Salary saving

safae wrote:

hi all
am not able to save money neither me or my husband in Uae
is it the same for you guys?

thanks

I would say it all depends on your way of living and your fixed monthly expenses.

I'm pretty sure that we will start saving once I get back in Dubai with my hubbie.

For the moment, he is alone in Dubai, sending me a monthly allowance to Mauritius where I'm staying since 18 months with my student daughter, which means we are having double monthly expenses, right? And even though, at the end of the month he sometimes saves upto 2000 dhs.

I have to add that the company is paying for the rent, water & electricity and health insurance and he drives a company car with petrol paid by the company!

Have a nice week-end
Arlette

Sure its not easy yet you can try but many factors eg how much salary you earn and spending habits  you know they trick you to shop in dubai till you drop.  but again its hard to save.

Hi,

As what FeeAcer said, it depends on your way of living and your fixed monthly expenses. In addition, you have to consider how much salary do you get monthly.

I proudly say I can save around AED 8,000 per month. To tell you, I am supporting my parents monthly expenses and my niece (high school) and nephew (college) school expenses (transpo, tuition fees)in Philippines. I also pay personal bank loan every month. However, I don't use credit cards and pay house rent as I am the in-charge for the food and miscellaneous allowance with my partner. I also have transpo allowance (having car, driving from Al Ain to Dubai and return everyday).

Just to give you a tip: Prepare your monthly budget by listing down the following:

1) Monthly expenses (you should write everything and you should put some allowances for emergency purposes).

2) Monthly salary minus your monthly expenses - With this you will know how much extra money you will have every month.

3) You must save/keep the extra money you have (out from Item No. 2). In able for you to save such, you need to open a bank account that you could hardly withdraw.

In my case, what I did was: I opened an account in Philippines where I remit AED 3000 every month. This money can be withdrawn only in Philippines so it is very safe that I can't touch it while I am here in UAE. Secondly, I also opened a savings account here in UAE and deposit the extra money I have and I am trying myself not to withdraw anything with it. I just spend through my debit card where my salary is being deposited.

Lastly, don't ever spend for unnecessary things like for electronics, clothes, shoes. You should buy them when required. You should enjoy with the foods (I seldom go to restaurant as the foods I cook is better than the one in the good restaurant), go out for fun with friends (doesnt need you to spend more).

If you still don't save any amount, try to review your monthly expenses. Try to lessen it if it is big enough. Whatever amount you could have extra, that means "savings!"

That's all I can say. Hope you could save too by next time.


Mariecor

Id just like to add there are some expats who come to the UAE specifically to make money and leave..So they save knowing they want to take there money elsewhere to invest...e.g retirement,property etc..As for Myself and my husband we send our spare income directly back to our home country, as I honestly don't trust the banks here...but in saying that we manage to save pretty well cause we arn't holding our savings here.
You also get expats who come here earning good money and spending it on luxuries they would of never afforded in there home country and accumulating alot of debt on the way.
Alot have lost there jobs and have had there bank accounts frozen and stopped at the airport till there debts a cleared before you can leave the country.
It just pays to keep in mind if anything goes wrong will you be o.k....will you have cash to get home or savings to start new if you have to leave in a hurry etc...
Good luck.....

let change ur life style and save for future since future in dubai may be problem?

Hi Safae,

Oh i can relate to that. I think that is common in Dubai. The money you earn here is spent here, the economy is designed that way.

I have a friend who mentored me, she said saving is not necessarily the key to having a better lifestyle anywhere in the world. She said it is about MULTIPLYING YOUR INCOME STREAMS.

I think it makes sense. How many gets rich being just employed anyway? Unless you have a really high end paying job.

You may want to look at network marketing, but make sure you choose a legal and highly reputable company.

I am involved with FOREVER LIVING PRODUCTS INTERNATIONAL. So far it has been very rewarding.