Simon Snelder, a Dubai-based financial consultant, explains how you can save effectively, irrespective of how much you earn. All you need to do is follow some basic guidelines:
– Categorise your expenses and set an upper limit
– Allocate a percentage of your earnings to each expense category and stick to the budget
– Record every expense
– Ideally, you should set aside 20 percent of your income every month
– Set up automatic transfers from your salary account to your savings account
– Create an emergency fund worth six months of your income"
2 August 2017
Saving money in Dubai possible though not easy.
"Many of my clients ask me how they can save money while living in a city like Dubai. They feel that the cost of living is high and expenses stack up easily. Before they notice, they have spent a lot of money and often can’t precisely put their finger on what they are spending their money on. This can be frustrating and one might wonder if it is possible at all to save money in Dubai. I first want to share my observations related to why people are spending more than they intend to."
Digital Nomad Nest Egg: How to Save When You Work Globally
"Dutch financial planner Simon Snelder, who is currently in Dubai, says there are issues expats should be aware of when making investments in whatever country they currently call home.
In the UAE, for instance, banks are not guaranteed (though they’re considered safe). If they collapse, your investment may be lost entirely. No one thought the biggest banks in the Netherlands would go under, he points out, but they did in 2008 and 2009. Because they were insured, they were bailed out by the government, and no savings were lost.
Another problem which is underestimated in the UAE,” continues Snelder, “is the inflation growth. Inflation has been going up the past years and now it’s at 4 percent, which means that in 18 years things will be double the price. As an example, if an expat puts 100,000 USD in the bank right now, that amount will have the same value [in 18 years] as 50,000 USD right now.”
What happened with the chinese stock market in 2015?
"Simon, based in Dubai, is an investment advisor and has worked, lived and studied in Brazil, Chili, Netherlands, Caribbean and UAE, blogs about the world of finance and advises the expats to make the right move."