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    6 Changes I’ve Made on My Journey to Being Debt-Free

    Last summer, in the midst of planning a wedding and a cross-country move, I found myself in a real financial mess. While I wasn’t delinquent on payments or behind on my rent, I had no clue how I’d cover my upcoming expenses. It became pretty clear that, despite having a great job and a degree from an impressive university, I was broke.I’m one of the millions of Americans who graduated from college with student loan debt. And in my case, after paying on my loans for five years, I still had a six-figure balance and monthly payments equivalent to a second rent! And in conjunction with credit card bills and a car note, I was one missed paycheck away from spiraling out of control.
    I had a decision to make. If I ever wanted to realize my dreams of buying a home, traveling the world, and—most importantly—building wealth for my future family, something had to change. So I pushed past my self-doubt, frustration, and embarrassment, and started attacking my debt, one dollar at a time. And today, I’m more than halfway to a $0 balance. Here are six changes I’ve made along my journey.
     
    1. I convinced myself it was possible
    Prior to embarking on this journey, I was clueless as to how bad my financial situation really was. I could pay my bills on time, enjoy local restaurants and bars, shop every so often, and still have a few dollars in my account in between paychecks. In my mind, I was doing well!
    In reality, I was barely staying afloat. And it took a few wake up calls—like barely having enough for my bills after an unexpected doctor’s visit and realizing I couldn’t scrape together the deposit for my dream wedding photographer—to get my head out of the clouds. Aside from $200 in a “savings” account that I dipped into every time my checking account went into overdraft, I had nothing to fall back on. And when I finally worked up the nerve to open all my statements and tally up my balances, I could barely breathe. 
    How am I ever going to pay this off?
    After a minor meltdown and a self-loathing session, I had a decision to make. While I had no idea how I would get it done, I knew I’d never be debt-free if I accepted defeat before I gave it a solid effort. I spent time envisioning, in great detail, what my life could look like if I was debt-free, free from monthly payments, and no longer living paycheck to paycheck. It may sound silly, but focusing on the life I can live once I’m financially stable became my biggest motivation. And with Future Me in mind, it became a lot easier to take tangible steps to close the distance between my current situation and the life I want.

    2. I said “no more” adding to my balances
    The most overwhelming aspect of my debt payoff journey was coming to grips with the daunting amount I owed. If I was somehow able to put every penny of my annual salary toward my debt, it would still take nearly two years to pay off. The reality of my circumstances helped me draw a hard line in the sand: if I was going to get myself out of this mess, I had to stop digging the hole I was in. That meant waving goodbye to my credit cards.
    I reluctantly dumped my credit cards out of my wallet (even the ones with the great travel perks) and started leaving the house without them. Going out with only cash and my debit card to rely on scared me and I started checking my balance obsessively, trying desperately to avoid the embarrassment of having a transaction declined.
    But, as uncomfortable and unenjoyable as turning my back on credit cards was, I saw a near-instant change. Getting in the habit of checking my account so often forced me to think about each purchase before and after I made it. I’d gone from using credit as a makeshift emergency fund when I ran out of money to only buying what I could actually afford. Taking credit off the table sparked a level of discipline I didn’t know I was capable of. 

    3.  I reduced my fixed expenses
    As I started looking into ways to save more money and speed up my debt payoff, it became clear that I needed to cut some of my expenses to free up some money. Despite some of the “easy” recommendations for savings, I really hated the idea of never ordering a cup of coffee on my journey to debt freedom. Instead, I looked for ways to keep my small pleasures by lessening my largest expenses—namely my housing.
    At the first opportunity I had, I downsized my apartment and signed a lease that helped me save over $200 each month. When this money freed up, with newly minted discipline on my side, I prepared to put the money toward my debt payments (as opposed to shopping, brunch, and entertainment).

    4. I drafted a realistic budget
    Before I got serious about paying off my debt, I would have incorrectly said that I knew how to budget. In reality, despite the budgeting apps and resources I had on my phone, I was simply tracking my spending. It wasn’t until I decided to start putting “extra” money toward my debt each month that I realized my approach was all wrong. I needed a true budget.
    I started by writing down the dates and expected amounts of my paychecks. Next, I listed every recurring bill or expense I had each month—like my rent, car payment, and student loan payment—and organized them by due date. From there, I bucketed my expenses by paycheck to ensure I’d have the money and my payments wouldn’t be late. Then I layered on the estimated costs of my essentials, like gas and groceries, and any other unavoidable costs I had coming up and split them across my paycheck buckets. With any money that was left, I set aside a portion for non-essentials, like brunches and happy hours, and set committed to using the rest to attack my debt.
    While the idea of budgeting initially stirred feelings of overwhelm, embarrassment, and restriction, I’ve come to see my budget as an organizational tool. Determining where my money will go and how much I’ll spend in certain categories at the start of each month takes the stress and emotion out of my payments and purchases. And I use a budgeting app so my goals and guidelines are always accessible.
    Since I’m the one in charge of drafting my budget each month, I can apply lessons learned and adapt my allocations month to month. I put a little less toward debt to fund holiday gifts, for instance, and more toward debt when I get a gift or bonus.

    5. I decided on a plan of attack
    Once I got organized and identified additional money I could put toward debt pay down each month, I needed to decide what to pay off first. After a bit of research, I decided between two popular debt payroll methods: the avalanche and the snowball. 
    If I used the avalanche method, I’d make additional payments on whichever debt has the highest interest rate. Once my highest interest debt was paid off, I would add whatever I was paying on it to the payments on my account with the next highest interest rate. This strategy would save money, as I’d pay less in interest over the course of my journey. 
    If I used the snowball method, I’d make additional payments on whichever debt had the lowest balance. Once my lowest balance debt was paid off, I would add whatever I was paying on it to the payments on the next lowest debt. This strategy would help me build momentum in my payoff journey, paying off my smallest debts quickly before focusing on my largest balances.
    My debt balances and interest rates really varied and, initially, I wasn’t sure which payoff method made the most sense for my situation. But when I considered how long my journey to debt freedom would be, I knew the snowball method would be my best bet. By focusing on my smallest balances first, I was able to celebrate a few “small wins” early on. When I paid off my first credit card (a $1,200 balance), for instance, I felt incredibly energized around my goal—I could do this! And after a year of following this approach, I paid off five separate accounts and am putting more money than ever toward my payments.

    6. I shared my goals with my girls
    Along this journey, I’ve learned just how tough it is to say “no, I can’t make it” when I actually mean “I’d love to come, but I’m broke!” But I knew that making real progress with my finances would mean scaling back on the (really enjoyable) money traps I set for myself each month. That meant fewer weekend brunches, weeknight happy hours, and aimless trips to Target. And it ultimately meant learning to say “I can’t” when my friends invited me out.
    Initially, I struggled with the embarrassment of being the (seemingly) “broke” one of the group and then the guilt of blowing my friends off. But after a few months of vague excuses and declined invitations, I gradually lowered my guard and let my friends know why they were seeing me less often. And despite my initial hesitation, sharing my goals with my family and friends was one of my best decisions since starting this journey. 
    While a few people couldn’t make sense of my efforts, most of my friends were quick to offer their support and understanding. And in the time since, many of them have stepped up to cheer me on or ask for advice on their own debt-free journeys. Even though I’m on a different personal finance journey than some, I loved that money has become less of a taboo topic in my friend groups. More

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    Today marks 15 years of Sheikh Mohammed leading Dubai and the UAE

    Today, January 4, 2021, marks 15 years of His Highness Sheikh Mohammed bin Rashid Al Maktoum’s – the Vice President and Prime Minister of the UAE and Ruler of Dubai – leadership in Dubai and the UAE.
    Following the death of his elder brother, the late Sheikh Maktoum bin Rashid Al Maktoum on January 4, 2006, Sheikh Mohammed ascended into the role of Ruler of Dubai. The following day, 15 years ago, His Highness was then appointed as the new Vice President of the UAE by the Federal National Council and shortly after on February 11, 2006, President Khalifa bin Zayed Al Nahyan nominated Sheikh Mohammed as Prime Minister for the country, which was also approved by the council.

    Marking his 15 years in the role, which has seen Dubai and the UAE grow exponentially, His Highness penned an open letter which was posted to his social media channels outlining his continued efforts to support the success of the country and to “preserve its union, safeguard its interests, respect its constitution, and look after the interests of its people”.

    He outlined the many successes of the nation through the years which includes the strength of the UAE passport globally; legislative reform in the country; furthering financial literacy; being the second-largest economy in the Middle East; being a leader in the Arab region; and much, much more.
    His Highness also thanked His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, in his letter.
    “During this journey, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has been the greatest friend, companion and leader,” he said.
    ‘Without his support, the federal government would not have succeeded and advanced at such speed. His wisdom, vision and unlimited support have enabled us to be among the best and most successful countries in the world.”
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature image Instagram @dubai More

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    Sheikh Mohamed pays tribute to the notable 100-year-old Emirati who dies

    Known for treating people using traditional medicines without any fee, Aqeeda Ali Al Muhairi, died on Saturday at the age of 100. Shortly after, an announcement was made by his son Abdullah on Twitter, with tributes which followed.

    Sheikh Mohamed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces said “Aqeeda Ali Al Muhairi was a loyal and honourable son of the UAE, who served his country with distinction for decades. My heartfelt condolences go to his family and relatives. May God have mercy on him,”

    رحم الله تعالى عقيدة علي المهيري الذي سخر خبرته في خدمة مجتمعه ووطنه على مدى عقود من العطاء .. من رجالات الدولة المخلصين وأبنائها الأوفياء.. تغمده الله بواسع رحمته ورضوانه .. وخالص العزاء والمواساة إلى عائلته وذويه. pic.twitter.com/1kDyNwRpfH
    — محمد بن زايد (@MohamedBinZayed) January 2, 2021

    Born in Al Ain, in 1920 Aqeeda Ali Al Muhairi learned the art of traditional medicine from his grandmother at the age of 20, after which he dedicated over 70 years to healing people from across the community. During his practice, he only accepted donations and would primarily offer his services free of charge.
    After gaining expert insight into treatments for more than 50 conditions, he passed down his knowledge to his grandson, Essa, to treat his own patients. During his practice, Aqeeda Ali Al Muhairi also received the Abu Dhabi Award for his dedicated services to helping people which was presented to him by Sheikh Mohamed bin Zayed.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature image Twitter @mohamedbinzayed More

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    Everything you need to know about Dubai’s new Metro Route 2020

    While being one of the emirate’s most convenient mode of public transportation, four additional stations on Dubai Metro’s Route 2020 is now open to passengers with links to the city’s Expo 2020 site almost set, to carry tens of thousands of visitors to the much awaited Expo site due to open in October 2021.
    The four new stations include Jebel Ali, The Gardens, Discovery Gardens and Al Furjan  with the first train on the route already departing at 10am on January 1 as tweeted by the Roads and Transport Authority.

    The first journey of #DubaiMetro’s #Route2020 will depart today at 10 AM from Jabal Ali station. Stay tuned and make sure to adhere to the precautionary measures. Have a nice trip. pic.twitter.com/NolCHJwwv6
    — RTA (@rta_dubai) January 1, 2021

    Later this year, the remaining three stations include Jumeirah Golf Estates, Dubai Investments Park and 2020 Expo all of which are a notable public investment for the community adding the city’s RTA services for convenience in travelling towards the public.
    With the services scheduled from 5am to midnight on Saturday to Wednesday and 5am to 1am on Thursday and 10am to 1am on Friday, the entire route has the capacity to accommodate around 46,000 passengers an hour in both directions. All social distancing guidelines must be adhered to as usual.
    For more information visit RTA.com
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature image Instagram @dubai More

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    COVID-19 thermal checks are no longer required in Dubai

    With an update to thermal checks being made on December 30, 2020, checking your temperature through manual mechanical scanners or thermal detection technology will no longer be a requirement for entering into various locations in the emirates according to the Dubai Economy.

    As per regulations before, scanning was a must before entering into any enclosed spaces such as shopping malls, events, restaurants and workplaces before. From January 1, 2021, temperature checks were no longer required along with changed protocols such as covering the wheel with plastic when offering valet services too.

    إليكم التحديث على القواعد الإرشادية والبروتوكولات المعنية بإعادة الافتتاح في إمارة دبي، اعتبارا من تاريخ 1 يناير 2021.
    Here are the updates on the protocols and regulations to be followed with the re-opening of the emirate of Dubai, effective 1st of January 2021. pic.twitter.com/vJjc288j6C
    — اقتصادية دبي (@Dubai_DED) December 30, 2020

    All social distancing rules must continue to be followed such as wearing masks at all times, maintaining the required distance and complying with the safety measures.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature image Instagram @dubaiairports More

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    This COVID-19 vaccine may cause problems for those with dermal fillers

    As worldwide clinical trials are still ongoing for a variety of vaccines which are yet to receive approval from their respective authorities, this specific vaccine led to lip or facial swelling during its trial for three participants with dermal fillers.
    Also read: Dubai approves the Pfizer-BioNTech vaccine which will be free of charge

    According to the FDA, the Moderna COVID-19 vaccine, which was specifically authorized for emergency use in the USA on December 18, may cause some side effects for those with facial fillers.
    During the phase 3 trial, this rare side effect was reported by one 51-year-old female and one 46-year old female who had their fillers injected two weeks before and six months before getting the vaccine respectively.
    Besides the rare side effect showing up, the swelling in all the three cases reported by the FDA either resolved itself or was localized with a simple treatment. The inflammatory reaction is caused as a response to the filler being a foreign body as described by specialists.
    However, the swelling doesn’t appear to have been reported with the Pfizer vaccine, despite these side effects being rare and easily treatable.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature image Instagram @sarashakeel More

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    A cast member from Netflix’s hit new series Bridgerton is currently in Dubai

    If you haven’t yet watched Netflix’s new regency period series Bridgerton, it definitely needs to be on your list.
    Based on Julia Quinn’s novels, the new drama was released on Christmas Day and has been hugely popular.

    And it appears while taking some time off over the festive period, one of the cast members is currently in Dubai.  Martins Imhangbe, who plays the charismatic Will Mondrich, has been spotted in the emirate on his winter break, soaking up the sun par-taking in some watersports near the Dubai Marina and Burj Al Arab.

    In the series, the Bridgerton family portrays the height of Regency-era London as they play the socio-political game of high society.
    While playing the role of an up-and-coming boxer, Imhangbe manages to emulate characteristics of the real like boundary-breaking sportsman Bill Richmond, who gained popularity as he became one of the world’s first black sporting superstar.
    [embedded content]
    From stage to screen, Imhangbe has managed to create a special place in the hearts of many as he did a lot of research as a boxing enthusiast and beautifully carried out the role.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature Image: Netflix More

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    Your guide to salaries in the UAE for 2021

    As the job market scenario changed drastically due to the COVID-19 effects, according to a new survey of UAE companies, new employees should expect a slight reduction of two per cent in their salaries next year due to the ongoing impact affecting various organisations.
    While keenly studying market trends and any financial changes, Cooper Fitch has released its annual salary guides for the Emirates as it conducted in-depth research into various companies. Amidst the results of the survey, the GCC-based recruitment agency understands that the majority of the organisations based in the UAE are not bound to expect a salary increase as the market still continues to recover from the pandemic effects.

    According to Trefor Murphy, founder and CEO of Cooper Fitch, this is due to the continued effects of the pandemic.
    “The effects of the COVID-19 pandemic continue to ripple across the country, with a significant impact on the jobs market,” he said. “Despite the worldwide economic challenges, we believe the UAE is an extremely robust and resilient market with considerable bounce-back power.

    “The emirates of Dubai and Abu Dhabi are especially good at reinventing themselves and looking ahead to the next thing that will keep them relevant in the global market.”
    However, as an increase in recruitment activity could possibly follow suit as companies in this part of the world continue to seek for renewed growth with two-thirds of respondents (67 per cent) were able to avoid enforcing redundancies in 2020.
    Below is Cooper Fitch’s estimated guide to salaries in the UAE in 2021. You can download the full survey here.
    2021 UAE Salary Guide
    Digital and technology
    Between Dhs13,000 for entry-level employees to Dhs85,5o0 for experienced employees
    PR and Marketing
    Between Dhs11,000for entry-level employees to Dhs55,000 for experienced employees
    Finance and Accounting
    Between Dhs10,000 for entry-level employees to Dhs90,000 for experienced employees
    Investment banking
    Between Dhs15,000 for entry-level employees to Dhs95,000 for experienced employees
    Legal
    Between  Dhs13,000 for entry-level employees to Dhs100,000 for experienced employees
    HR
    Between Dhs14,500 for entry-level employees to Dhs40,000 for experienced employees
    Manufacturing and Supply Chain
    Between Dhs13,000 for entry-level employees to Dhs94,000 for experienced employees
    Retail
    Between Dhs8,000 for entry-level employees to Dhs58,000 for experienced employees
    All figures are subject to estimates. Download the full survey here.
    – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram
    Feature Image: Getty More