Saving money was never easier

Saving money was never easier

The decision to save money can be difficult for many reasons. Very often it's simply an attitude of mind.
 
Either it's never been something your parents did or you feel that life is so hectic with so many temptations you just can't afford to save. Priorities are often frivolous and leave nothing left for planning for a secure future. Yet for many the expat income is the highest they will earn in their life times with zero tax!
 
Expats find themselves justifying luxury spending for the most ridiculous of reasons. "It's the latest fashion, all my friends have it" or they just don't want to appear to be living behind the Jones'.
 
But saving just a little on a regular basis can make a dramatic difference to your future. Saving money may feel like a luxury if you don't feel that you can afford to save regularly, but the truth is that everyone can afford to save, even if it's only a little bit.
 
Think about it how much do you spend and not even know you have done it? Coffee, caf� lunches, weekend nights out, cigarettes, regular random shopping.
 
Everyone's financial situation is different, but the best way to save is to add your savings into your monthly budget and make sure that you do it - no compromises.
 
Living for today is fine up to about age 26. After that people really need to gather some financial advice and maturity.
 
People will always make excuses for not saving, but the truth is that the only way to save money is to just start.
 
Here are some common reasons that I've heard in my 30 years advising and looking after people.
 
"We have nothing left at the end of the month"

This is usually a family that has 2 cars, home help and children at the best schools. They enjoy 3 - 4 holidays a year and have zero fall back money. For many it's time to get out of holiday mentality and realise Dubai is just a job in another city. Many of the things we do here we would simply not do at home or think twice before spending on what we think are "essentials".
 
 
"There is always something I need"

It's usually keeping up with the latest IT trends or the techno virus as we know it.  The virus we have means overtime when there's new technology and the old perfectly useable item is thrown out. How many TVs, IPhone, etc. have you just had to have whilst in the UAE?
 
 
"I want to live in the moment"

This is probably the most common reason people choose not to save money, and it's the biggest mistake. Living for fun and enjoying your life is no crime but save and plan for the future or you may have a miserable retirement.
 
 
"I'll start saving later"

This is a massive mistake. The cost of delay can mean paying double when you can least afford to, when education costs may be the priority!
 
 
"We will give it some thought"

Some people have been reading the quotes and the brochures for 20 years!!!
 
 "Financial Advisers just look after themselves and just cold call all day"

There are various levels of financial advisers in the UAE. Some are qualified and licensed correctly.  Some do not hold a visa or have any qualifications in the industry.  So please take care when choosing and ask about their experience and qualifications.  Drill down and ask for contacts of existing clients and ask for testimonials. Just like there are various qualities of professionals in all industries you need to deal with the best that has your interests at heart. Recognised industry qualifications are a good sign that someone has had good ethical and holistic training.
 
 
Please contact Author below for more information.
 
Paul Whittaker
Executive Associate
Tel:  +971 (0)4 567 4506
Mob:  +971 (0) 50 556 1233
Skype:  pwhittaker.finsbury-associates
Web:  www.finsbury-associates.com
Email:  paul.whittaker@finsbury-associates.com

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