Save more in 2019
Who couldn’t use some more money? Probably all of us! Whether you’re putting money aside for this summer’s holiday, paying off debt or saving for a down payment on a house, more cash wouldn’t hurt, right? Right! So how do you get more cash? Don’t wait for that big inheritance or lottery win. We have 10 saving tips for you!
Shop your pantry.
13 billion AED (3.5 billion USD) is wasted food every year in this country. It’s shocking to see these numbers and highlights how we need to change our thinking. To make a start at home, prepare your meals with what you got. Check out these top apps which give you recipes with the ingredients you have. No need to go shopping!
Go meatless 1-2 times a week.
There are many advantages of cutting meat from your daily menu. It’s expensive so buy it on sale and freeze it. It’s an immediate money saver while you’re focusing on plant-based nutrition and improving your overall health.
Be social and meet at home.
Instead of spending on an expensive dinner in a restaurant, entertain in your own four walls. Create a rotating basis for your dinner club and meet at their house next time. You can ask your guests to bring a dish (e.g. starter, side dish or desert) to get everyone involved.
Pay off your credit card in full every month.
Credit card debt tends to be the most expensive kind of debt and APR can be as high as 46.7%. That’s a huge fee for a loan (e.g. all the items you’ve put on your credit card). Ensure you only spend as much as you can pay back in full at the end of the month.
Cancel your gym membership.
Let’s be honest. It’s the end of February and unless you’ve been a regular gym user in 2018, your New Year’s resolutions have probably been broken (sorry!). Use the good weather and exercise outdoors. Do you occasionally use a gym? Look out for the free classes many gyms are offering. There are also plenty of free classes taking place around town. Many buildings here have a gym and if your friend lives in such a building, ask them to work out with you. It also strengthens your friendship and creates accountability.
Review your TV subscriptions.
How often do you really watch that TV channel? Cancel it and turn your TV off. The constant commercials are just planting new ideas in your head. “I need to have this. I need to have that.” It’s just a time waster and you can pursue many much more interesting activities instead.
Explore the city for free.
There are so many activities taking place very day – for free! How many have you tried out recently? Visit a new art exhibition, explore the Science Factory or watch a movie under the start. Save the fee for some expensive event. Take your loved ones to the beach or walk along canal. If you want to combine a trip to the local park with physical exercise, cycle there and then have a picnic. Don’t forget to wear a helmet and be visible. Be careful when cycling on the road.
Negotiate lower rent.
Rent is probably one of the highest fixed expenses you have. The rule of thumb says to spend up to 1/3 of your take home income on rent. If yours is higher, you may need to look into moving to a different neighbourhood or smaller home. As rent prices are also coming down, speak with your landlord about a reduction when receiving the lease expiry notification.
Start saying “no”.
This is one of our favourite tips to saving more. Learning to say “no” to unwanted items (yes, I’d love that fancy handbag) and ask yourself whether you really need it. “Nope, don’t need that handbag, got plenty of others at home.” An easy way to save more. You know you can do it!
Find likeminded people who share the same vision as you!
This is one of the most important tips and we’ve thus saved it for last. If you want to succeed, you need a power network. One that supports and encourages you. One that also gives you feedback and helps you to achieve your goal. Being surrounded by the Joneses is not going to help you save more.
At one corporation, we’ve been surrounded by a person who all too happy shared his latest restaurant adventures with the team. 2 other team members were on lower salaries who couldn’t afford half of his dining experiences. For them, it was almost torture to listen to “you should try out this place or that”. Sticking to their spending plan (and consequently working towards their savings goals) required huge determination. But you know what?! They learnt to smile, ignore this colleague’s lavish escapades and bought their house each in their home country. Not all overnight but they’ve done it by saving more and staying focused.
What is your reason for wanting to save more this year?
Until next time,