Expat savings may seem like an oxymoron (two words that mean the opposite!) however relocating to work in the UAE is an ideal opportunity to knuckle down and put away the pennies.
High incomes and a tax free status are a perfect combination for saving money.
However, in the words of almost every expat, its easier said than done! But remember, it is essential to keep your eye on the ball and not be consumed into the high life of the UAE that is so appealling and so expensive when regularly indulged.
Putting away regular expat savings is number 5 in the Holborn Assets (licensed by the Federal Insurance Authority & the UAE Ministry of Economy) Top 5 Financial Tips for UAE Expats.
"Benjamin Franklin once said “ If you would be wealthy, think of saving as well as getting”.
If you are working here in the UAE, it is likely that you are benefiting from earning more than you are were in your home country and not paying tax.
Your ability to save for your future has probably never been better. In fact most people manage to leave the UAE with substantial wealth.
However, as in any country, some people succumb to spending beyond their means and here in the UAE we are certainly spoilt for choice when it comes to luxurious and extravagant things to spend our money on.
The best way you can accumulate wealth is too start saving a small, manageable amount of money each month from your salary to develop the discipline of regular saving.
Just like a regular workout at the gym, and feeling your progress as you become fitter, you’ll soon notice the massive advantages that come with having money set aside.
Then the discipline becomes a success habit that will set you up for life!"
Top 5 Financial Tips for UAE Expats
Check out the other top tips and how you can acheive your expat financial goals.
For a free consultation and impartial advice from a qualified financial advisor please contact Holborn Assets.