Residents of Dubai, we need your help!!
As with any city, residents in Dubai waste far too much money on things they dont need and save far too little.
A survey carried out by yallacompare suggested 30% of UAE residents dont save a single dirham….
To solve this we want your top tips for saving money in the UAE…
- It could be stopping the posh coffees in favour of the free office coffee.
- Maybe you started shopping at a new supermarket which is cheaper then others.
- Maybe you moved credit card balance from one credit card to another and saved thousands of dirhams a year.
- Maybe you moved house.
- Maybe you started using the free beaches rather than paying for hotel access.
- or maybe, just maybe you stopped buying organic fruit and started taking home the odd apple from the office… (we’ve all done it..)
Whether you saved AED10 or AED10,000, we want to hear about it!
Register, share your money saving tips and wait for the votes..
If your get the highest votes on our forum you’ll win a AED 300 voucher for MOE!
I believe out of sight, out of mind. I’d suggest opening a savings account and moving portions of your wages straight in there through a direct debit (Be realistic with the amount you put in there each month). This way you won’t end up spending money you want to save if you don’t have instant access to it.
- Record your expenses so you can account every penny. This will make you justify your purchases and ideally show you where to cut out unnecessary spending.
- Try using cash instead of card. It’s a known fact, people are more reluctant to hand over cash than a credit card.
- Choose something to save for and remind yourself regularly. It’s pointless trying to save money for no reason and will lead to you spending the little savings you have. Create goals and it will help you stick to them.
One of the ways I saved (not much.. but was a starting) was to switch to a good cash back credit card. I try and do all my purchases on the same card and have ended up saving almost 2000 AED/year.
*Look for a living space which consumes only a 50% of your income, spend 30% on bills and other consumptions, rest 20% SAVE.
*Use installment plans to make partial payments from your salary, thus saving money each month would be easier and without any compromise.
* More usage of Coupons/Vouchers will help save a large amount of money.
*Budgeting is an important factor.
*Avoid expensive coffee shops, as there are many options of coffee/tea on a cheaper price.
*Make use of websites like Zomato, which help you preplan your dinner/lunch by checking out the menu in advance.
*Get involved in Group committees which will help to obtain an amount of money on yearly basis other than your income.
Do not get into credit card debt. It can build quickly and the interest alone is money wasted. Spend only what you have in your account after you’ve put your savings away and you’ll be a wealthy person one day.