Financial Discipline for 2016

The GCC Region is heading to another economic slowdown due on the ongoing dip in Oil Prices Globally. The governments are reducing subsidies, increase direct/indirect taxes; there is an anxiety on how these changes will affect this year. As per financial experts 2016 is a critical year for Indian GCC expatriates. There is a dip of 60-70 % in the overall revenue of GCC countries and this could reflect in all sectors.

Here are some of the precautions you could take

• Only sent money which is needed to India, have the extra money in hand, will be useful

• Try not to make new Liabilities this year

• Reduce use of credit card, reduce unnecessary expenses

• If taking a bank loan, please be double sure that it is worth the risk

• Try to finish off the liabilities soonest possible

• If changing jobs, please be sure of the financial strength of the new company

• Better stick to the current company, however learn new skills and keep updated with market changes

• If you are a businessman try for diversification , learn and explore new possibilities. If possible look for having a foot in India.

• Reduce Luxury to the maximum possible extent

• Look for short-term investment upto a maximum of 5 years.

• Have adequate Insurance cover to cover unforeseen circumstances

• Get help from a Financial Planner for planning finances