The $1 Million Question: How to Preserve Your Cash

The $1 Million Question: How to Preserve Your Cash

Banks may consider individual borrower's requests for further debt relief and renegotiation of loan/credit card terms on a case to case basis.. Speaking to Khaleej Times, Ambareen Musa, founder and CEO of Souqalmal.com, revealed that residents who are facing redundancies, salary cuts, and unpaid leave allotment, have already started tapping into their savings or even liquidating investments to gather the funds to tide over these financially challenging times.. It remains crucial that financially impacted people cut their expenses as much as possible and preserve their cash, she said.. "The best way to save money is to do it with intention - by knowing exactly what you are saving for," he said.. Highlighting how banks in the UAE have played a key role in aiding residents during this trying period, Musa noted that one of the biggest relief measures that they introduced is the three-month payment holiday for borrowers whose income has been impacted by the crisis..