Introduction
Personal finance knowledge, education, awareness and plans coupled with our goals, income, and desire will all combine to define our wealth picture. Within lies the importance of personal finance; the consistent management and improvement of our personal finances will see its impact not over the next couple of months but over the next couple of decades. If we don’t get the importance of personal finance from early on this can seriously delay or prevent us from building wealth. We can also avoid falling into the easy debt trap that is so rampant in our society and this is the most important point we should know where we are spending our money, why and if it’s needed or want, even if it’s a need we should prioritize our needs based on the importance.
Unfortunately, we use to spend in things we know it’s not an important but sill we buy things only for show off and because others have, most of the UAE national specially males they takes loans , credit cards from banks for unnecessary things like expensive cars, Holidays and gifts .
Recently our government are raising the awareness between the society about this issue, and they have also set some regulations and rules for the banks so they don’t miss sell the products to the customers especially loans.
In this course, we will work on a small UAE national family that is known to us and we choose Maryam’s Family and the reason why we chose her family because she is newly moved to her new house , small family and they seeks others advice when it comes to their finances.
They are six family member including their maid, and this plane will be beneficial for them because she is pregnant and expecting new family member very soon, Maryam is a housewife she doesn’t work and her husband is working in a government sector his salary is quite good, they have three children, two boys and one girl and all of them are studying in the private sector which mean quite a lot of children expenses including their school fees.
| Goal | Total | Saving/month | Total saving | Loan of any | Total period |
| Build an emergency fund | 124,000 | 4,000 | 124,000 | none | 31 months/ 2 years 6 months-approximately-medium term |
| Pay off car loan | 157,500 | (3,750 allocated in budgeted expenses) | – | – | 42 months/3 years 6 months-medium term |
| Take a holiday | 7,000 | 1,000 | 7,000 | none | 7 months/ short term |
| Build a new floor in current home | 60,000 | 6,000 | 6,0000 | none | 10 months/ short term |
| Build education fund | 200,000 | 2,000 | 200,000 | none | 100 months/8 years 3 months- long term |
| Build retirement fund | 140,000 | 700 | 140,000 | none | 200 months/ 16 years 7 months– long term |
| Buy an investment property | 400,000 | 2.000 | 100,000 | 300,000 | 50months/4years
8months of saving and approximately 20 years of loan Repayment-long term |
| Total | 13,900 |
Khalid & Maryam Family Personal Balance Sheet
| PARTICULARS | AMOUNT IN AED |
| LIQUID ASSETS | AED |
| Savings Account Balance | 4,000 |
| Cash Home | 5,000 |
| TOTAL LIQUID ASSETS | 9,000 |
| PHYSICAL ASSETS | |
| Home | 1,500 |
| Car | 1,000 |
| Furniture and appliances | 500 |
| Electronics | 1,200 |
| TOTAL PHYSICAL ASSETS | 4,200 |
| INVESTMENT ASSETS | |
| Retirement fund | 70,000 |
| Stock & Bond | |
| TOTAL INVESTMENT ASSETS | 70,000 |
| TOTAL ASSETS | 83,200 |
| CURRENT LAIBILITES | |
| Utilities bills due | 1,500 |
| Credit card payment due | 2,500 |
| TOTAL CURRENT LAIBILITES | 4,000 |
| LONG TERM LIABILITIES | |
| Credit card after Current payment | 20,000 |
| TOTAL LONG TERM LIABILITIES | 20,000 |
| TOTAL LIABILITES | 24,000 |
| NET WORTH | 59,200 |
Khalid & Maryam Family Cash Flow Statement Sheet
| PARTICULARS | AMOUNT IN AED |
| INCOME ( Cash Inflows ) | |
| Salaries | 35,000 |
| interest earned on saving account | 25 |
| earnings from investments | 700 |
| TOTAL INCOME | 35,725 |
| Cash Outflows | |
| FIXED EXPENSES | |
| Credit card payment | 5,000 |
| School fees of Children | 10,000 |
| Maid Service | 1,000 |
| TOTAL FIXED EXPENSES | 16,000 |
| VARIABLE EXPENSES | |
| Food at home | 2,000 |
| Food outside home | 1,000 |
| Telephone | 400 |
| Clothes | 1,500 |
| Car expenses | 1,000 |
| Electricity and Water | 1,100 |
| Personal Care and Household expenses | 800 |
| Medical expenses | 500 |
| Recreation/Entertainment | 900 |
| Gifts | 300 |
| Miscellaneous | 1000 |
| Wi-Fi | 400 |
| TOTAL VARIABLE EXPENSES | 10,900 |
| TOTAL OUTFLOWS | 26,900 |
| Cash Surplus or Cash Deficit | 8,825 |
| items | budgeted amount | actual amount | variance |
| projected income | |||
| salaries | 35,000 | 35,000 | |
| interest income | 25 | 50 | 25 |
| investment income | 700 | 750 | 50 |
| total income | 35,725 | 35,800 | |
| projected outflows : | |||
| fixed expenses | |||
| car insurance | 1500 | 2,000 | |
| maid service | 1,000 | 1,000 | |
| total fixed expenses | 4500 | 5000 | |
| variable expenses | |||
| food at home | 2,000 | 2,200 | 200 |
| food outside home | 1,000 | 1,200 | 200 |
| clothes | 1,500 | 1,300 | -200 |
| telephone | 400 | 550 | 150 |
| electricity and water | 1,100 | 1,000 | -100 |
| car expenses | 1000 | 900 | -100 |
| medical expenses | 500 | 1,000 | 500 |
| Recreation/Entertainment | 900 | 700 | -200 |
| gifts | 300 | 0 | -300 |
| Miscellaneous | 1,000 | 870 | -130 |
| total variable expenses | 9,700 | 9720 | Cash Surplus of |
| total outflows | 14,200 | 14,720 | |
| cash surplus\deficit | 13,325 | 13,420 |
Khalid & Maryam Family Monthly budget
Conclusion
Financial Knowledge is the ability that allows us to use the skills and knowledge to manage individuals or family financial resources in the proper way or manner. This is done in order to meet a lifetime financial wellbeing. Most specifically this addresses the concern in which Maryam’s Family is able to use the available skills and knowledge that will allow them to make Infomart and effective decisions via the understanding of their finances. For the case of Maryam’s Family, it is important to note that the family is on the eve of running to financial problems in the future if it goes in the same directions it is going through currently. I consider that the family has a lot of expenses that it needs to cut down in order to meet the current demands. Based on the financial statement given, the family is yes a small family but the level of expenses is wide. They need to cut down these costs to manageable levels. In addition, it is evident that Maryam’s Family should ensure starting up a business that will keep the mother busy. With this they are able to raise funds that will be used by the family.
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