Budgeting is key to managing your finances, whether you’re trying to pay off debt, start a rainy-day fund or deal with the consequences of inflation.
Creating a budget is much like trying to eat better or exercise more — everyone tells you it’s good for you, but it’s hard to get into the habit, says Colleen McCreary, consumer financial advocate at Credit Karma.
“A lot of people think it’s over-complicated and a hard thing to do,” Ms McCreary says. “Much like going to the gym, the hardest part is showing up, so you just have to decide that you’re going to try it out.”
Even with prices high due to inflation, Elena Pelayo, educator at How Money Works, a financial literacy organisation, says there are small steps you can take to manage your money. These include looking at how many online subscriptions you pay for or how often you eat in restaurants and cutting back where you can.
Here are five important steps when you’re ready to create a budget:
Write it down
Writing down all your expenses is crucial, says Ms Pelayo. She suggests recording every penny that you spend rather than trying to approximate, which can lead to errors.
Ms Pelayo recommends using whatever method fits you best, whether that’s writing it down on paper, creating an Excel spreadsheet or using a website.
Next, she recommends categorising where your income should be spent. Always start off with covering your basic needs.
A well-known budgeting system is the 50/30/20 rule, where 50 per cent of your income is allocated for necessities like food and rent, 30 per cent for things you want, and 20 per cent for savings and debt repayment.
Wiltrice Rogers of Allen Park, Michigan, has used this system for more than 30 years.
“It helped me to see how beneficial it is, and that we have more discretionary funds when I follow this method,” says Ms Rogers, an intake coordinator for a non-profit organisation.
This method works for many people, but it might not be right for you if necessities eat up more than 50 per cent, in which case you’ll need to allocate less for savings or things you want to do or buy.
Budget format
Writing down your salary and then adding your expenses in a notebook or a blank spreadsheet might be enough to make a plan. But if you need help visualising what’s coming in and going out, there are resources available.
“There are lots of online templates that’ll help you look at spending categories and expense categories for personal finance,” Ms Pelayo says.
Microsoft offers Excel templates for special occasions such as saving for a wedding or home construction. If you prefer apps, Mint, PocketGuard and EveryDollar are among the top budgeting apps.
Make a realistic plan
If 50/30/20 isn’t realistic for you, there are still ways to save and tackle debt. Start setting aside small quantities of money every month or set small goals, Ms McCreary says.
“Small steps lead to progress,” she says. “It’s really about progress, not perfection.”
She recommends starting with one goal each week, whether that’s saving a certain amount or reducing the amount you spend on non-necessities.
“Don’t overcomplicate it, don’t make it too hard for yourself,” she says.
Ms Rogers, for example, usually tries to save as much money as possible when buying groceries.
“I get the sales papers and mark what we need and if it’s on sale. I try to do a triangle of the stores to save time and gas,” she ays.
She also buys in bulk, sticks to her grocery list, and goes shopping by herself to avoid her son and husband convincing her to buy extra items.
Websites such as Flipp, which shows digital flyers from major retailers around you in the US, and Groupon, where you can find coupons for products and services, can make it easier to save money. But keep in mind that this only works when you use coupons for items that you need or were planning to buy anyway.
If your income only covers your necessities, reducing credit card debt can be challenging.
Ms Pelayo recommends that even if you live paycheque to paycheque, you might want to add at least $10 above the minimum payment of your credit card with the highest interest rate.
If you can afford it, she recommends paying 10 per cent more than the minimum payment per month.
Make it a habit
To achieve your financial goals through a budget, you have to change your mindset, Ms Pelayo says.
“You have to look deep inside yourself and say, am I willing to change my habits?” she adds.
Once you are mentally ready, you can start setting goals.
Set a time goal: building new habits can be hard, and it’s even more daunting to think about having to maintain them for the rest of your life.
Ms McCreary recommends that your first goal can be two weeks of keeping a budget. After achieving that, you can set a longer timeline until it is embedded in your routine.
Gamify your budget: if you’re still struggling, Ms McCreary recommends that you gamify your budget and turn it into a challenge.
“Maybe there’s an outcome involved. Like ‘Hey, if we save enough money, we can get a new TV or go on vacation’,” she says.
Record every penny that you spend rather than trying to approximate, which can lead to errors
Elena Pelayo,
educator at How Money Works
Examples of gamification include giving yourself a small reward after a certain amount of time or money that you have saved.
Apps such as Mint, which rewards the number of times you check your budget, and Acorns, which allows users to invest with their spare change, can help. Yotta and Save to Win allow users to create saving bank accounts that rewards them for the amount that they save.
For accountant Tiffona Stewart, gamifying her savings meant using the envelope system, where you put cash in envelopes for specific expenses.
“This is tailored to your life and what you want to save for, so that’s what I like about it,” Ms Stewart says.
She also started a business selling envelopes and budget binders on Etsy as a way to encourage and promote financial literacy. She sells “one month challenge” packages meant to help save $1,000 in cash.
“You play those games and you make these things your own. You’re trying something new, there’s nothing wrong and right, you might get it wrong one month and then get better the next one,” she says.
Involve your family or friends
As with any lifestyle change, having people around you to support your decisions and encourage healthy habits is crucial, Ms McCreary says.
That could include talking with your significant other about your finances, telling your friends that you will start budgeting, or explaining to your children how the family is now spending money.
Ms Rogers’ 11-year-old son now knows that if there is not a coupon for the item, they don’t get it.
In Ms Stewart’s case, using cash when going out with friends helped. If you only take $100 out with you and don’t bring your credit card, you simply can’t spend any more, she says.
“You need everybody who’s involved in those decisions, to commit with you to be supportive of it,” Ms McCreary says.
KILLING OF QASSEM SULEIMANI
Squads
Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.
India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
