Khaleej Times published an article on why UAE residents are finding it difficult to save:
For most expats in the UAE, the bottom line – when they landed on the shores – was savings. A tax-free zone plus competitive salaries. Seemed like a win:win. But here’s the twist in the tale: looking back at their stint in the land where pavements are, metaphorically, lined with gold, a KT online poll found 83 per cent Dubai residents do not manage to save enough, while 88 per cent say it’s difficult to save in a high-consumption society.
Here is what Ambareen Musa had to say:
“The transient nature” of society in the UAE makes it easy for expats to forget about saving. “Many expats feel they’re only here for a few years, so they might as well make the most of it and worry about saving after they go home. But how many of us came here for ‘just two years’ and stayed longer?”
There is no ‘right time’ to start saving, she clarifies. “It’s a culture one needs to learn from a very young age – and the best place to start is at home. My daughter is four and a half years old, but I tell her if she behaves herself, I’ll give her a dirham; at the end of two weeks, if she’s earned enough, she can buy herself a small present. It’s not much, but they learn the value of money. My parents did it with me and I learnt two very important lessons: that you work to make your wealth – and how to live only on what you can afford, without spending what you don’t have.”
For the full article go to Khaleej Times