Money Saving Plan In UAE: There’s a saying that’s as relevant today as when it was it was uttered by Mr. Lowndes, the Secretary of the Treasury during the reign of King William, Queen Anne and King George the First: Take care of the pence, and the pounds will take care of themselves. What this means is that if you pay attention to smaller amounts of money, your wealth will grow.
The cost of living in the UAE has adjusted significantly, from being ranked the 23rd most expensive city in the world in 2020, to 42nd in 2021. As the country becomes more affordable, creating savings for entry and mid-level employees is much more achievable.
Money Saving Plan For Entry Or Mid-Level Employee In UAE
Set Goals And A Timeline
When you start your new job in the UAE, you’ll be receiving a tax-free salary. This is a great start, so make the most of it while you’re employed in the country. Setting a goal of how much you’d like to save, and a timeline for achieving that amount is the next step. It will also help you to calculate how much money you can send home, and how much you can invest in the UAE.
Establish A High-Returns Savings Account
A high-return savings account is a safe place to tuck away the money you can afford to save. Look for an account that doesn’t charge monthly fees and that offers the highest interest rate. This account should be kept separate from your everyday expenses account.
Start Your Investing Journey
Everyone has to start somewhere, and that’s where Shari’a compliant organizations such as National Bonds, come in. With a focus on supporting UAE residents and locals in growing their wealth, the company offers savings bonds for as little as AED 10 . People can easy save online through the app or via the branches or exchange houses. Your savings will earn more profit than a regular bank account, plus your capital is preserved in addition to a grand reward program for both residents and locals.
Be Aware Of Your Spending
Keeping track of your expenses throughout the month will help you to quickly work out where your money is being spent, and how you can reduce if needed. There are many free apps that will teach you to budget your monthly salary and build in recurring expenses such as bills and sending money to your home country. After that, you can track your spending on rent, food, transport and more. Remember: every little bit counts.
Once you’ve accumulated a small amount of savings, you can explore more opportunities to grow what you have with fixed term deposits or secure your future with an Emergency Savings Plan from National Bonds. Tools like this will give you peace of mind, and the financial expertise that is offered will also help you grow your wealth.