Here's How to Save Money in the UAE

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UAE is known for its luxury lifestyle adorned with cars, houses, huge shopping malls, food and more. It is tempting to spend money in the UAE, and it is hard to save up. The main theme is to be money smart, for example do you know that when doing essential things like renewing your Emirates ID online can save you money?

As we are moving into the digital era and almost everything is now possible to be done online, DEWA introduced an app that includes discounted offers on telecom packages, bank services, insurance, smart-home systems, maintenance services, consultants, and logistics companies.

Make sure to take advantage of resident discounts, as all that you would need to do is just carry your Emirates ID around.

Make sure to have 2 bank accounts, one for your expenses and the other for your savings, this could be helpful as tracking down your spending habits will have you understand where is it that you will need to cost cut!

Shop smartly, prevent impulsive shopping, compare prices via various websites as you could always find the item you are looking for, for cheaper. You could also shop using loyalty cards and during sale.

The key is to as soon as you get your monthly allowance or salary, put a portion aside as any amount of savings is an achievement. So, don’t wait and the sooner you start the better.

If you keep around AED 370 aside every month (which is equal to what you pay for a cup of coffee per day) across your work life and put that money in an average mutual fund, which earns 8-10% annually, you can be financially independent with a savings of more than AED 3 million at the time of your retirement!

The right management will definitely have you money saved up, set a goal, stick to it and save up!

Image Source: WAM, Unsplash

Here's How to Save Money in the UAE

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