When your grandmother told you “it’s important to save”—it was her experience speaking—experience gained with every wrong decision taken about money and experience inspired by stories of miraculous escapes that came from savings. As universal as the concepts of saving money and financial intelligence are, they differ from culture to culture and city to city.
While people in developing countries prefer old school modes of saving, metropolitans are shifting towards all things digital. However, the idea behind saving remains the same. The mode and ways to save that you choose to depend upon what you look up to for inspiration—it can be your grandmother, a successful millionaire, or a city on the world map.
We’ll go by the last one! Dubai, a city of superlatives and one of the most happening urban destinations of the world, has a lot to offer when it comes to inspiration and tips on saving money. Here’s how you can save, Dubai style.
Look at the basic necessities first.
Just when you receive your salary—plan your month in advance. Rents, DEWA bills, bank instalments—whatever is pending, pay it off. This not only helps you be more organised about your finances but also gives you an idea of what overhead spends are going to be or if you can buy that party dress you selected last month from the nearby mall. ‘Basics come first’ is a philosophy that has made Dubai a shining star among the world’s important cities, and this will help you too.
Set clear and SMART financial goals: if there is one life lesson you want from Dubai—take this one. A city with goals set for as far as 2071, inspires and makes evident what proper planning can do. For your finances, if you can plan ahead, that gives you a better idea of how to save and how much to save.
Go by the 50-30-20 rule.
The famous financial rule of 50 – 30 – 20 applies as much for you in Dubai as it does in any other part of the world. The tried and tested formula which divides your earnings into essentials-leisure-savings is ideal to start with your money-saving journey. The ultimate lifetime money-saving plan makes it easy for you to set aside and designate finances for your needs, wants, and extras that you can sock away for a rainy day or as a long-term investment.
Make sure you have enough when you need it.
Saving cannot be forced. It is a habit that you develop in order to develop a healthy and fruitful relationship with your finances. So, if you think cutting on your expenses can lead to saving, that might not always be true. When you save, always set some buffer amount aside so that if your dream car enters the market at an unplanned time or any other expense demands your financial attention, you can fulfil that without disturbing your budget.
Take advantage of the numerous sales and plan your shopping for it.
Getting back to buying whatever you want and still saving—sales in Dubai offer an unmatched opportunity. The last few days of DSF, (Dubai Shopping Festival) for example, allows you to buy and buy more without burning a hole in your pocket. So opt for sales season for shopping and plan your shopping list in advance, and you’ll be surprised how much you can save.
Keep an eye on your weekend spending habits.
Fridays and Saturdays are the days when we all spend the most—the brunches, the family trips to malls, the small get-togethers, and the long drives, there is plenty during weekends that makes you lose a lot of cash from your bank account/wallet or add up more zeros to the figures on your credit card bills. If you plan this part ahead, a lot can be saved.
Learn how to invest smart.
As they say, the offence is the best defence. One of the wisest and the most effective ways of saving is investing. Now, you don’t need to be a genius for that – start with basics. Research and equip yourself with the necessary knowledge and you can start by investing in various commodities like stocks, shares, bitcoins, equities, or bonds. The best thing about investing is that it allows your money to grow and strengthen your financial well-being.
Once you decide on the above, we advise you to seek help – digital help. There are quite a few mobile apps and online tools that can facilitate saving up in style with minimum effort. Take the Entertainer Discount App, Zomato Gold, Smiles, and Groupon, for example – they are ideal to save money with discounted deals.
However, if your overall financial goal is to save for long-term benefits and get more organised in your money matters, Bankiom is your app. Your complete guide to life management, Bankiom aligns with your day-to-day spending behaviour and empowers you financially. We just launched in the UAE. Download our app to check it out.
Keeping the above 7-point rule in mind and the five apps handy, you’ll be able to save more than you ever expected.
Try it! You can thank us later.