Dubai PR Network, Online Press Release from Dubai and Middle East
 
Local News and Government
Filter PR by
  

GPSSA highlights the impacts of ‘excess spending' A financial awareness session that can be found on the Jahiz platform

 
GPSSA highlights the impacts of ‘excess spending' A financial awareness session that can be found on the Jahiz platform

Abu Dhabi, 7th October 2024:  The 4th financial training session out of a series of nine awareness trainings entitled ‘Debts and Financial Difficulties’  is now available on Jahiz – Future Government Talents platform as part of the General Pension and Social Security Authority’s (GPSSA’s) transformational program Wafra,  an advanced system for proactive financial planning.

The awareness session sheds light on the impact of excess spending and debt repayment deficits, while offering ways by which individuals can avoid negative repercussions caused by debts.

Debts and negative repercussions

Debts have a negative impact on an entire family’s standard of living, resulting in isolating from relatives and friends due to not being able to afford life’s daily expenses. Debts impact the present and the future, limiting one’s ability to enjoy daily outings, plans and future investments.

Seek the best options

There are plenty of options that can help a person build healthier financial habits in order to avoid debt and manage mounting expenses. One option is to consolidate installments and settle the entire due amount in order to reduce monthly interest rates, while avoiding unnecessary expenses such as owning an expensive car or moving to a cheaper house, in a nut shell one must rationalize mandatory expenses and limit the ‘not so necessary’ ones.

Cash flow

Cash flow refers to income that is used to purchase more assets to pay off debts while generating additional income. The combination of income and assets creates wealth, which contributes to reducing debts and selling claims at high profits. Installments help generate profit and increases savings on the long term.

Overspending

Excess spending affects financial planning on the short and long run. It occurs when a person spends more than his/her income or budget, resulting in not having enough cash flow, thus having to borrow money, which evidently increases debt. These signs are evident when an individual is unable to cover daily expenses, pay off debts or borrowed funds and repeatedly exceeds the credit card, loan or overdraft limits by continuing to withdraw borrowed cash.

Reasons for accumulating debt

Debt is mainly accumulated due to a high cost of living, lack of financial planning, over spending, stagnant salary, high interest rates on credit cards and loans, as well as poor investment choices; factors that result in accumulating debt and burdening the entire family.

Debt management

Important and simple steps to manage debt are necessary when in this situation, starting with listing due payments and their dates, determining which debts should be addressed first, paying off debts by identifying their types and openly discuss the situation with the bank to reach an agreement to reschedule payments and repay due amounts. Meanwhile, one must work on increasing income and reducing cost of living by giving up unnecessary luxuries and selecting less expensive products.

How to do it

Opting for less expensive public service systems, setting a budget with debt amounts and arranging their repayment according to priority; developing a budget or plan for expenses when making the decision to spend money; reduce unnecessary expenses and monitor cash outflow. Jot down each expense made in order to prioritize spending and adopt smart habits when managing credit cards and loans; find cheaper alternatives when purchasing items/products and avoid selecting products with high interest rates.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 3469 times
PR Category : Local News and Government
Posted on : Monday, October 7, 2024  9:57:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Moro Hub presents Green Certificate to Dubai Supreme Council...
Next Story : Dubai Sports Council continues Receiving of Registration For...
Email this article Print this article

Share this article with your friends and followers
NewsVine
 
 
Most Viewed Press Release posted in the last 7 days
Get Your Glow On with essence's Must-Have Picks for a Luminous Fall Look [64866-Views]
Go Big. Go Bold. Go All Day: Catrice 24H Extreme False Lash Effect Mascara Takes Volume to... [55399-Views]
The Ultimate Guide to Post-Sun Care with Benefit Cosmetics Pore Care Collection [52263-Views]
VFS Global appointed to offer new Indonesia e-Visa on Arrival service to UAE and KSA resid... [36416-Views]
Wfp welcomes us$25 million grant from ksrelief for its operations in yemen [35153-Views]
Fall-ing for Benefit Cosmetics: How to Nail the Autumn Look, even if It's Still 35°C [18204-Views]
SITA and AACO advance on collaboration to tackle aviation's toughest sustainability challe... [15760-Views]
IATA to Offer Digital Currencies in Financial Settlement Systems [15457-Views]
To empower youth for a knowledge-based economy MBRF, UNDP, and GSSCPD launch “Knowledge Jo... [9795-Views]
LIFE Pharmacy launches ‘Pharmacy for LESS', first value pharmacy in the region [8647-Views]
Leading Hospitality Services and Emirates Green Building Council forge partnership to driv... [8622-Views]
Renowned italian group expands operations in dubai [8089-Views]
SHEIN UAE Bus Tour Promises a Fashionable Celebration on Wheels [7946-Views]
Latest on Kanika Kapoor at Burj Al Arab—All the Details Are Below! [7081-Views]
The New 2024 Ford F-150: Ignites Passion, Fuels Performance, and Drives Innovation [7077-Views]
Ferragamo Watches Fall-winter 2024 Collection [7031-Views]
flydubai announces a new service from Dubai to Bhairahawa in Nepal [6638-Views]
Stay Tuned: The TIGGO 9 is Coming Soon to Redefine Emperor-Class Luxury [6589-Views]
Malabar Gold & Diamonds Enhances Festive Offers: Free Gold Coins On Gold Jewellery Purchas... [6482-Views]
Actor Anil Kapoor Launches Malabar Gold & Diamonds 2nd Showroom in Rajasthan at Jodhpur; C... [6129-Views]
Hyundai Motor Ascends to Global Top 30 Spot with $23 Billion Brand Valuation in 2024 Inte... [5892-Views]
Dubai Active Industry 2024: A Hub of Innovation, Connection and Insightful Discussions w... [5806-Views]
Persil Shampoo Pioneers Fabric Sustainability Revolution with High-Care Rebrand [5773-Views]
Dubai Muscle Show 2024 Set to Deliver an Epic Weekend of Fitness, Inspiration and Bodybuil... [5592-Views]
EDGE Entity LAHAB Expands Global Sales of MK Aerial Munitions Through Strategic Agreements... [5223-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
Back to Section Home

Related Stories

 
Top Sections
 
Top Stories