Budgeting tips to help you become rich in UAE

Debt is common among the UAE residents, with more than three in five respondents having debt of some kind.

By Web Report

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Important expenses: 20% of your income should ideally cover all your long-term financial needs, such as retirement, life insurance, down payment for a house, car, debt repayments, like the ones on a personal loan, and even save for your child's education.
Important expenses: 20% of your income should ideally cover all your long-term financial needs, such as retirement, life insurance, down payment for a house, car, debt repayments, like the ones on a personal loan, and even save for your child's education.
Stick to your budget: The most efficient way to keep tabs on money is to write down all expenses, or better still, make use of personal finance apps that help you keep an account of every fil that makes its way in and out of your wallet.
Stick to your budget: The most efficient way to keep tabs on money is to write down all expenses, or better still, make use of personal finance apps that help you keep an account of every fil that makes its way in and out of your wallet.
Don't let your money sit idle: Long-term savings should be put in investment products that allow your money to work as hard as you do. Look for high-earning bank savings accounts that give you better profit sharing rates.
Don't let your money sit idle: Long-term savings should be put in investment products that allow your money to work as hard as you do. Look for high-earning bank savings accounts that give you better profit sharing rates.
Money matters: Are you in control? According to a 2019 Khaleej Times article a survey conducted among UAE residents showed that more than half of respondents were happy with their current financial situation, with around 1 in 3 claiming to always feel in control of their finances. However, 60 per cent had debts of some kind, which they found difficult to manage.
Money matters: Are you in control? According to a 2019 Khaleej Times article a survey conducted among UAE residents showed that more than half of respondents were happy with their current financial situation, with around 1 in 3 claiming to always feel in control of their finances. However, 60 per cent had debts of some kind, which they found difficult to manage.

Published: Fri 20 Dec 2019, 7:00 PM

Last updated: Sat 21 Dec 2019, 1:53 PM

Not everything that you want is really required: Consumerism is on steroids in the UAE, courtesy of the deals and discounts that run throughout the better part of the year and a surfeit of online shopping options available. Of course, differentiating between needs and wants might be hard to do but exercising some restraint can help.
Not everything that you want is really required: Consumerism is on steroids in the UAE, courtesy of the deals and discounts that run throughout the better part of the year and a surfeit of online shopping options available. Of course, differentiating between needs and wants might be hard to do but exercising some restraint can help.


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