Putting Your Savings Plan Into Action!

30% of UAE residents do not save a single dirham…

Posted on

10 February 2016

| Last updated on 14 May 2018

Moving to Dubai and becoming an expat can be motivated by a number of different factors: the sunshine, the glitz and glamour, the cultural experiences, travelling the region... For most expats, the underlying motive is to save money and build wealth.

After all, salaries are generally higher and there is no taxman in sight. Saving money in Dubai should be an easy task, right? Think again. After a short while, two-thirds of expats in Dubai find themselves in more debt than when they arrived.

Findings of a recent survey conducted by compareit4me, a finance comparison site in the Middle East, indicate less than half of UAE residents set aside funds from their monthly wage for retirement or emergencies, over 30 percent do not save a single dirham, with over 13 per cent admitting they believe life is too short to save.

You might also be interested in...

It's easy to put off saving with excuses galore, but before you know it, another year has passed and you still haven't put an adequate saving plan into action. With the help of an independent financial advisor, you should tailor a realistic savings plan to suit your needs; increasing emergency savings, signing up for a good retirement and pension plan for your own comfort in the future, designing a suitable education plan for your children so that they can study at the preferred institution… these are all positive steps to achieving financial security.

The cost of living in Dubai can catch expats by surprise as we enjoy the finer things in life here (luxury villas, fast cars, brunches, shopping, high teas, education and kid’s sports) but don’t let this lifestyle deter you from building a financial foundation for your future – you don’t need to give up the luxuries here, but setting aside money each month will allow you to enjoy life without financial burden when you repatriate back to your home country.

A personal savings plan designed for the international expat is a good plan to stay on track with emergencies, retirement, education and general wealth accumulation.