People come to UAE with several dreams be it for a higher education or start a business or work in a renowned company; Finally, the ultimate goal is to earn more money in this tax-free nation so that they save more or send some money back to their homes. But according to a recent survey by the National bonds, there are only 30% of the expats who are doing their savings right. The rest all are either not aware how to start saving or unable to manage their expenses and few landing up in huge debts too. Most of them don’t even think of the savings, as the monthly income would be perfect in balancing the monthly expenses and put most of the money to meet the luxury requirements instead of saving or making a profit out of it.
Know more about: National Bonds in UAE
It is important for expats and UAE Nationals as well to know about their finances. It is possible to make some savings by cutting down some extra expenses which are not mandatory. And can invest that little amount in some kind of savings. There are several savings options and investment firms in UAE where one can invest and get a decent profit.
One of the main reasons people in UAE are not able to save some money is because of the existing loans or credit cards. According to a survey around 70% of the credit cardholders pays their credit card bills on time without any delays. This is really good as it will help you in maintaining a good credit score. Credit cardholders and other loan holders should check with the interest rates often and compare it with other banks. There are several banks providing balance transfer in UAE, try considering that.
Check: Credit Card interest rates in UAE
Savings Excuse Campaign:
National bonds in UAE have started a campaign in order to make people realize what is the importance of savings. Majority of the population actually wants to save but are in a dilemma how to begin. So this campaign which is called “Savings Excuse” will help you analyze your expenses and which you can cut down. One need not travel somewhere else to review the expenses, you can visit www.savingsexcuse.com and give your excuses. Viewers can also give their excuses why they are not able to save with a hashtag SavingsExcuse (#SavingsExcuse) on their social media pages(Facebook, Twitter, Instagram) and win up to AED 100,000. This campaign runs until 19th January 2018. The draw date is on 5th February 2018.
It is recommended to take part in this campaign which makes you realize where all your hard earned money is getting wasted on and what are the options you have in order to save. Because savings is never a waste as it helps in children education, medical bills, and even a peaceful retirement.
Related: Different Savings accounts in UAE
About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
