Invest smart today for a better tomorrow
Smartest investment and life plans in UAE
It is impossible for any of us to predict or know when a need arises to spend a fortune on an emergency. Therefore, it is vital for all of us to spend beneath our means and save for the needs that may arise in the coming times.
Follow this thread to know the changes you can make in your lifestyle in order to save money in UAE.
Before you move on to think about the areas you can cut your costs in, it is important to think about where you actually spend your money. You should evaluate where your major finances are incurred on a weekly basis and multiply it by four to estimate your monthly expenditure. It is good for you to get a clear picture of how much of your finances are drained in things that are not essential. You should observe yourself for the span of a week and understand the areas that require improvement.
Ordering lunch on a daily basis not only drains your financial budget but also causes a burden on your health. Putting this habit to a halt will not only help you save a great amount of your budget but will also ensure that your body remains healthy. The proteins and essential greens can be bought on half of the amount and will also ensure you are eating what is right.
Have you ever been there – the cashier hands you a chunk of change and you tend to dump it in some corner of your bag, or deep in your pocket where you are likely never to visit again?
What most of us tend to forget is even this change, being money, adds up over time. Therefore, it is a very good idea to make a box dedicated to all the change you receive. Once you have accumulated enough change, you can head over to an exchange service in your city and get bills in return for the coins.
We all know, the planning for the long term has to start now! If you wish to have a healthy future financially, it is important to follow the above-stated numbers.
The ideal way to survive is to spend 50% of your income on fixed costs, for example, rent, essential bills, and transportation. If these expenses tend to exceed the benchmark of 50% you should consider switching to a different provider for your phone or interest or considering moving to a house with lower rent costs.
20% of your income should be set aside as savings for your financial future. While the remaining 30% can be spent on leisure activities such as eating out, shopping, groceries, entertainment, etc. in a flexible manner.
This is a rule that is being stated since almost forever. However, still, many of us tend to ignore this. If you put money aside at the beginning of the month, there are higher chances of you not spending it. It is easy to spend the money that seems to be there in your account, you should just assume that this amount does not exist. Once you start adjusting to your new lifestyle, you will stop feeling the difference.
Small efforts can go a long way. Therefore, it is time to start switching off the lights as you leave the room, or maybe to keep the water off when you brush your teeth. It is a good idea to have a quick sweep through the house before going off to sleep in order to ensure that no unwanted electricity is being used. Follow this throughout the month and see the significant drop in your bills!
If you have been shopping for groceries with an empty stomach, you have been doing it all wrong. This is because you tend to overestimate the groceries you need which leads to overspending. Therefore, it is important to enter the store for grocery shopping only if your stomach is full. This helps in preventing you from buying junk and making unhealthy decisions.
When you hold actual physical money i.e., cash in your wallet, you tend to spend less. The reason behind this is that you are well aware of the amount you are spending on a daily basis. It is a good decision to withdraw at the beginning of the week the exact amount you wish to spend during the week. This helps in maintaining a budget that you should ideally not exceed, and therefore helps you to save money in UAE.
Instead of spending your hard-earned income, you can research about the places in your city that offer free nibbles and beverages. The famous ladies' night is a good option for women to enjoy a night out without causing a burden on their wallet. For the men, there are gentlemen’s evenings that they can enjoy free beverages at particular spots in the city. There are many apps available to update you about where you can save money in UAE.
To Further Conclude
It is difficult to save money in UAE with beautiful attractions and all the fun activities available. However, it is very important to have a healthy financial future and which is why it important to focus on what matters – savings!