credit card uae
                     Finance in tough 
times
– Compare4Benefit
Beware of little expenses .A 
small leak will sink a great ship
▪ When difficulties come to our lives it comes without an invitation
▪ As we know nowadays  that whole world is facing a pandemic (COVID-19) disease .It is really 
tough time for the countries because everything is lock down. There is shortage of wages and 
sources to people , Economy and stock market will recover  but we have to keep an eye on  
how we utilize & protect our personal finance.
▪ The future is unpredictable and we cannot prepare ourself for every hassle , but we can 
prepare our financial status so that in difficult times we don’t need to panic.
▪ Regularly reviewing your financial status is a good idea for everyone, there may be no need to 
modify a thoughtful and balanced long- term financial plan if you have sufficient finance.
                                                                     
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Here are some things that you should know and get ready 
yourselves for financially tough times:
▪ Make a budget of your spends
▪ Maintain good credit scores
▪ Plan for alternative if you lose your job
▪ Prioritise your bill payments
▪ Saving and emergency funds
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Check 
your 
spends:
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Check your spends
▪ We should keep a track of our spends, make a budget and 
always spend accordingly.
▪ A budget makes you aware of where you are spending money, 
how much you are spending and whether you need to spend 
money on that things or not. After making a budget and left 
money you can safe for future.
▪ During hard phases of your life spend on your needs, not on 
wants. Everyone wants everything in his life so plan 
accordingly for same and safe.
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▪ When you make budget of your spends make it on sheets on 
software, by doing so you don’t need to recheck every bills or 
dates, system will remind you such as your vehicle 
maintenance, services of A.C. & gifts for loved ones doesn’t 
spend your money every month. Spend not beyond than your 
pocket. Try to save 40-50% of your income , after keep a little 
amount aside by which you can pay for your utility bills or 
other small things. If possible purchase from the places where 
you can get cash backs & discounts. These small steps saves 
a lot when do for large time. Suppose by doing so you safe 
AED10 per month by end of year you can safe AED120.
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Protect 
your 
Credit 
scores:
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Protect your Credit scores
▪ Your credit scores should be good for further financial support & you apply 
for any mortage. When you have lack of money and for the emergency 
funds we spot on credit card, it is important to pay back the amount on 
time as it is important factor for good credit score.
▪ For the current situation of COVID-19, the time of re payment has 
increased, check the same with your issuers.
▪ If you want to apply for any finance or are about to make a big purchase 
such as home so it is better not to apply for any credit card at that time, 
your credit score also depends on your credit limit how much you are 
spending, if your credit scores are good you can apply for higher credit 
limits. The issuers will check it and every thing about your  financial 
status so it is good to keep your credit scores good. 8
▪ Use a credit card only to an extent that you can afford to pay, leave your 
oldest credit accounts open as it will help to increase credit. Check your 
credit scores whenever you get time, so that you can keep an eye on the 
things that are effecting your credit scores. Do not apply for many credit 
cards, it is good to have 1 or 2 cards only.
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What to 
do next 
if you 
loss 
your 10
job:
 
What to do next if you loss your job
▪ What to do if you lost your job due to any reason in that situation apply resume online on 
applications as networking is the best way to find jobs easily and within your comfort. You don’t 
need to go to other places and waste your time.
▪  Meanwhile you can learn many things or do some  part time work by which you can earn money 
by part time such as tuition or other your passion work , we know that by it you can’t earn much 
but you can earn a little bit by which you can make your life easy to some extend.
▪ Have a plan when you are already in job and keep your job alternatives ready. If you lose your job 
you can implement your alternative job plan. As we know people earn a a lot by network sites you 
can always keep your aside business for the same by which you can earn. Always have a planning 
with your partner when you are taking new steps .
▪ You can go for your business setup in starting you can face difficulties in starting but by end you 
can earn huge. If your credit scores are good you can apply for loan from bank for the business 
setup.
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Prioritise 
your bill 
payments:
 
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Prioritise your bill payments
▪ When your are making budget always discuss with your partner or family 
member.
▪ Because it is well said that ladies safe alot. In budget list think with 
strategy ,always prioritise your bills. Check it out whose payment is most 
necessary and spend according to that.
▪ We know that for our survival we need  food& shelter , spend your 
amount on it firstly and after that pay your utility bills, work related 
expenses such as transportation and phone bills. If you have children 
then there essential expenses such as fees, transportation fee, tuition fee 
and all other things that need to be pay.
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▪ If your financial conditions are not good you can skip credit repayment or 
other things which are not important it will eventually effect your scores 
but you can always maintain it later when difficulties are over.
▪ Even during this COVID period we need food and shelter mainly. Maintain 
budget , keep essential products at your home , but keep in a limited 
stock so that you can utilize it and it won’t be wasted and eventually you 
end up saving your amount and resources.
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Saving and 
emergency 
funds:
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Saving and emergency funds
▪ After making budget and spend on essential , save the left money and invest it. By 
investing money you can earn more and at the time of emergency you can use 
these funds.
▪ As we all know that banks has many schemes and there are other issuers , check 
the terms and conditions when you are spending amount.
▪ It is important to have medical insurance and if you have vehicle then its insurance 
and other insurances which you require, because it helps in your hard times. When 
you are in hospital and you don’t have health insurance then at that time you will 
loss your all savings.
▪ Emergency funds will help you in unexpected scenarios, invest your amount in 
emergency funds it can’t be done overnight you have to plan it for many months 
for the same there are many schemes such as mutual funds and for the same there 
are short term as well as long terms plan. 16
▪ There is no solution for the financial problems but some steps can help us to fight 
against it. Such as savings, emergency funds & spend in budget can help to protect 
finance in tough times.
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References
▪ https://www.compare4benefit.com/credit-cards
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