Home » Featured Stories » 5 Ways to save money as an expat in Dubai

Share this page:

5 Ways to save money as an expat in Dubai

5 Ways to save money as an expat in Dubai

Want to be another expat who goes back home without any savings? Many Filipinos experience financial struggle even while earning a tax-free salary in Dubai and the UAE. If you are not saving enough in Dubai, you are likely to end up with fixed expenses like rent, debts, and utility bills. Here are 5 practical ways to save money when living in Dubai and not lose sight of your long-term goals.

1. Keep your monthly rentals within 30% of your income.

Is your rental in Dubai beyond 30% of your monthly income? You have to rethink your living arrangements. Consider finding less expensive flats outside the business district that is still convenient for you to commute daily. For those who live on their own and prefer living alone, you can trade your one-bedroom flat for a studio unit.

2. Create a budget and track where your money is going.

Working your way out of debt, saving up for a long-term goal, or taking a close look at your spending habits, budgeting allows you to create a plan for your money and focuses your money on the things that are most important to you. If you’ve never done a budget plan before, list down every expenditure on weekly basis. In this way, you can cut some costs you don’t need such as mobile phone, DEWA, and credit card bills.

3. Reconsider your transportation means.

Commuting every day to work or using a car in Dubai, expats can travel around with an easy access to every part of the Emirate. There is a good network of public transportation available including the RTA’s state-of-the-art buses, driverless Dubai Metro, and taxis, and an NOL card can be used for all mode of public transport. If you own a car in Dubai, keep your car properly tuned to lessen the possibility of a sudden car emergency. Changing your oil and oil filter every 5 km can extend the life of your engine.

4. Pay off your debt and boost your retirement savings.

Al Etihad Credit Bureau now provides individual credit reports and is able to mark your account if you miss bill payments. Leaving any credit card debt unpaid could become a criminal offence in Dubai.

Are you planning for retirement? Get out of debt and start saving and investing early. Many financial planners recommend that you save 10% to 15% of your monthly income for retirement. The best way to save for retirement is starting as soon as you can and automate your contributions. Get in the habit of saving consistently or whenever you get a raise.

5. Plan ahead for your next holiday.

Have you been trying to book the cheapest possible flights to your home country? The airline tickets can vary depending on the month, day and event time you travel. Do your research and get the best value in an airfare. Be flexible, travel in a low season, and book discounted airfares on leading online travel agencies, your holiday plan back to your home country isn't supposed to break the bank.

Share this page:
Follow us on:
Facebook Twitter Instagram