Improving your personal finances and budgeting is important especially if you reside in the UAE. And with the introduction of VAT this year, mostly everyone is looking to save some money wherever possible. If you are one among those who would like to keep better tabs on their expenses, here are some personal finance and budgeting tips especially formulated by BankOnUs to help you manage your money more effectively.
Set Your Lifetime Financial Goals
Before you begin to start budgeting your daily expenses, it is advisable to chalk out your life goals, finance-wise. 
This could include buying a home, starting a family and related budget like school fees, family insurance, etc., car upgrades, major vacations abroad and even retirement. This is vital so that you are prepared with a decent cash-flow model to ensure you are well-funded for these goals in the future.
Categorize And List Your Daily Expenses
Figure out how much you would need to spend each month on utility bills (water and electricity consumption, mobile phone, internet connection), house rent, daily groceries, automobile-related expenses (petrol, repairs, installments) and entertainment expenses such as dining at restaurants, going to the movies, shopping at the mall, etc.
Pay Your Credit Card Dues On Time
We recommend you pay the complete credit card due amount to avoid interest and late payment fees. And as tempting as it may sound, make sure you don’t completely max out your credit card while going swipe-happy during shopping sprees as paying back the monthly due in full will be a hefty task.
Boost Your Savings With Minor Adjustments
Check to see how you can cut corners wherever possible. Perhaps the rent you’re paying is too high or you may be using a mobile plan that’s surpassing your allocated budget for the same. In cases like this, seek out cheaper accommodation and opt for a plan that covers just your minimum requirements, and soon you’ll see that the money saved will be well worth it. Another great way to save is to redeem offer coupons which come in handy while shopping or dining out.
Spend-Tracking Apps
There are plenty of useful apps you can download onto your smartphone or tablet that will help with your budgeting. Through these applications, you’ll be able to track your expenses more accurately in the form of graphs, charts and other budget-capping features.
Conclusion:
By adhering to the aforementioned personal finance and budgeting tips, you’ll be able to save a pretty penny without having to compromise too much on your lifestyle habits.