How to season-proof your wallet

No two days are the same, and unless your budget allows for this your finances may be facing an eternal winter. Of course, you can’t know everything that will happen, but some things are as certain as the seasons and if you plan for them, your finances will be evergreen.

If you set a goal for your financial year, you are much more likely to meet it if you take into account how your spending habits change throughout the year. Set a budget that takes into account what you will actually spend, instead of what you think you should spend. 
There is no point in devising a savings plan that you can’t stick to. Much like a diet, if you are too strict with yourself or set unrealistic goals, you are unlikely to succeed. The important part is reaching your financial goal, even if a revised plan takes you there a little more slowly.
Of course, your basics won’t change on a monthly basis, and regular savings should be considered an essential. You need to plan and allow for when you might need extra spending money throughout the year. Consider each month carefully, and enjoy your year with confidence.

Spring

Following a clutch of public holidays during the winter, you may start the year clutching your credit card bill from December in despair. However, do not panic. Spring is the perfect time for new beginnings, and there is a long stretch between you and the next spate of public holidays. Use this quarter to plug the hole that the long weekends left in your finances, and save up for the next run. 
Remember that Eid Al Fitr will be here before you know it, and you’ll need to line your wallet to prepare for the traditional spending spree. If you budget too little, you may overspend and blot your financial plan; if you budget too much, you may not be able to save up in time and be tempted to put money you haven’t got on a credit card.

Summer

The summers in UAE can dehydrate your bank balance. As the season changes, you may have larger energy bills as you crank up the air conditioning, and that’s just the beginning. You may have planned a holiday to cooler climes or want to visit family in other parts of the world. Eid Al Fitr can be a budget breaker, which is why it’s so important to be realistic about what you will spend and stick to your budget. 
If you find that you haven’t been able to save up as much as you planned, don’t be tempted to spend more than you have. Another holiday season is just around the corner!

Autumn

No matter how old you get, Autumn will forever be associated with the phrase ‘back to school’. You may need to budget for new uniforms and stationary for your children, or office equipment for yourself. Eid Al Adha may threaten to exhaust your wallet, but this otherwise quiet period is a good time to recover your budget and prepare for the festive winter months.

Winter

At the end of the year, it’s time to take stock. If your finances aren’t where you hoped they would be, don’t be disheartened. If the summer has melted down your finances more than you planned for, or you splurged over Eid Al Adha, don’t despair. Rein in your spending, revise down your budget for the long weekends ahead and you’ll be back on track for next year.