4 tips to saving money in Dubai
When people first move to Dubai, they usually arrive with one mission; save enough money to open a business or save enough to support their family.
However, many argue that the allure of Friday brunch, ample fine-dining restaurants and the seemingly endless rise of school fees makes saving in Dubai a difficult skill to master.
In an attempt to help you save your hard earned dirhams, we asked Managing Partner of Arlo Associates Lee Carey, for his advice on how to successfully save in Dubai.
The general percentage to start saving with is 10 percent. Put away 10 percent of your salary each month and gradually increase this rate once you feel comfortable enough to do so.
I’d also recommend that you speak to a reputable independent financial adviser. They can help you manage your finances and budget correctly for your future.
2. Cost cutting
Minimise all of your non-essential outings. Skip brunch every once in a while, cancel your subscription to those extra TV channels that you never really watch and opt to eat at home every now and then.
I’ve found that one of the biggest reasons why people end up in debt is because they are constantly trying to impress someone else.
By living beyond their means, people start putting expenses on their credit card. The problem with this is that people usually just tend to pay the minimum every month which not only takes longer to pay off, the interest rate means that you usually end up paying for more than you spent.
3. Do your research
For the latest deals on credit cards and loans, I use comparison websites like uaemoneyexpert.com. It has a great debt consolidation section and offers a number of facilities like loan calculators and more. They’re also really good at getting back you, all you have to do is fill in their “contact us” section.
4. Patience is key
A lot of people come to the UAE in debt already so, once they pay this debt off, they tend to focus on saving for their future. Interestingly, in the UAE, more and more people are understanding the importance of saving earlier in life. I’ve seen people as young as 25 set up retirement funds and actively save for their future.
It is never too early to start saving for retirement. People often think that retirement is way off in the future. However, the earlier you start, the easier it will be to save.