Save wisely and spend with joy

Manwel Yehya, marketing manager for Momentum Beauty Products in Dubai, describes his financial journey so far.

"I have always made my investments with careful planning and thorough study," says Manwel Yehya. ( Jeffrey E Biteng / The National )

Manwel Yehya is the marketing manager of US-based Momentum Beauty Products in the nail and skin care industry. He says that what inspires him is the level of competition in the UAE and especially Dubai. A native of Lebanon, he has been living in Dubai for the past 10 years

How would you describe your financial journey so far?

There are of course some ups and downs that everyone goes through in terms of financial journey. But I believe in learning from the experiences that I face. I have always made my investments with careful planning and thorough study. So I can say that currently my financial journey is running smoothly. I've got some investments that I am looking forward to grow, no burden on credit cards or loans.

Are you a spender or a saver?

More of a saver as I only buy important things on important occasions. I also ensure I save for my children's better future. Saving is a practical aspect of trying to plan ahead for major expenses. Also, in terms of emergencies, it is so important to be saving money. I believe in setting realistic saving goals and start saving accordingly. But this does not mean I don't enjoy or spend at all. I avoid spending on unnecessary items. Sometime we just get carried away and end up buying things that we don't need. Spending wisely leads to a better and comfortable future and that's what I believe in. There should be a proper balance in spending and saving money.

What is your philosophy regarding money?

Money is something that helps me to live a better life. Managing your money properly can make a big difference to your lifestyle both now and into the future. One should plan for his financial future to make his life more enjoyable. Also, money does not make one rich. Your family and friends, good health and mental peace are most important in life.

Did you make any financial mistakes along the way?

Personal and career wise [as] you go along [there are] some financial mistakes, but it was not this major, so I could overcome it in short time. I always believe that you should learn from your mistakes. It is OK to commit mistakes but repeating the same thing can be harmful. So I do not regret any decisions I have taken as they have helped me in understanding my finances in a better way.

Do you believe in planning for the future?

Definitely. As I have my children to look after and make sure that their future is secured, I need to plan my future accordingly. Securing our lives through financial planning is of utmost importance if you want to lead a quality life. You spend your entire life working hard so that you can lead a peaceful life after retirement.

Is money important to you?

Money is important for everyone. We use money to buy shelter, food and pay our children's education. Money is also important to meet responsibilities of your family at different stages of life. Times have changed now. What was once considered as luxuries of life have now become the necessities. So yes, money is definitely important to me. But I also believe that money cannot buy everything. You need the support of your family and loved ones throughout your life.

What do you enjoy spending money on?

I like cars and historical stuff. I love buying gifts and surprise people. I have two kids, so of course I love spending on them. Be it outfits, toys or ice-creams, I love to see the big smile on their faces and hence completely enjoy spending on them. It will be difficult to give an exact figure as it really depends but I do spend on myself and my family a good amount of money to fulfil my desires.