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?
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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.
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.
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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.