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
- Consider saving as a mandatory expense
- Open a savings account that’s harder to get to than your checking account
- Systematically (monthly) save to that isolated account on a regular basis
- Pair your raises with increase in savings
- Set milestones with rewards
- Write down expenses in three to six-month goals
- See where your money is going (A daily coffee may cost you only Dh12, but if you add that up over a one-year period, this could set you off Dh5,400)
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.
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