Personal finance knowledge- a case of Maryam’s Family


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 .

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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

Savings Account Balance 4,000
Cash Home 5,000
Home 1,500
Car 1,000
Furniture and appliances 500
Electronics 1,200
Retirement fund 70,000
Stock & Bond  
Utilities bills due 1,500
Credit card payment due 2,500
Credit card after Current payment 20,000
NET WORTH 59,200




Khalid & Maryam Family Cash Flow Statement Sheet

INCOME  ( Cash Inflows )
Salaries 35,000
interest earned on saving account 25
earnings from investments 700
Cash Outflows  
Credit card payment 5,000
School fees of Children 10,000
Maid Service 1,000
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
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







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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