Wednesday, September 23, 2020
Home UAE Dubai 10 Helpful Tips To Save Money in Dubai

10 Helpful Tips To Save Money in Dubai

Spending too much does not make you rich. You should always remember that if you want to have a financial freedom one day. In Dubai, there are things that we are willing to spend our money on. It’s possible to go shopping everyday since there are big malls everywhere. You can dine to every restaurant and taste different flavors of different cuisines. You can buy new clothes, having to buy new things, but is it going to save you from any financial problems in the future?

Also Read: 5 Reasons Why You Should Work in Dubai

If you want to be financially stable, you should learn how to save money especially if you’re somebody who is residing in Dubai. There will many things you’d be tempted to buy knowing that this is a rich country. Having a strong resistance from spending is one key to save more money, to keep you guided, we have a list of tips you may follow.

best time to shop dubai

Top 10 Saving Tips in Dubai

  • Start saving today

Today is the best time to save if you want more money in the future. Don’t hesitate when we’re talking about saving money. If you can’t allot 10% of your income to your savings, start with 5% or smaller.

  • Keep tracks of your cash flows

Keep a record of your finances by logging them in an excel sheet or by simply writing them down in a notebook. The importance of keeping track of your finances is that you have a real-time view of your own cash spending in and out of your pockets.

  • Open two bank accounts

If you can, open two bank accounts–one for your savings and one for your expenses. This is to avoid your funds getting mixed up.

  • Put yourself first on the line

It’s simply prioritizing your finances first. Once you get your salary, split in percentages and put some in your savings account.

  • Let your money double or triple

Double or triple your money by investing on stocks and mutual funds. With 10% return, your money will surely make more earnings for you.

  • Don’t waste food and overspending on it

When you buy food, only purchase enough for consumption. Don’t waste food and avoid overspending on it.

  • Buy quality products and services

Never trade quality for a low price. Buying a low quality product can lead you to more expenses.

  • Do not borrow money

Avoid borrowing money just to spend on things that you won’t be needing in the next 5 to 10 years.

  • Avoid using credit cards

One way you can save here in Dubai is by using cash as a payment. Using credit cards will just tempt you to spend more.

  • Make it a habit to bargain

Don’t be shy to bargain with street vendors. This is a strategy that can help you cut your cost while still getting the products you want.

Also Read: Dos and Dont’s in Dubai

Transfer Money

These are the simple ways to help you save while working or living in Dubai. Make sure you watch out for your finances to avoid getting haunted by debts and financial setbacks in the future.

Must Read

How to Compute Gratuity Pay in Saudi Arabia

In Saudi Arabia, if you resigned or get terminated from your work, you don’t only get to serve the notice period for your employer....

Guide to Banking in Saudi Arabia

If you are an expatriate living and working in Saudi Arabia, you have to be knowledgeable of your banking needs in this country. Bank...

Employment Notice Period in Saudi Arabia

If you are an expat currently working in Saudi Arabia and you want to find a new employer to whom you could work, you...

How to Transfer to a New Job in Saudi Arabia

Are you planning to resign from your current job and transfer to a new job? Regardless if you’re a new expat in Saudi Arabia...

What’s Huroob and How Can You Exit Saudi Without Jail

We are going to talk about Huroob and how can expats exist from Saudi Arabia without spending time in jail. A lot of you...