Finance
Top money management tips
A
key motivator for many persons who migrate for work is that of improving their financial situation . In the UAE , there are many opportunities to splurge – from easy access to luxury items to indulging in the ‘ brunch life ’, pricy getaways to elite events – the offerings are abundant .
Unfortunately for some , without proper financial guidance , the desire to save could get derailed by a number of these factors . Teach Middle East ’ s Finance writer ; Aaron Crotty has written extensively on saving , retirement , money management and other aspects related to securing a sound financial future .
In this article , we have curated some of his best tips on the different areas of financial planning . We hope that they will provide some amount of guidance to new and returning teachers . We will be providing links to each article at the end , so as to assist you in sourcing the extended versions of his articles , which are hosted on the Teach Middle East website .
Saving Tips
1 . The first step is to change your mind-set from ‘ spender ’ to ‘ saver ’. This is one of the biggest challenges that persons who wish to save face . With so much access to some of the best things that money can buy , it will require real discipline to do this .
2 . Track your spending by saving your receipts . Go through them at the end of the month . These receipts will allow you to understand and control your spending on unwanted and unnecessary items .
3 . Always look for ways to save money . No strategy works better than consciously making an effort to save .
4 . Cook at home . Eating out regularly can be an expensive and unhealthy . Save by cooking at home daily . Look for easy to make recipes .
5 . Try alternative methods of saving . Travel cheaper . Try ‘ travel hacking ’ where you can rack up rewards with airlines and hotel loyalty programmes . The good thing is that most UAE banks retain customers by offering very lucrative incentives such as offering miles on the nation ’ s top airlines .
6 . Take a medical vacation . This recommendation might be useful for major health issues such as open-heart surgery . You may find that the cost is significantly less in Southern India in comparison to the UAE . Check if your insurance covers such a trip and you could even save more .
Article / Source : Tips 1-4 , 19 Ways to save money in the UAE , Tips 5 – 6 , Alternative Methods of Saving .
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