A Time to Reflect on Your Finances this Ramadan

Sharing the love and the wealth is an important part of Ramadan.

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  2017-06-11


With the Holy Month of Ramadan well underway, this less hectic period is a good time to pause for thought and consider your finances in a new light, whatever your faith.

With expat families spending more time at home, this lull in activity brings a wonderful opportunity to reflect on matters of the heart and home, with the virtues of abstinence, helping, giving and sharing providing inspiration for all.

A time for self-discipline.

Use this quiet period wisely and take stock of your finances. If your spending habits have been out of control, now is the time to reign them in.

With shops and restaurants observing the Holy Month, the temptation to indulge is lessened. Take this time to practice the habit of frugality. Think about your financial plan, and whether you are on track to secure your family's future economy.

Building a solid financial future for your loved ones can be achieved in many ways - through property, savings and investments. Consider what it is you want to achieve, or speak to a regulated financial advisor if you're unsure.

A time to be giving.

Sharing the love and the wealth is an important part of Ramadan. To celebrate the spirit of giving, you can choose to donate to many registered charities and not-for-profit organisations that work to help people around the world. To find out more, visit http://www.uaeinteract.com.

There is also the opportunity to donate tinned and dried goods via the UAE Food Bank, generally found within residential and public places.

A time to reflect.

Take a moment to measure your self-accountability. Being honest with yourself and taking a few moments to reflect on your responsibilities is a great way to identify certain consequences that may or may not affect your future. For example, have you protected yourself and your family by writing a will? Do you have relevant cover to protect your loved ones in the event of job loss, illness or death?

Considering your own mortality or downfall is never easy. But insuring yourself is a selfless act and one that will protect the future of those you love the most.

A time to plan ahead.

Ramadan is a time to give and a time to receive.

By reviewing your finances, setting a budget and making a few simple adjustments, you can be on your way to a more fruitful financial future for yourself and your family. A priceless reward for a few moments of your time.


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