If these benefits have inspired you to better your financial status, and you are wondering how to go about bettering your financial debt, here are a few tips.
1. Build an emergency fund
Financial experts believe that an ‘emergency fund’ can be the first step in avoiding debt. Saving three to six months’ worth of essential expenses can provide a savings cushion in case of unforeseen situations.
2. Stick to a savings routine
First save, then spend. This will help ensure a disciplined savings routine as well as help manage your spending and budgeting better. A routine savings plan is key to building a solid emergency fund as well as keep you away from debt.
3. Choose a spending plan
The best way to avoid overspending is to make a spending plan depending on your earnings. Dividing expenses into needs, wants and short and long-term financial goals can help you keep track of how much you end up spending every month.
4. Only borrow what you need
When you need to borrow any financial product- credit card, car loan, mortgage, student or personal loan- it is advisable to opt for the smallest loan possible. Also, making a fairly decent amount of down payment can reduce your EMIs and help you manage debt better.
If you have been struggling with managing your finances or debt, you can always reach out to us. Our bank can provide you with debt management counselling that can help you better your financial skills.
For fees and charges, click here.
You may reach out to us on: 800-474 and/or overseas call center number
+971 6 598 7332
9:00 a.m. to 4.00 p.m. Monday to Thursday
9:00 a.m. to 11:00 a.m. on Friday
Write to our Debt Counselling Dept. at DebtCounsel@uab.ae
Alternatively, you may visit our Head Office, United Arab Bank located in Sharjah with the below details:
Debt Counselling Department
Office Location: UAB TOWER, H.O 19th Floor, Al Majaz 1, opposite Al Noor Mosque, Sharjah, UAE.
