We all have goals and aspirations. Whether it is buying a house, giving our children the best education or taking care of our family back home. To achieve these goals, you need to plan ahead and manage your finances better. When you effectively manage your finances, you not only achieve your goals, but also lead a life free of financial stress where you stay in control. 

Here are 5 tips to manage your finances better

1.Prepare a budget for your monthly expenses and make sure you prioritise on saving a little bit every month. If you have big expenses coming up, you can plan ahead and increase your monthly savings.

2.Keep track of every dirham you spend to make sure you stick to your budget. Unplanned expenses can affect your financial stability.

3.Set up automatic payments so you never miss paying your bills, especially for recurring bills like your utility bills.

4.Paying off your most expensive debt as quickly as you can will help you secure your financial future.

5.If you feel overwhelmed with your credit card debt, you can always consolidate all your credit card debt into one personal loan with affordable monthly instalments paid over a fixed period of time.

What to do when you need money

There are times in life when you need money for a big purchase or an unplanned expense, but you might not know where to start.

Don’t worry there are different avenues for borrowing money:

Credit Cards

If you need to borrow small amounts of money or would like to have access to some additional credit in case you need it, credit cards are probably the best option for you. With a credit card, you can benefit from interest free credit for up to 51 days. Some cards also offer you easy payment instalment plans where you can make a large purchase using the credit card and then make the payment as fixed monthly instalments with 0% interest and a processing fee or for a lower interest rate depending on what your credit card offers. The trick to managing a credit card well is to make sure you pay the balance off in full each month. If you cannot afford to pay the full amount due on your card, make sure you at least make the minimum payment amount to avoid additional charges. However, if you pay only the minimum payment amount, you will be charged interest on your outstanding balance.

Deem offers a range of credit cards that suit different lifestyles and spending habits:

1.      Cash Up Credit Cards for cashback needs

2.      Miles Up Credit Cards for travel needs

You can find out which credit card is right for you.

Personal Loans

If you need a larger amount of money for a planned or unplanned expense and you prefer to pay it over fixed monthly instalments, a personal loan is probably the best option for you.

There are two types of personal loans in the UAE – a salary transfer loan and a non-salary transfer loan. If you take a salary transfer loan, you need to ensure that you receive your monthly salary in the bank from where you are taking the loan. In this type of loan, your monthly instalment will first be deducted from your salary and then the remaining amount will be credited to your bank account.

If you would prefer to have flexibility on how you pay your monthly instalments or do not want to move your bank account to another bank just to get a personal loan, you can opt for a non-salary transfer loan. Deem offers personal loans at affordable monthly instalments that do not require you to transfer your salary. The best part is, when you apply online, you can instantly find out if you qualify for the loan!

Here are some of the key benefits of a personal loan from Deem

a.Attractive interest rates starting from 15.99% per year. The interest rates are based on your profile, duration of the loan and Central Bank regulations.

b.Affordable instalments that suit your budget.

c.Flexible repayment period of up to four years to suit your personal needs.

d.No salary transfer is required.

e.Apply for personal loan online and find out instantly if you qualify.

f.Applying for a Deem personal loan is simple.

Ready to take the next step? Apply online and find out if you qualify for a personal from Deem.