Hi all
Most of us never have enough to set something aside for rainy days (but being desi) almost all of us also strive to set a little something no matter what!
So the topic of discussion is:
What is your top saving/investment tips for an individual expat or couple in Bahrain wishing to set aside part of their monthly income towards future savings.
I will start with mine as a relatively low household income of BD 1,500 monthly. With the monthly restrained expenses of 1000-1200 - surplus would be about BD 300-500 only.
1- An education insurance plan for one of my two children - although something is being set aside for their future, this is really a coverage plan and not a return plan because although there is insurance coverage there is no return on investment. Instead, I am ending up at an account of -10% of the actual contributions. Also this kind of plan restricts one from cashing it without penalties etc. However, the upside is that something is being stashed away in the name of the child regardless.
2 - Gold Jewellery - a basic stash of about BD 3-4K with an intention to add to it but haven't been able to do so far! Most desi women inherit this from their loving fathers!
3 - Bank savings in form of saving certificates which never really increase beyond another BD 1-2K due to the never ending 'unplanned' expenses which turn up around the corner.
So among all the strategies I have adopted I feel they aren't really clever ideas or one with a good return on investment basis. You may also recommend any specific plans or ideas which have seriously added to your equity over time - Bahrain specific examples will be great.
I would love to hear from any income levels - maybe we will learn better ways of really saving for the 'rainy days'!
Thanks for your patience to go through the long post...
TT
~I have no special talents. I am passionately curious~ Albert Einstein