Living in the UAE is hard, especially when we’re constantly surrounded by temptation. We’ve all been there, a quick stop at Carrefour turns into a shopping spree at Forever 21.
But fear not, Cosmo is here to help.
All you have to do is practice these tips and you’ll have saved hundreds of dirhams in no time. Trust.
1. Start saving NOW
Once you’ve received your monthly salary/allowance, immediately put aside a percentage into your savings account. It doesn’t matter if you can only save 5 per cent every month, something is better than nothing. Start saving consistently and overtime you’ll have a tidy sum in your savings account. If you want to reach your savings goals faster, try to gradually increase the percentage you save each month.
2. Keep two bank accounts
This is an absolute necessity. Have one account for your expenses and another for your savings. Having two accounts makes it easier to monitor your money better. This should will help you track your spending habits and see where you can cut costs.
By some miracle, if you have a little bit of money left over in your spending account, transfer it to your savings account. In a perfect world, you should have more money in your savings than your spending account, but we all get carried away sometimes.
3. Save loose change
Whether you use an old wallet, a piggy bank or (my personal favourite) a decorative mug, store your change somewhere. 50 fils over here, Dhs 2 over there will eventually add up to nearly a hundred dirhams. This money can be added to your savings account.
4. Recycle your leftovers
Eating the same food every day is very boring. Rather than throwing away your leftovers, incorporate them into a different recipe. For example, you have some leftover chicken in your fridge. You could make a chicken salad, a chicken wrap, a chicken pasta, chicken soup, etc. Reusing your leftovers will help you reduce the amount of money spent on food and also reduce food waste.
5. Shop around
Don’t buy things on impulse. Speaking from personal experience, I rarely wear my impulse buys. Rather than impulse buys, compare prices between various stores/websites to make sure you’re getting the best bang for your buck. Wait 24 hours before you purchase something. Often times you’ll realize the item is unnecessary. Purchasing discounted items (or using loyalty cards) never hurt anyone.
6. Use public transport
Although it’s inconvenient to plan your schedule around public transport, it will ultimately save you money. Public transport is typically a fraction of the cost of taxis. If you use two modes of public transport (e.g. a metro and bus) within the hour, you’re only charged once. Additionally, if you have a personalised Nol card, you get 50 per cent off. Can you imagine how much money you’re already saving? P.S Your carbon footprint reduces too. Win win.