17 Jan 2020
As most expats know, living in Dubai comes with a very high cost of living. Even though you are earning a very good salary and can afford all the luxuries that go with living in Dubai, there are ways you can still prevent unnecessary spending. It all adds up and you will be surprised how much you could save.
The savings could be used for:
• Starting that education fund for your children
• Contributing more towards your retirement savings
• Increasing your emergency fund
• Taking an overseas vacation
• Opening an investment account to build wealth
• Taking out international life insurance to protect your family
How to save money
• Work out a budget and stick to it to prevent impulse buys.
• Get a savings jar/piggy bank and put all your small change/notes in it – it all adds up and you will be surprised how much you have once it is full.
• Stop using plastic money – this is a big one. When you swipe you debit or credit card for purchases, you lose track of how much you spend. It’s very easy just to swipe. Cash in hand lets you know how much you can spend.
• Do more meal prep on weekends – this will reduce your eating out expenses.
• Do you need to buy groceries at the expensive supermarkets?
• Delete your payment history on shopping apps – this may seem like a weird one. The hassle of loading your payment details again may dissuade you from doing impulse online shopping.
• Do your research – We have access to a wealth of information about products and services. Compare before you spend. (some info taken from livingindubai.org)
Chat to your deVere Acuma adviser about possible savings vehicles to invest your saved cash in. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.