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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