How to manage your money step by step

Financial goals reflect things you want to do with your money within a certain period of time. Setting these goals will help you understand the value of money and encourage prudent spending. Be sure to know how long you should plan for each goal.

Are they short, medium or long term goals? Which one of the following are your financial goals?

• Buying a House
• Buying a car
• Traveling
• Child’s education plan

Start developing a spending plan so that it’s easier to achieve your goals. Remember that your aim is not to cut your budget but to note the direction of your spending.so you will know:

• Where and how you spend your money?
• How much you owe monthly?
• How much is left at the end of the month?

Then, look through your list of expenses and determine if they are a necessity or luxury item.

Many times goals are not reached because the action was never taken. Having a plan, by itself, doesn't mean you will reach your goals. You must be committed to do the things listed in your plan.

Remember SMART Goals should be :

• S- Specific
• M-Measurable
• A- Achievable
• R- Realistic
• T- Time

1. Purpose of the loan
2. Loan period suit you (short, medium, long).
3. Source of repayment
4. Method of payment
5. Bank rate and fees/charges.
6. Principle amount including bank interest
7. Transparency and credibility when fill the application
8. Red and understand terms and condition for product & services and get your copy either Arabic or English
9. Be committed on payment to avoid delinquency.
10. Get a credit advisory consultation if needed.