Business
MAKING BOTH ENDS MEET IN THE
MIDDLE EAST
W
ith the introduction of
Value Added Tax (VAT)
in several countries in
the Middle East next
year, the recent slump in oil prices and
the rising cost of living in the region,
many expats are finding it very difficult
to make both ends meet. By definition
making both ends meet means to earn
enough income to provide for basic
needs. The situation has been further
compounded by several companies
closing down leaving many households
with just one income or sometimes
none. If we choose to stay in the region
in these challenging times, we have
to become very conscious of how we
spend money in order to continue to
make both ends meet. Below are a few
suggestions on how to save money
on some of the basic things that we
routinely spend on.
Food
Most of the food that we consume in
this region is imported. Ensuring that
we buy as much local food as is available
will keep costs down. Pay attention
to the season and eat accordingly. If
corn is in season and is plentiful, make
sure to buy enough and freeze for the
months in which there will be a scarcity
as the price will certainly be higher.
Invest in a deep freezer. Most fruits
and vegetables can be preserved for
a longer period if frozen when fresh,
this will ensure you are able to buy and
keep when the prices are lower. Leave
eating out for special occasions; such
as birthday etc. and if you really want to
be frugal, invite people over for those
special occasions and cook them your
favourite meal.
Clothes
Clothes shopping in the Middle East
can be very expensive. I recommend
that you wait for the sales. These
happen after all major holidays like
EID. If you can, shop when you go
home for holidays, that might result
in significant savings, depending on
where you call home. We are lucky to
have some great tailors in this region,
that are quite reasonably priced, this
might be a more affordable option,
instead of buying from the stores.
Want to remain fashionable without
spending? Arrange a clothes swap
party with your friends. For children’s
clothing, look for gift centres near to
you, you will certainly find a bargain.
These gift centres often stock excess
stocks from brand name stores. Make
sure to check the items carefully as
some of them might be damaged.
Travel
Travel is one of the first things we
tend to curtail when we want to save
money, but there are ways to travel on
a budget. Look for deals that include
flights and hotel. Also remember that
you do not have to travel long haul to
have an adventure. There is plenty of
adventure to be had right here in the
region and sometimes it is only a car
ride away. Recently we drove to Oman
and stayed in the little known town of
Sohar. It is only a 2-and-a-half-hour
drive from Dubai and a one-and-a-
half-hour drive from Al Ain, but it is
packed with culture and a rugged
coastline.
School Fees
School fees tend to be one of the
highest expenses here in the region.
If you have more than one child
in school and you do not receive
an allowance for your children’s
education from your employer, you
may find it impossible to make ends
meet. Many families have chosen
to leave the region because of the
cost of their children’s education,
but there may be a few things you
can do before making such a drastic
decision. Ask your child’s school for a
discount and be very open and honest
with them about your struggles, they
may ask you to sign a non-disclosure
document if they offer you a hefty
discount. Send your child to a cheaper
school. High fees do not always equal
better teaching and learning.
After The Bell
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Nov - Dec 2017
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