But getting started on that savings journey is much easier said than done, more so when there are bills to pay, debt payments to make and battling that all-too familiar temptation of impulse purchases.
Giving up that instant gratification — such as wasting money on things we do not need or ordering takeaway every night — is one of the biggest hurdles to overcome when it comes to committing to a budgeting and savings plan.
But it seems that our brains also have something to do with it. In 2018, a group of neuroscientists from Cornell University in the US conducted a study that explored whether our brains are hard-wired to earn more money rather than save it.
For example, what do we do when we receive a pay rise — spend it or save it?
According to the study, we are more likely to spend that pay rise and continue trying to earn more money in the short term rather than taking advantage of compounding interest by investing it for the long term.
In other words, we live for the present rather than the future.
“There’s this implicit blame that people aren’t working hard enough and that the lack of savings is a reflection of work ethic,” Adam Anderson, associate professor at Cornell University’s College of Human Ecology and co-author of the report, told CNBC in an interview in 2018.
“But the data suggest that while people work a lot and work hard, saving is a problem.”
That problem we have with saving is reflected in numerous global studies and surveys.
Last October, a survey of more than 2,300 people by financial services company Bankrate, found that about 55 per cent of US adults felt their retirement savings were not where they need to be, with nearly 35 per cent saying they were “significantly behind” and another 20 per cent saying they were “somewhat behind” their goals.
Meanwhile, a 2020 survey by global consulting company Mercer found that almost half of all UAE residents often delayed preparing for their retirement until they had reached their late 40s and 50s.
The Mercer study also found that 45 per cent of foreign employees in the UAE either had no means of maintaining a decent standard of living in their retirement, or plan to work beyond retirement age to derive enough income for their later years.
There is no magic formula when it comes to saving — yes, smart money skills do go a long way to help people set financial goals and create a budget to manage their savings, debt repayments and daily expenses.
But for those who struggle to save regardless of the level of their financial literacy knowledge, the good news is that you can retrain your brain to embrace a savings mindset.
While it takes a lot of hard work and discipline — especially in the beginning — there are ways you can turn it into a daily habit, according to financial experts.
The first step is to set up a realistic budget based on your salary and figure out your needs and wants — and there are plenty of budgeting apps out there to help you do this.
UAE salary guide 2023 — in pictures
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UAE Salary Guide
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UAE salary guide 2023
UAE salary guide 2023
UAE salary guide 2023
One way is to apply the 50:30:20 rule to your finances.
This means that 50 per cent of your monthly income goes towards necessities (such as rent, groceries and utilities), 30 per cent for wants (those little luxuries in life) and the remainder for paying off debt and savings.
Once you’ve figured out your budget, this is where you can become creative in how you plan to save and invest for the future.
Creating visual aids is an interactive way to track your savings progress — it could be a chart or picture that you update every month with coloured pens.
If you don’t want to create one yourself, you could try budget-friendly digital printables that you can purchase from online stores such as Etsy.
You could also try envisioning your future financial goals — do you want to buy a house or retire early, for instance?
Create a mood board that reflects your goals — it is a great way to keep you motivated and on track with what you want to achieve financially.
Perhaps one of the most powerful motivators — or shock? — to save is to look into the future.
One study by Stanford University found that people who can view digitally altered images of their future selves — what they look like in old age — are more likely to save for retirement.
“In all cases, those who interacted with their virtual future selves exhibited an increased tendency to accept later monetary rewards over immediate ones,” the authors of the study said.
You can check out your future self on age progression apps such as FaceLab, FaceApp and Oldify — and, hopefully, this acts as a major motivator to financially empower yourself and start saving for the future.
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
Electric scooters: some rules to remember
Riders must be 14-years-old or over
Wear a protective helmet
Park the electric scooter in designated parking lots (if any)
Do not leave electric scooter in locations that obstruct traffic or pedestrians
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books