In line with Bank Sohar’s Al Mumayaz Savings Scheme 2014 Campaign and the on-going savings tips that are being provided, we bring to you the tip for the month of March which focuses on keeping aside at least 15% of your income on a monthly basis while building or renovating your home as it will allow you to overcome any unforeseen expenses throughout the construction phase.
The cost of building or renovating a new home can vary widely depending on many factors and therefore, elements that you might not expect such as complicated roof lines or curves in the architecture of your home, can add significant costs to the overall construction or renovation. One way to avoid this is to make your construction contract as detailed and elaborative as possible, however it is often difficult or impossible to specify every single material that will go into your home before you start the build process. Hence it is best to be prepared for the reality of these unexpected expenses.
Budgeting and saving are central themes of the Al Mumayaz Savings Scheme 2014 Campaign, and the Bank is sharing saving tips each month on various aspects of life which will help customers to save more and spend wisely. Speaking on the Savings Scheme Campaign and the focus of this month’s tip which is related to housing, Ms. Munira Abdulnabi Macki said: “We at Bank Sohar are committed towards the improved livelihood of the individual and community at large and therefore aim at providing a wide range of tips that would aid the community to save and spend their money more wisely. In the case of construction or renovation, the anticipated costs are not always fully predictable in which case keeping aside a small portion of an individual’s monthly income can allow him or her to cover any unforeseen expenses during the construction or renovation. This financial cushion will also allow the individual to proceed living their day to day life with little worry.”
In addition to providing advisory on savings, the Bank has also taken its new Al Mumayaz Savings Scheme to the next level, by offering even more incentives for customers to save. For 2014, the bank offers more prizes, comprising of Hourly, Weekly, Monthly, Half-yearly and Year-end draws. Moreover the Bank has launched its first Savings Scheme related Facebook competition on March 09, 2014 for a period of two weeks where it has requested fans to share their personal and most effective tips on saving to enter the competition. The best three savings tips will be selected by Bank Sohar and the participants will win a Samsung Galaxy Tab 3 each in addition to being featured in Bank Sohar’s Al Mumayaz Savings Scheme advertisement campaign.