Browsing: Finance

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Why expats in the Middle East struggle to save money

A new survey on the saving habits expatriate residents conducted by compareit4me, the Middle East’s leading finance comparison site, revealed that 53 percent of respondents don’t think they earn enough money to allow for them to allocate any to savings. The study was conducted among 2,200 residents who are mostly expatriates between December 2015 and January 2016. 30 percent do not save a single dirham The study highlighted not just the impact of living costs on family incomes, but also the poor savings culture or the lack of financial discipline among a number of residents. Findings of the survey indicate that while less than half of respondents set aside funds from their monthly wage for retirement or emergencies, over 30 percent do not save a single dirham, with over 13 percent admitting they believe life is too short to save. According to Jon Richards, CEO of compareit4me, who conducted the study, many…

Personal Finance
Smart tips : Taming the credit card monster

Credit cards can be useful and convenient. But if you aren’t careful about how you use them, you can put yourself on a path to serious financial trouble. You could build up debt that might take you years to pay off or damage your credit rating. Here are some smart tips for taming the credit card monster to be a useful asset. Before applying for a credit card 1. Know what you’re getting into When you sign up for a credit card, you are entering into a legally binding contract, so it’s important that you understand the terms and conditions. Credit card applications must have an “information box” that outlines key features of the credit card like interest rates and fees. But don’t stop reading there. Review the complete terms and conditions so you’re aware of other important details, such as: your liability in case your card is lost or…

Personal Finance
Dear NRI, Have you filed your income tax returns ?

There is a general belief that NRIs do not have to pay any income tax in India and most NRIs neglect tax as something not affecting them. In reality NRIs have tax exemption only for income generated from abroad. Even if you are an NRI, you are liable to pay income tax on whatever income you earn from India – for example, rent from property, profit from sale of assets or dividend from shares. However, this is applicable only if your income in India crosses the basic exemption limit of Rs 2 lakh per year. Who is an NRI ? To determine if you are eligible for tax exemptions, you need to find out your residential status based on number days spent in India. The Income tax department classifies an individual to be a non-resident when: You reside outside India for a period of 182 days or more during the relevant previous year   [OR] You are…

Personal Finance
5 ultimate rules of money management

If you think that understanding personal finance is way above your head, you’re wrong. All it takes to get started on the right path is the willingness to do a little reading – you don’t even need to be particularly good at math. To help you get started, we’ll take a look at the most important things to understand about money if you want to live a comfortable and prosperous life. 1. Control your instincts The sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money. Do you really want to pay interest on a pair of jeans or a restaurant meal? 2. Know where your money goes Once you’ve gone through a few personal finance…