02/05/2017
In a business development meeting.
Saudi
Aramco financial risk manager Sheila Al Ruwaili urged for savings for those who
wish to achieve an adequate standard of living in the future and thus live a
better life after retirement.
"Saving
is important at the beginning of life, where expenses are limited to a small
number of family members, and as the individual begins to save early, he spends
more than the returns on investments on retirement," she said in the
business development program organized by the Businesswomen Center in Asharqia Chamber
on Monday evening (1- May 2017). "He said, stressing
the rule of (early savings = less savings), warning of the idea of remorse
for what has passed, and the need to start investing from now.
Al
Ruwaili reviewed the steps to start investing. The first step was to identify
the financial needs. The current needs include: monthly living expenses, home
loan, children education, credit card debt, car and other debts.
As for the second step, the lecture titled "Budgeting expenses" about
the basic expenses such as food and housing, and perfectionism such as travel
and leisure, and savings, stressing that
the luxuries are the least expensive expenses, the category that should be
targeted first to reduce expenses by identifying and excluding unnecessary
expenses,
saving must be more important than spending on travel, cars, luxury goods and
unnecessary things.
And
in the third step she discussed (activating and improving the plan of savings
or deduction), from the start, and the allocation of some money for
emergencies, and working on reducing debt and start investing for retirement,
and raising the amount of savings to the extent of deducting the proportion of
monthly salary and automatically transferred to savings account
In
the same context she stated the fourth step which is improving an investment plan,
followed by (step five) reviewing the plan periodically to ensure success.
She
noted that the individual should save 10% of his monthly salary as long as he
is 25, at 35 he should have saved an amount equal to his annual salary, up to
three times at the age of 45, and five times the annual salary at 55.
The Business Development Program is one of the programs of the Executive
Council for Businesswomen and works to activate communication among
businesswomen who have complementary activities to improve their business
activities. It aims at informing women about new developments, activities and
new means to improve the performance of women business and improve them, and the development of the pioneers by working to improve
the personal pioneering skills of businesswomen to help them to manage the
private business professionally and activate their leadership role in
companies.
At
the end of the meeting, the lecturer was honored with a memorial shield
presented by member of the Board of Directors of Asharqia Chamber Manahel Al Hamdan.
