MEC offers number of tips on saving money

The Ministry of Economy and Commerce (MEC) has offered a number of money-saving tips to the public.

The initiative is aimed at raising awareness about the issue and advise people on how to manage savings, the MEC said.

The tips focus on promoting a savings culture by setting objectives, registering financial expenses on a daily basis to determine expenditures, saving money and depositing it in a savings account, according to the statement.

The awareness campaign comes within the framework of initiatives launched by the ministry during the holy month of Ramadan under the theme “#Aqal_Min_Al_Wajeb”, Arabic for “#the_least_we_can _do”.

“Individuals are usually keen on saving money in order to improve their standard of living, to respond to crises and emergency matters, allocate money for study and travel and to finance investment projects such as establishing a company or buying shares,” the statement noted. “However, saving money may often end in failure due to poor planning and organisation, in addition to a weak ability to manage savings and investments, as communities have turned into mass consumption societies in an era of globalisation and social networking.”

The tips touch on expenditure management, saving bonuses, benefiting from loyalty and discount cards offered by stores and banks, thinking before making an expensive purchase or buying products that are not included on the daily list of purchases, in addition to resisting advertisements on social media platforms and comparing prices before making a purchase.

The tips also refer to activities that can generate and boost savings such as investing in bank deposits, buying real estate or financial assets such as stocks or investing in gold.

The MEC is also seeking to raise awareness about the concept of saving money among children by teaching them about the importance of spending moderately in line with Islamic teachings.

“The ministry advises parents to give children a daily or weekly allowance to help teach them about the importance of saving money in order to meet their personal needs and requirements, help them plan their budget as well as offering different money-saving methods, starting from using a savings box to opening a bank account,” the statement added.

Courtesy: gulf-times.com