Do you feel like you plan to save money in Dubai every month but fail miserably? Getting started to save money in Dubai is the hardest part for many of us. Life comes in between in any form, like repairing an old device, a sudden illness, or fixing a leaking roof, and just like that, it becomes difficult to resist spending. With rising costs and popularity, living in Dubai is never considered cheap. However, there are simple strategies to cut down on your expenses and get your financial life sorted. Here are 8 proven methods to boost your savings and help you achieve your financial goal while living in Dubai. No matter if you are saving money in Dubai for long-term financial security or a short-term goal like going out for a vacation.
Cut down on your grocery budget
If you can’t save much on groceries, it’s time to cut down your bills. It is very easy to roam around aisles adding packets of extra items, but that blows up your budget. Plan your groceries and make a list of a meal plan before you leave your house, so you only buy what you need.
It would help if you preferred visiting supermarkets like Carrefour, LULU, and union coops rather than grocery stores. They are usually cheaper and convenient as they have many promotional campaigns going on which can help you save money in Dubai. The bulk bins are a good option for buying certain items such as rice, lentils, and spices that can be stored later at home. Make sure to use apps that compare the prices of products at multiple stores. You can use Pricena.
Cancel unnecessary subscription
There are multiple subscriptions like Netflix, Amazon Prime, Spotify, and many lifestyle memberships that are being charged monthly. It's to cut down all those subscriptions that are not regularly used. There are chances of subscriptions being automatically renewed every month, so make sure to turn it off. These smaller increments make a big add-on at the start of the month. Also, you always have a chance to repurchase it whenever needed.
Reduce your energy costs
Just make a few tweaks at home and save money on your DEWA bills. Every simple action matter to begin saving energy in your home. Start by replacing lights with LED lights, switching off extra bulbs, taking shorter showers, closing the tap while brushing, and keeping Ac at a higher temperature. This shall make an amazing difference in your bill. It would be best if you considered installing the new energy-efficient appliances. While they help lower the bill, they are expensive, so they are better for the long run.
Get Discount Apps
The discount apps are the best savior when you are running short on cash. A range of apps provide offers and discount deals in Dubai for various attractions, including lifestyle, shopping, restaurants, entertainment, spas, and gyms. You have numerous choices to choose from. The most favorite is the Entertainer app that provides you with the best buy one get one free deal. The other app is Group on, which has everything you might be looking for with unbeatable discounts. This will keep you on budget and save you big.
Track Your Spending
Most people have a habit of overspending on things that are extras, or you could survive without spending on them. These are the little things that cost us more every month. You need to prioritize your expenditure and limit it to the essential things. It's important to keep track and balance your day-to-day spending and savings. This can be achieved by keeping an eye on your bank statements which helps you to find out where your money is going and how much is going out. You can also identify the areas you need to save money to be aware of your needs and wants.
Have a Savings Plan
Do you want to achieve your financial goals in less time? If yes, the savings plan is the path to a better financial life. You should start the journey by creating a savings plan and reward yourself with cash every time you follow it. Start setting a short-term saving goal to keep you going forward for the long-term goals. It is better to access your money through a bank account. Make sure to set up a saving account with a certain amount. This way, an automatic transaction can be made into the saving account on each payday. This would keep growing your savings.
Cook Your Own Meals
Food is a significant expense and also is a major concern in budgeting your monthly payments. You can make your food easily at home instead of spending AED 50 at a fancy restaurant eating the same meal. This is a better way to stay healthy and save money in Dubai. Not only that, you can buy groceries for a whole week at the same price, spent eating three meals at a restaurant. The more meal you cook, the more savings will grow month by month. Also, you can cut down as little as drinking coffee at a coffee shop. This will save a substantial amount of money in Dubai. You should try making instant coffee or buy a bag of roasted coffee at home.
Avoid Debts
Debts can have an adverse effect on your financial health and are the biggest setback in saving your income. You should always consider the purpose before taking debts; otherwise, it does become your enemy. Just avoid taking bank loans for personal needs, which won't be helpful in the long run. Only go for loans if you want them for business that will generate a great profit. This will help you grow and improve your credit score. It is important to stick to a spending plan and use one account for fixed expenses.
Bottom line
Being money-wise is a difficult process, but this will surely help you manage your finances in a better way. You can't grow your savings in a day, so it needs months of savings to reach your short-term and long-term goals. These proven strategies could help you save your money in Dubai, which leads to bigger savings.
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