Money, a subject that many people are uncomfortable talking about, but probably need a lot of help with. I believe that in Kuwait we are very privileged to have access to free education and healthcare, but things can get tough if you’re not on top of your financial game.
I never really thought seriously about saving until a few years back, after having kids, and realizing that kids are not cheap! Adding to that, as I mentioned in a previous post, the habit of impulse spending really affects many of us without realizing that not only does it give us a financial dip, it also creates major stress.
For myself, I know that saving and investing gives me security as well as a sense of empowerment, like I can really take care of myself instead of always being taken care of. So what do I do with my constant yoyo financial diet? Take it one step at a time.
I fell off the wagon during our last summer trip, I started off with a budget for the trip, and ended up majorly hurting my savings fund. I was really upset when we got back, whatever seemed like a good buy at the time doesn’t seem necessary anymore, and I need major damage control.
One thing I am most happy about is a savings fund I started that I have absolutely no access to, a very important point when trying to save for me. As with the incident on my last trip, I managed to save but blew it off easily with the “we’re on vacation, lets have fun” attitude.
A while ago, I was introduced to Kuwait Insurance Company, and signed up for the life insurance policy they have. Basically, I paid the company monthly installments (which are my savings) for a number of years that I decide on (20 years for me), and at the end of this period I get the full amount we agree on at the beginning, plus profits every 3 years.
The great thing is that this life insurance includes so many other things, like disability insurance, medical insurance, and many more, in case you need it. The policy will be given to your beneficiary in full incase, God forbid, you die before the end of the term. I named my kids as my beneficiaries, which is comforting to know if something happens to me, they will have something when they grow up.
This form of “saving” is good for me as I cannot use it on any impulse shopping. You can request a loan from that cash, but it’s a long process that is not worth it, and so I can’t do it on a shopping spree.
In the beginning it hurts to give this much from my income to savings, but not that I am a year into it, I am really glad that I did it. if you are interested in this, you can call Mr. Mufeed at 67713372, who set the whole thing up for me. Happy savings!