You have probably heard it multiple times: the best way to save money is to set aside 20 percent of your salary – no matter what. But to tell you the truth, this is not that easy to do.
There is a common misconception that people who are working in Dubai are receiving massive salaries. But this isn’t always the case for everyone. Since Dubai is one of the top countries in the world, the cost of living in this part of the world is also quite high.
So, if you are working in Dubai and you are struggling with your savings, you’ve come to the right place. Here, there are no strict rules when it comes to how much money you need to set aside monthly. You will simply learn what lifestyle changes you need to try out.
Why can’t people save money?
What are the common reasons why employees in Dubai cannot save, you might ask? On top of the growing ‘fixed’ monthly obligations such as utilities, housing rent, transport expenses, and kids’ schooling, people could not save because of the following reasons:
- Unconscious spending on shopping – offline and online
- Going ga-ga over gadgets sale
- Unmindful eating out, movie night, and whatnot
- Sending a big part of earnings to loved ones in their home country
The importance of budgeting
Looking at this list will give you an idea of what your non-negotiables are while working in Dubai. Since earning money is not easy, the first thing that you need to do is prioritize.
Obviously, you have no choice but to pay your bills and send your children to school. Sending back home could also give you a sense of purpose because helping others is always a good idea.
Make adjustments to your lifestyle in order to save up
So, what else can you adjust? Is there really a need to shop for clothes, shoes, and bags every time you get a salary? Are you the type of person who says ‘I deserve this because I worked hard for my salary?’
Yes, you deserve everything that you desire. But wouldn’t you also want to have a comfortable life where you don’t have to worry about saving up?
Just like you, everyone in Dubai knows how crazy electronics sales can get. And by now, you already know when exactly they take place. So, if this year you decide to save up instead of buying, maybe you can buy next year instead?
If you are fond of eating out and watching movies, you might also want to schedule these activities. There’s no need to go out and eat every weekend especially if you are tight on your budget.
Record everything that you save
To encourage you to save money, come up with a calendar or a diary where you can list down all the money that you are able to save. Remember, work opportunities in Dubai are endless. But what if the day comes that your plans have to change? Wouldn’t it be better to have enough savings in your bank account?
And once you have more than enough savings in the bank, wouldn’t your shopping sprees and date nights be more fun?
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Photo from Praktixox Pexels
