How to build a savings habit

Aim for a cash reserve of at least three months’ worth of expenses (ideally, I would say six, but let’s not get ahead of ourselves). Once you’ve accumulated this amount, take it up to six months. At this point, I would say you have a healthy cash reserve
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Saving is a habit and once you start to see your savings pot swell, you will be encouraged to do better. Use a spreadsheet or download a smartphone app to keep track of your finances.

I’m going to give you 15 easy tips that I’ve used over the years to help kick-start your habit. I know you’ve probably heard some of this before, so hey – if you have six months’ worth of expenses stashed away somewhere safe, stop reading now.

1. Clear your credit card debt. Having an on-going credit card debt is probably the worst thing you can do for your financial well-being.
2. Make a shopping list and stick to it. Don’t indulge in impulse buys. Think about your purchases. What I normally do is give myself just enough time to pick up my groceries and make it back in time for that movie or
a night out with my friends or family. This makes sure
I don’t have the time to buy stuff I don’t really need.
3. Participate in garage sales and flea markets. Like they say, ‘One man’s trash is another man’s treasure’. We do this at home at least once a year and it is amazing to see what people will buy from you.
4. Consider online deals and discount websites. Set some ground rules. Don’t buy stuff you don’t need just because there’s a deal going. Look for offers on stuff that you need or want to do.
5. Plan your purchases. If you buy at the last minute you are bound to pay top dollar for things. Plan ahead, look around for the best deals, become a bargain hunter.
6. Trade in. Trade-in offers available can reduce the cost of a new appliance or gadget.
7. Plan your entertainment better. If you dine out a lot then get yourself a book of coupons (like the Entertainer). These books will pay for themselves in no time. A lot of credit cards have deals with restaurants. Call and check if your credit card gets you any deals at the restaurant you are headed to, or call before booking and decide where to go based on discounts available.
8. Do you really need a landline? With all the deals available on mobile phones today, now is the time to get rid of that landline and the rental charges on it.
9. Consider shopping for specific things at the local market rather than at a supermarket. Meat, fish, vegetables and fruit are cheaper at places like the fish market in Deira and Karama and the fruit and vegetable market en route to Hatta. Stock up on weekly trips.
10. Don’t automatically renew your car insurance. Look around. Rates may have changed. You may get a better deal if you looked for it.
11. Learn to say ‘no’. I don’t think it’s necessary to buy my kids everything they want. I think it’s good for them to hear the word ‘no’ once in a while. I washed my dad’s cars for pocket money. I learnt some great values there.
12. Stop donating money to your gym if you’re not going to be a regular. If you live in an apartment block, there is bound to be a gym or a health club within it. Use those facilities instead. Use the internet and read men’s magazines to learn new routines.
13. It’s not a bad idea to pack a lunch at least three days a week. It’s also healthier.
14. Have another look at your loans and mortgages. Renegotiate if you are paying a higher rate of interest. At worst, you will be refused. There is no harm in trying.
15. Have a monthly budget. This way you will know where your money is going in the first place.

Take baby steps. Monitor your progress, be persistent. Remember, a dirham saved is a dirham earned.

Courtesy: By Rickson D'Souza for alpha magazine

How Valentine’s Day Is Celebrated Around The World

Let me warn you, this is going to be an interesting article. Here are a few traditions and celebration on how Valentine ’s Day is celebrated differently.

·         Brazil celebrates its day of romance on June 12th and they call it “Dias dos Namorados,” or the Day of the Enamoured. But it’s the same deal—couples exchange flowers, chocolates, and presents. It’s celebrated on the 12th of June because June 13th is Saint Anthony’s Day when single women perform “simpatias” or rituals in an effort to rope in a good boyfriend.

·         In South Korea on February 14th or White Day, men give candy or gifts to women. Then on April 14th or Black Day, the women who didn’t get anything on White Day go to Chinese restaurants to eat black noodles and mourn the disaster that is their love life. Actually, the 14th of every month is celebrated in some love-related way in Korea. Some holidays are much more popular than others and include such gems as Kiss Day, Green Day, Wine Day, Movie Day, and Hug Day.

·         Meanwhile, Slovenia celebrates February 14th with the proverb “St. Valentine brings the keys of roots.” This is thought to be the day that plants and flowers start growing—so it’s the day that farmers and vineyard workers plant seeds. Slovenians also believe that birds get engaged or married on Valentine’s Day. Children traditionally make little boats holding candles from wood or paper and send them downstream, which is meant to symbolize the fact that they no longer need work lights since the days are longer. Meanwhile, March 12th is Saint Gregory’s Day, which was traditionally the day of love and the first day of spring until Valentine started taking over the territory.

·         In Norfolk, Britain, someone referred to as Jack Valentine brings presents and candy to the doorsteps of children and fancier gifts for adults. He knocks on the door and disappears, which freaks out some kids. As one BBC writer put it, “I hope [Jack Valentine's] got a good lawyer. I love Jack dearly, but when Santa finds out what he’s up to there’s going to be trouble! Let’s face it—turning up out of thin air once a year, leaving presents and disappearing without a trace—it’s the same act. It’s a law suit just waiting to happen.” For the day, people traditionally run around town with a bad full of goodies, celebrating with their friends in the streets. Sounds fun.

Based on the survey, most Ethiopian and Chinese people don’t know what Valentine’s Day is until they come to the U.S. and see it being celebrated here.