• The future is unpredictable and we cannot prepare
  ourself for every hassle , but we can prepare our
  financial status so that in difficult times we
  dont need to panic.
• Regularly reviewing your financial status is a
  good idea for everyone, there may be no need to
  modify a thoughtful and balanced long- term
  financial plan if you have sufficient finance.

• 
  

3

• Here are some things that you should know and get
  ready yourselves for financially tough times
• Make a budget of your spends
• Maintain good credit scores
• Plan for alternative if you lose your job
• Prioritise your bill payments
• Saving and emergency funds

4
Check your spends
5
Check your spends

• We should keep a track of our spends, make a
  budget and always spend accordingly.
• A budget makes you aware of where you are
  spending money, how much you are spending and
  whether you need to spend money on that things or
  not. After making a budget and left money you can
  safe for future.
• During hard phases of your life spend on your
  needs, not on wants. Everyone wants everything in
  his life so plan accordingly for same and safe.

6

• When you make budget of your spends make it on
  sheets on software, by doing so you dont need to
  recheck every bills or dates, system will remind
  you such as your vehicle maintenance, services of
  A.C. gifts for loved ones doesnt spend your
  money every month. Spend not beyond than your
  pocket. Try to save 40-50 of your income , after
  keep a little amount aside by which you can pay
  for your utility bills or other small things. If
  possible purchase from the places where you can
  get cash backs discounts. These small steps
  saves a lot when do for large time. Suppose by
  doing so you safe AED10 per month by end of year
  you can safe AED120.

7
Protect your Credit scores
8
Protect your Credit scores

• Your credit scores should be good for further
  financial support you apply for any mortage.
  When you have lack of money and for the emergency
  funds we spot on credit card, it is important to
  pay back the amount on time as it is important
  factor for good credit score.
• For the current situation of COVID-19, the time
  of re payment has increased, check the same with
  your issuers.
• If you want to apply for any finance or are about
  to make a big purchase such as home so it is
  better not to apply for any credit card at that
  time, your credit score also depends on your
  credit limit how much you are spending, if your
  credit scores are good you can apply for higher
  credit limits. The issuers will check it and
  every thing about your financial status so it is
  good to keep your credit scores good.

9

• Use a credit card only to an extent that you can
  afford to pay, leave your oldest credit accounts
  open as it will help to increase credit. Check
  your credit scores whenever you get time, so that
  you can keep an eye on the things that are
  effecting your credit scores. Do not apply for
  many credit cards, it is good to have 1 or 2
  cards only.

10
What to do next if you loss your job
11
What to do next if you loss your job

• What to do if you lost your job due to any reason
  in that situation apply resume online on
  applications as networking is the best way to
  find jobs easily and within your comfort. You
  dont need to go to other places and waste your
  time.
• Meanwhile you can learn many things or do some
  part time work by which you can earn money by
  part time such as tuition or other your passion
  work , we know that by it you cant earn much but
  you can earn a little bit by which you can make
  your life easy to some extend.
• Have a plan when you are already in job and keep
  your job alternatives ready. If you lose your job
  you can implement your alternative job plan. As
  we know people earn a a lot by network sites you
  can always keep your aside business for the same
  by which you can earn. Always have a planning
  with your partner when you are taking new steps .
• You can go for your business setup in starting
  you can face difficulties in starting but by end
  you can earn huge. If your credit scores are good
  you can apply for loan from bank for the business
  setup.

12
Prioritise your bill payments
13
Prioritise your bill payments

• When your are making budget always discuss with
  your partner or family member.
• Because it is well said that ladies safe alot. In
  budget list think with strategy ,always
  prioritise your bills. Check it out whose payment
  is most necessary and spend according to that.
• We know that for our survival we need food
  shelter , spend your amount on it firstly and
  after that pay your utility bills, work related
  expenses such as transportation and phone bills.
  If you have children then there essential
  expenses such as fees, transportation fee,
  tuition fee and all other things that need to be
  pay.

14

• If your financial conditions are not good you can
  skip credit repayment or other things which are
  not important it will eventually effect your
  scores but you can always maintain it later when
  difficulties are over.
• Even during this COVID period we need food and
  shelter mainly. Maintain budget , keep essential
  products at your home , but keep in a limited
  stock so that you can utilize it and it wont be
  wasted and eventually you end up saving your
  amount and resources.

15
Saving and emergency funds
16
Saving and emergency funds

• After making budget and spend on essential , save
  the left money and invest it. By investing money
  you can earn more and at the time of emergency
  you can use these funds.
• As we all know that banks has many schemes and
  there are other issuers , check the terms and
  conditions when you are spending amount.
• It is important to have medical insurance and if
  you have vehicle then its insurance and other
  insurances which you require, because it helps in
  your hard times. When you are in hospital and you
  dont have health insurance then at that time you
  will loss your all savings.
• Emergency funds will help you in unexpected
  scenarios, invest your amount in emergency funds
  it cant be done overnight you have to plan it
  for many months for the same there are many
  schemes such as mutual funds and for the same
  there are short term as well as long terms plan.

17

• There is no solution for the financial problems
  but some steps can help us to fight against it.
  Such as savings, emergency funds spend in
  budget can help to protect finance in tough
  times.

18
References

• https//www.compare4benefit.com/credit-cards