Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

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 load 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
 Aug 4 2015 - UAE Q3 non-oil sector keeps growing baseMENAFN
(MENAFN) An official report show that Business conditions in the UAE's non-oil private sector continued to improve in last July.Non-oil private sector employment in the UAE keeps on increasing in ...

 Aug 4 2015 - Emirates Reit to invest USD56.69m in Akoya new schoolMENAFN
(MENAFN) Dubai-based real estate investment trust Emirates Reit has announced that it will invest about USD56.69 million on building a new school in DAMAC's Akoya development. Emirates Reit acquired ...

 Aug 4 2015 - Egypt expands armed forces mission in YemenDaily News Egypt
(MENAFN - Daily News Egypt) President Abdel Fattah Al-Sisi met Saturday with members of the National Defence Council, in a meeting that saw the expansion of the Egyptian armed forces' participation ...

 Aug 4 2015 - Egypt- None can interfere in judiciary, Brotherhood defendants tried by law: Al-ZindDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Justice Ahmed El-Zind said that defendants of the former Muslim Brotherhood regime are being tried according to the law, during a Friday TV show on a state-run ...

 Aug 4 2015 - Oman approves electricity projects worth USD600.2mMENAFN
(MENAFN) Three hundred fifty-nine projects with a total value of around USD600.2 million were approved by licensed operators last year to enhance the electricity network in Oman.The projects were ...

 Aug 4 2015 - Industries Qatar profits surge 20 percent in Q2MENAFN
(MENAFN) Industries Qatar said its second-quarter profit increased 20 percent, beating analyst forecasts, although its half-year profit fell because of declining petrochemicals prices.The ...

 Aug 4 2015 - Health Ministry's Hajj Preparatory Committees hold meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) The Preparatory Hajj Committees of the Ministry of Health held their 12th meeting at the ministry yesterday, in the presence of the heads of the preparatory committees ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Scouts honor World Scout Committee MembersSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi Arabian Boy Scouts Association honored the members of the World Scout Committee during their visit yesterday to the Saudi delegation participating in Arab Cultural ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Consul General in Los Angeles : We did not record any contact from citizens due to fires in Northern CaliforniaSaudi Press Agency
(MENAFN - Saudi Press Agency) The Consul General of the Kingdom of Saudi Arabia in Los Angeles, Ambassador Dr. Faisal bin Abdulaziz Al-Sudairy, confirmed that there is no Saudi citizen close to the ...

 Aug 4 2015 - UAE- Apparel unveils community centre in AjmanKhaleej Times
(MENAFN - Khaleej Times)Apparel Group has launched its first community centre in the UAE - Grand Centrale in Ajman. His Highness Shaikh Humaid bin Rashid Al Nuaimi Member of the Supreme Council and ...

more...


 






Google

Click to Apply

 
 

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