Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman- Bank Sohar's saving tip of the month List out daily expenses  Join our daily free Newsletter

MENAFN - Muscat Daily - 24/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) As part of Bank Sohar's Al Mumayaz Savings Scheme 2014 Campaign and the ongoing monthly savings tips that are being provided we bring to you the tip for the month of August.

The tip for the month highlights the importance of listing down daily expenses to identify unnecessary purchases. The exceptional savings resulting from such activity can potentially be the first step towards saving for your child's education and therefore his or her future.

Speaking on this initiative and campaign Munira Abdulnabi Macki DGM of Human Resource & Corporate Support said 'With a long standing commitment towards improving the livelihood of individuals and the community at large Bank Sohar as part of its Al Mumayaz Savings Scheme 2014 aims at providing a wide range of helpful tips on savings and financial management.'

With a focus on thrifty budgeting this month Bank Sohar emphasises that if done carefully and judiciously cost cutting can help maximise efficiency without causing any negative repercussions. By using a proverbial magnifying glass to view spending habits one will not only be able to identify necessary and optional costs but may also discover spending patterns that reveal potential areas of waste for spending cuts. The easiest way to do so is by tracking spending on a daily basis for a month and then eventually determining whether each item is a fixed variable or discretionary expense. For each type of expense there are different tactics that can then be used to try to cut back.

Fixed expenses such as mortgages school loans or rent don't change month to month and are essential. While the financial lad of some of these expenses can be reduced to a limited extent on a broader scale there isn't much room for saving. Variable expenses on the other hand are much more flexible. These are expenses that - while necessary - are governed by one's usage; such as groceries utility bills and transportation. In such cases it can be beneficial to make certain concessions such as carpooling for school and work transportation watching TV online instead of a premium cable subscription disabling home land line telephone if it is not being used regularly or even following some of Bank Sohar's earlier tips on energy and water conservation for the purpose of reducing utility bills.

The last of the three are the discretionary expenses those that involve anything based on personal wants such as entertainment hobbies restaurant expenses and more. While these are of course necessary to maintain your lifestyle this category is also the one that provides the largest window for savings.

'While each of these core areas leads to relatively small savings they collectively add up to a much more significant number when put together at the end of a year. When cumulated over a couple of years these savings will go a long way in alleviating the financial load of crucial yet expensive financial obligation later in one's lives such as their child's higher education' concluded Munira.

For additional details on the Al Mumayaz Savings Scheme and the monthly tips please visit Bank Sohar's official website at www.banksohar.net. You can also follow the bank on www.facebook.com/excel.banksohar


 


Muscat Daily




  MENA News Headlines
 Jul 24 2016 - Two Israeli Reconnaissance Planes Violate Lebanon's AirspaceQatar News Agency
(MENAFN - Qatar News Agency) Beirut, July 23 (QNA) - An Israeli reconnaissance plane has violated the Lebanese airspace above Lebanon's Alma Shaab and flew over Iqlim Kharroub region, as indicated by ...

 Jul 24 2016 - Mass Hunger Strike in Protest of Israel's Detention of PalestiniansQatar News Agency
(MENAFN - Qatar News Agency) Ramallah, July 23 (QNA) - A mass hunger strike across Israeli prisons continued on Saturday in protest of Israel";s detention of Palestinians without charge or trial, ...

 Jul 24 2016 - EU Condemns Kabul AttacksQatar News Agency
(MENAFN - Qatar News Agency) Brussels, July 23 (QNA) -The EU has condemned an attack in Kabul earlier today at a march in which 80 people were killed and over 200 injured. A statement by Maja ...

 Jul 24 2016 - Turkey Forms State of Emergency Coordination CommitteeQatar News Agency
(MENAFN - Qatar News Agency) Ankara, July 24 (QNA) - Turkey has formed a state of emergency coordination committee chaired by Prime Minister Binali Yildirim, according to the Official Gazette. The ...

 Jul 24 2016 - Israeli Army Injures One Palestinian, Arrests Three OthersQatar News Agency
(MENAFN - Qatar News Agency) Ramallah, July 24 (QNA) - Israeli soldiers invaded, at dawn Sunday, the town of Silwad, east of the central West Bank city of Ramallah, shot and seriously wounded one ...

 Jul 24 2016 - Bahrain to launch USD526m market revampMENAFN
(MENAFN) Bahrain's government has announced a USD526 million project to revamp Bahrain's Manama Central Market.In detail, the project is still awaiting approval, six months after it was suspended ...

 Jul 24 2016 - Enec, KHNP shake hands on support services dealMENAFN
(MENAFN) The Emirates Nuclear Energy Corporation (Enec) and Korea Hydro & Nuclear Power (KHNP) have inked an operating support services agreement (OSSA) for the Barakah nuclear power plant in Abu ...

 Jul 24 2016 - QIA, Douglas Emmett acquires USD225m LA office buildingMENAFN
(MENAFN) Qatar Investment Authority (QIA) has announced the acquisition of a mega office property in Los Angeles in joint venture with Douglas Emmett, a real estate investment trust (REIT.In detail, ...

 Jul 24 2016 - WEEK AHEAD: Blue-chips aplenty due to update marketProactiveInvestors - UK
(MENAFN - ProactiveInvestors - UK) The week ahead is set to be a busy one as blue-chips race to get their results out before people head off on holiday. The first of the big companies reports on ...

 Jul 24 2016 - Italian banking crisis may not spill over to global economy: QNBGulf Times
(MENAFN - Gulf Times) Italian banks are in 'trouble” because of their 'large stock of bad loans” QNB said although it does not foresee the trouble 'spilling over” to the wider ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help