1) Only take a loan when needed. Do not be tempted to take more than your required amount. “There are times when a person only needs Dh50,000 for an emergency, but then agents or the bank would say they’re entitled to Dh60,000 or Dh70,000. Say no right away as your interest will be computed on the Dh70,000 borrowed sum when in fact you do not need the extra Dh20,000”.

2) Stick to cash payments. Plastic money is easy to let go of; hard-earned cash is difficult to part with.

“If you have money in your wallet, every time you pay, you take out cash and that’s it. Once you open your wallet and finish all your cash, you know that you can’t spend on anything any more. In that case, you won’t have a problem. But when it comes to credit card, you’re just using it repeatedly without realising that by the end of the month, it will all show in your bill”.

3) To those who want to use credit cards, set aside the money right away so that you can fully pay for your purchase once the statement comes.

4) Plan ahead. If you fail to plan your finances, then you plan to fail in every aspect of it. Ready a contingency fund of at least three months’ worth of your income to cover you for emergencies such as job loss.

5) If you lack discipline, never ever get a credit card. Almazar said almost all cases of people in bad debt started with this thought: ‘I am only using this in case of an emergency.’ But they end up with a high-end handbag a few days later. Now is this an emergency?”