This is how expats can save money in the UAE

UAE is a land full of opportunities, there’s absolutely no doubt about it. What attracts most foreigners to move to this Gulf country is its luxury lifestyle and high-paying job opportunities. But with so many luxuries on offer, you can sometimes end up splurging on things that you don’t really need.

If you’re an expat living in the UAE and trying to save up some money, keep reading this article to know how you can scrimp and still maintain an ideal lifestyle:

1: Save energy

Make it a habit to not keep any of the lights/electronic appliances switched on, when not in use. Taking environmentally-friendly decisions will not only help keep the environment clean but will help you cut back on electricity bills.

2: Choose between your ‘needs’ & ‘wants’

This is what most expats literally struggle with.

Next time when you’re shopping at the mall, ask yourself whether the product you’re planning to buy is something that you ‘really need’ or ‘just want’? If you really need that product then go ahead and buy it but if it’s just something that you want then it’s better to skip it & save that money.

3: Keep an eye on the discounts!

Dubai is a shopper’s paradise - you can literally grab amazing discounts if you closely follow all the festivals & promotions happening in the city. Try to stock up on as much grocery as possible during the discounts to save up on your monthly grocery & food bills.

Plus, also avoid shopping in premium supermarkets such as Waitrose, instead head out to more affordable options like Union Coop or Carrefour.

4: Don’t sign up for any credit card

It’s always wiser to spend only as much as you can afford to. Banks will always try to lure you into signing up for their credit cards but if you want financial freedom, you must say no to them. If you already have a credit card, then make sure you always clear your monthly credit card bills on time so that you don’t end up paying extra in the form of interest.

5: Save 5% of your income

If you can’t afford to save more, then at least try to start saving 5% of your total income into your second bank account.

Why second bank account? It’s because if you deposit your savings into the same bank account which you use for your daily expenses, you wouldn’t be able to keep track of your savings and might also unconsciously spend your savings. This is the reason why you should have 2 bank accounts: one for your daily use and the other to deposit your savings in.

This article was previously published on UAE Moments.To see the original article, click here