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How to save money as a Dubai expat
| Published: | 14 Aug at 6 PM |
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Even with Dubai’s high expat salaries and the country’s tax-free status, earning far more than back in the home country doesn’t necessarily equate with saving more.
The younger the expat arrivals in Dubai are, the less they consider that the higher salaries they’re receiving have anything to do with saving a proportion for the proverbial rainy day. In fact, a few years’ stint in the wealthy city of Dubia can set the average expat professional up with a property deposit in the home country without having to trouble the Bank of Mum and Dad for a loan.
It doesn’t take long to realise that the impressive array of venues and the necessity of socialising on a regular basis with like-minded expats is fun as well as good for business. However, the lifestyle can be ruinous for finances on a monthly salary basis, and leaves little room for saving for the future.
Long-stay expats and other advisors recommend putting a fixed amount monthly in an offshore bank account or even a home country bank, then distributing what’s left via the prevalent eating-out culture and other kinds of fun. Ten per cents seems to be a sensible minimum for saving, and is perhaps best done by a regular direct debit to the chosen account.
Memories of impoverished student days should be pushed to the back of expat minds, as they encourage spending rather than saving. The thought of a house and money in the bank in 20 years’ time may not appeal at present, but will get more attractive with the passing years.
The younger the expat arrivals in Dubai are, the less they consider that the higher salaries they’re receiving have anything to do with saving a proportion for the proverbial rainy day. In fact, a few years’ stint in the wealthy city of Dubia can set the average expat professional up with a property deposit in the home country without having to trouble the Bank of Mum and Dad for a loan.
It doesn’t take long to realise that the impressive array of venues and the necessity of socialising on a regular basis with like-minded expats is fun as well as good for business. However, the lifestyle can be ruinous for finances on a monthly salary basis, and leaves little room for saving for the future.
Long-stay expats and other advisors recommend putting a fixed amount monthly in an offshore bank account or even a home country bank, then distributing what’s left via the prevalent eating-out culture and other kinds of fun. Ten per cents seems to be a sensible minimum for saving, and is perhaps best done by a regular direct debit to the chosen account.
Memories of impoverished student days should be pushed to the back of expat minds, as they encourage spending rather than saving. The thought of a house and money in the bank in 20 years’ time may not appeal at present, but will get more attractive with the passing years.
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