Here are some of the practical tips that will help you to save some money.
Real estate is very expensive is UAE, choosing the right place in UAE will save you more on your rent and transport. Places closes to the city will always attract higher rent. It is always better to find a place which is little away from the city and also has transport connectivity to your work so that you don’t spend much on transport and save on rent. Sharing the accommodation will save big on your rent
If you are a bachelor you can choose to live in PG’s or hostels which are affordable and save big on your rent.
It is pretty easy to fall prey to unscrupulous estate agents that charge unreasonable fees in the name of processing tenancy renewals in UAE. Learn how to do the processing yourself and potentially save yourself a lot of unnecessary costs. It would also help to do the processing as early as possible to avoid the last-minute rush, which may sometimes force you to pay more for the service.
The first step to financial security is to start a savings plan in UAE. Living in the UAE can be great, but you can easily get carried away and forget about the future. This is especially necessary If you have a big-ticket item such as a car in your “to buy” list. In such a case, you may want to have an easily accessible savings account.
On the other hand, having a savings account may come in handy for unforeseen financial pull-backs such as losing a job. It is wise to have three to six months’ worth of expenses set aside in an emergency fund for the tough times.
Expenses are unavoidable and, if not adequately planned, may leave you with nothing to spend or in debt in the worst-case scenario. It would significantly help to calculate the total amount that goes into expenses per week off per month. Some of the direct costs include housing, transportation, food, health insurance, and utilities.
The popular 50/30/20 rule may be cliché, but it could be a lifesaver if adequately implemented effectively. According to the rule, 50 percent of your income should cover your daily expenses, 30 percent into wants such as hobbies or shopping, and 20 percent into savings and investments. You can adopt several other budget templates to guide your spending as long as you identify what works best for your situation.
Ready food may be convenient but very expensive. Look at it this way. You get your coffee off the counter each morning on your way to work. All these trips to the coffee shop mean less and less money for you when you can make yourself a cup in the comfort of your home. Consider saving that cash for a month, and it will ultimately make sense.
If you cannot avoid these expenses, you can alternatively filter for daily discounts on your food delivery apps or set a fixed number of visits to your favorite restaurant every month. Perhaps give yourself a one-day rule whereby you can only eat out or order twice every week depending on your budget and only when it is necessary. Ultimately, cooking is way cheaper than eating out.
Most residents of the UAE spend a considerable chunk of their income on housing and food. Buying essentials such as milk and groceries in bulk and from major supermarkets could save you more money than shopping at small, expensive mini marts, and buying everything once is cheaper for several reasons. The first one is that there is more likelihood of securing discounts and secondly, it significantly saves on frequent trips to the store.
However, buying in bulk will require you to consider the most important things as you are planning for supplies to last you weeks – at times even months. Fortunately, you can buy items in bulk online and enjoy the convenience of having everything delivered to your doorstep.
Buying things during seasonal sales will make you to save more money in UAE when you buy essentials and clothing. Make use of discount sales and avoid new arrivals to save a lot on shopping.
Grab discounts on weekends for your leisure and enjoy having 1+1 offers on restaurants and cinema
Credit cards will be use full tool during your month ends , choosing the right credit card will get you the right seasonal offers around UAE. Always pay your credit card in full to avoid late payment fees and to get goodcredit points . Using the credit card valuably will fetch credit point which can be redeemed for freebies. If you have a emirates NBD card you will have 25 -50 % discounts on your movie tickets in UAE theaters which is a considerable money to save.
Shopping online in UAE does not always have to make you dig deeper into your pockets. It is pretty easy to catch flash sales and reduced prices while shopping online. It also allows you to compare several options from different dealers that fit your budget. Shopping online also saves you time and additional transport costs, especially on free deliveries.
Telecom operators provide free landline phone and call from landline are free in UAE. Try to have a landline and communicate the maximum through the land phone to save maximum with your mobile bills. Signup for VoIP calling to cut down your calling rate to international locations.
Air conditioning is a necessity in the UAE; however, it comes at the cost of very high electric bills. No amount is too small when it comes to saving; therefore, increasing your room temperature by a degree will significantly lead to considerable savings. You could occasionally alternate between fans and the AC to reduce the amount of energy consumed, as long as the warmth is within comfort limits. DEWA charges peaks up between 12pm to 6pm, so its better to reduce your consumpation at this time. This may not work for everyone as it depends on where you live in UAE.
Despite the constant rise in the cost of living, adopting small positive financial habits is a great place to start save money in UAE. While at it, take some time to evaluate your financial situation periodically to find out what works best towards building your wealth.
