Arrived recently in the UAE? Here are some useful tips to save money without compromising much on your lifestyle.
Saving money as an expat
Unsurprisingly, rent would work out to be the most significant component of your monthly expense. Depending on where you stay, it may be equivalent to almost 40% of your income. You should select a house according to your income and preferences. There are a wide variety of options to choose from such as villas, gated communities, apartments and townships.
It is essential to consider that prices will be higher if you rent a house in the city centre and cheaper the further you move from the city centre. But, living away from the city centre may turn out to be tedious while travelling as traffic jams along the highways could be frustrating.
Luxury cars in the UAE are ever-present. Financing is easily available and affordable so you might be tempted to take a loan and splurge on a new car as soon as you settle down. However, exercise caution and instead consider pre-owned vehicles. This will ensure that you get your preferred vehicle without spending beyond your means.
You may occasionally drop in and enjoy a trip to Park & Shop, Spinneys, and Waitrose which are known for their luxury and premium groceries. However, to save in the long run, you can get most of your daily staples at Carrefour, LuLu or Union Co-Op. By sticking to a routine and budget, and opting for deals, you can manage to save a lot. Keep an eye out for deals, as they keep happening almost every day.
Entertainment and Shopping:
Eating out should be curtailed to possibly once a week. Cooking at home is an affordable and healthier option. Make outings to the local park a regular weekend activity instead of spending on movies and other forms of entertainment. While retail therapy can be useful, look out for the festive season sales to get good deals on things that you want.
Once you have sufficient funds to send back home, ensure you choose a service provider that is reliable and credible. You could consider Xpress Money, a global money transfer company that allows secure and quick transactions at good exchange rates.