Dubai is considered to be less expensive than other top-tier cities like New York or Paris. However, this does not necessarily mean that life is cheap. If you are not careful, you might end up overspending and leaving your bank balance unhealthy.
Investing in real estate is considered to be a great way to save money. In the recent past, Meraas off-plan projects in Dubai have become popular. The developer is offering most of their properties at affordable prices, incredible discounts and friendly payment terms with the Madinat Jumeirah Living apartments being one of the most affordable ones. You should hire from top Dubai real estate agencies to get the right agent when investing in a property.
Apart from real estate investment, here are some more tips on how you can save and still have a good time in Dubai:
Create a budget and stick to it
Create a weekly or monthly budget and don’t let any temptation prevent you from achieving your goals. When creating a budget, you should consider that rent and other utilities consume between 25% and 30% of your income.
Expenses can escalate to exceed 50% of your income if you add other fixed expenses like car loans. Even though it is important to consider how much you save, it is more important to fixate on the actual sum of the expenses that eat away your income.
Avoid credit cards and pay monthly bills on time
If you are a determined and goal-driven saver, you will have to avoid having multiple credit cards from different banks. What most people forget is that they will have to pay the credit with interest. Paying interest to multiple banks will eat away your income.
Saving on utility bills
Utility bills can eat a significant portion of your income if you are not careful. Make sure that all the appliances are working correctly and ensure water leakages are fixed so that you don’t end up paying extra.
Save money on food
Instead of buying food outside, you can choose to cook at home. Dubai is an eatery heaven with plenty of restaurants and hotels. In fact, some people eat out at restaurants almost every day. Eating at home is not only healthy, but it will also help you save in the long run.
Save on transportation
Most people buy a car for convenience and movability. However, vehicles some with added expenses such as maintenance, insurance, registrations, among others. The higher the value of the car, the more the expenses. Whenever possible, it is good to use public transportation.