If you earn Dh20,000 per month and have no money left in your account by month end, you are likely to retire from the UAE no better off than a tea boy.
Yes this is the sad truth for thousands of expats who come here with dreams of making big money, only to end up broke with hardly any savings to write home about, after years spent on living the high life or lured by shopping festivals and discount offers.
Those who succumb to the temptation to upgrade — to a nicer car, a bigger villa, pricier signature items — are in effect trading their present for a bad future, experts say.
Follow below mentioned steps to increase your savings
Before buying electronics, jewellery or fashion items on impulse, wait 30 days (you might realize you don’t need those things at all. This could save you thousands by the end of the year).
No one complains of having money in the bank. But if you buy a new phone/item during a promotion, you may regret it soon afterwards.
Have a question or comment? Feel free to leave one below.
Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide. He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’. He helps business owners and professionals ‘Create A Second Income’ through investments.
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