UAE employees urged to spend their early Eid wages wisely (The National)

Financial Planning

Public sector workers who will be getting their wages early have been urged by financial experts to spend responsibly and budget carefully.

So far government workers in Abu Dhabi, Dubai, Ras Al Khaimah, Umm Al Quwain and Ajman, as well as members of the Armed Forces and federal government employees will receive early payment of their salaries on July 14, in preparation for the end of Ramadan.

The idea is to ensure people have enough money to celebrate Eid Al Fitr, which, this year, is expected to fall on either July 17 or 18.

But financial experts have warned those receiving their monthly wage early not to spend beyond their means.

Chris Ferguson, a director at Credence International, a wealth-management consultancy in Dubai, urged people to budget carefully.

“What a lot of people do is arrange for payment of bills and standing orders a day after they would normally get their salaries paid into their accounts,” he said.

“But what happens is that, if they get their salaries early, (to continue reading, click here)