According to the National Bonds Corporation survey released in December 2014, nearly eight in 10 (77 per cent) of savers in the UAE are not confident that the amount of money they have set aside is adequate for the future. Emirates like Dubai promise a lavish lifestyle but it comes at a cost, and sometimes living this lifestyle might make a dent in your pocket.
6 Ways to Save More
Before you start cutting your expenditures and managing your finances, you must assess the inflow and outflow of money. Apart from putting your money in investment banking solutions, such as fixed deposit accounts for long-term saving, you can also save money on a daily basis. Listed below are a few pointers that can help you save money on your expenses.
- Limit Your Expenses – Credit cards and ATMs are two of the core banking solutions offered by banks in the UAE. It is advisable to spend your money in cash. This way you can keep tabs on the amount you are spending. Also, the physical feel of spending money will help you curb your expenditure. Make a list of your total monthly expenses and strike off the ones that are not mandatory.
- Cut Down on Dining Out – Dubai has a very strong dining out culture, so much so that you might be eating out or resorting to takeaways several days a week. Cook your food at home to see a considerable decline on your expenses.
- Reduce Housing Expenses – Rent in Dubai increases every year. Move to a smaller house or move nearer your workplace with the same rent so that you can save on travel.
- Shop during Sales – Dubai is a shopping haven and you might not be able to stop yourself from impulse buying. However, it is advisable to shop during sales to get the cheapest buy.
- Cut Down on Your Debts – If you have huge personal loans or credit card debt, it is time to tighten your belt and repay them as soon as possible. Delaying the repayment of such debts can result in fines and also increase the interest being charged.
- Cut Down your Transportation Expenses – The city is well connected with the metro. If you want to cut down on the cost on commuting, you can take the metro instead of using your car each time. Moreover, without having to deal with those traffic snarls, the commute might just be stress-relieving.
Banking solutions, such as net banking, mobile banking and more, can help you keep track of your daily expenses. You can even request for an e-statement to keep better track.