It’s often only after a few years within the region that expats are thinking about putting some money aside. Working in a tax-free environment is very appealing and folks are thinking of how much they can save while here. After all, most employers don’t provide a pension or provident fund and employees need to save for their retirement themselves. Yet, with the great opportunities we have here after work, thinking of savings is put on the back burner. After all, who wants to think about saving money when enjoying a day at the beach, regular visits to the mall or eating out with friends?

There are various possibilities to increase your savings. You just have to make a small start. Take the first step with these top tips:

Automate savings

On your pay day, transfer money into a separate savings account. Many banks allow you to set up such standing orders or regular transfers. Once it’s automated, you don’t need to think about it any more. Plus, transferring some funds on pay day means you’re giving a priority. Next would be your rent or mortgage payment while everything else becomes a choice.

Housing

If your lease is coming up for renewal, consider moving into a less pricey home. Housing is the biggest expenditure for many professionals and families. Weight up the disadvantages of having a home in a different neighbourhood against the increase commute which results in potentially higher petrol/transportation costs and less free time. What do you prefer?

Cars

Review the different deals car dealerships offer throughout the year. Special deals are offered during Ramadan and Eid and these deals can make a substantial difference to your budget. Ask yourself whether you’ll need the top end of SUV. Could a car be just as great for you?

Commute

If your home is on a Metro route, take it more often. Start by swapping a day of driving or taking a taxi to the office with a trip on it. Use the time commuting as some me time. Catch up reading a book or articles cut out from magazines. You can recycle these after being read and don’t have to carry the entire magazine. Or call a friend who’s stuck in traffic.

Car pool

Check whether your company offers a car pool. Alternatively, your neighbours may work in the same office building (or nearby). Sharing a lift to work can be fun and, although petrol prices are low, contribute to your savings. Don’t forget how it can beat road rage when driving yourself.

Groceries

Food bills are rather large for most people. Instead of getting all products from high end supermarkets like Spinney’s or Waitrose (which I both love, too), look at buying bulk or no name brand products from one of the other shops. Fresh fruit and vegetable can be found at the weekend markets like Ripe Market, which would be in season and thus cheaper.

Eating out

Eating out is very common and it’s not unheard of to visit a restaurant 2-3 evenings a week. Brunches and post-brunch entertainment can also leave a big hole in your wallet. Cook an extra portion at home and bring your lunch to work. You’ll know what ingredients are in it and will be saving money. When going out, use one of the Entertainer 2-for-1 vouchers, obtain a discount through the Time Out City Card or other loyalty programmes.

Big ticket items

Besides housing, review what other big expenditures you have on a regular basis. Can you make any modifications to them? Be honest with you. Just because you can buy it doesn’t mean you’ll need to buy it.

How are you saving some money while enjoying life in this wonderful region? What tips can you share? Leave a comment below! I’m looking forward to reading your comment!

Until next time,
Agni