Diverse UAE residents are ingeniously finding means to maximize their funds and enhance their savings. This trend is particularly relevant given that three UAE cities, namely Abu Dhabi, Dubai, and Sharjah, have secured positions in the top ten list of the world's most cost-effective cosmopolitan cities.
To shed light on this phenomenon, we engaged with a range of expatriates to uncover their strategies for budgeting, curbing expenses, and bolstering their savings.
Sharjah resident and Brazilian national Efraim Santos has been living in the UAE for over two years now. Here are his tips for saving money:
Shop smart
Efraim has adopted a strategic approach to grocery shopping by patronizing three distinct stores. He noted,
"Certain items offer better prices in specific places."
After meticulously assessing these options over several months, he has discerned which groceries to purchase from each store. Conveniently located near his residence, he walks to all three. Additionally, to minimize impulsive purchases, he refrains from online shopping.
Join social media groups
Efraim highlighted the substantial savings he's achieved through social media groups. He explained,
"I've joined Facebook and WhatsApp groups where fellow expats share discovered deals."
He recounted an instance when he required a high-quality water bottle from a specific brand, which typically exceeded Dh100 in cost. His patience paid off when he learned from a WhatsApp group about a significant discount, enabling him to obtain the desired bottle at nearly half the price. This approach has consistently aided him in economizing on items like bags and shoes as well. Efraim emphasized that the key is to exhibit patience and await favorable deals.
The Filipino expats who live in Dubai with their two teenage daughters shared how they spend and save.
Follow a strict budget
The family adheres to a stringent monthly budget regimen. Amayoy detailed,
"We adhere to the 50/30/20 principle for our budget."
He clarified that half of their budget is allocated to essentials, encompassing crucial expenditures like housing, groceries, utilities, healthcare, and car payments. Thirty percent is designated for discretionary desires, while a substantial 20 percent is set aside for savings. Taking on the role of budget management, Mitchay effectively maintains this financial plan, ensuring its adherence.
Meal prep
Mitchay shared their approach to grocery shopping and meal preparation, highlighting their weekly routine. She explained,
"We make a conscious effort to engage in meal prep over the weekends, crafting meals for the upcoming week."
This strategy effectively curbs unnecessary dining out or food delivery expenses, contributing to their financial discipline.
The Indian expat who lives in Dubai with his parents, wife and children says budgeting and shopping smart is what helps him the most.
Bulk buying
"When catering to a family of six, opting for bulk purchases is paramount,"
he emphasized.
"I typically visit the Al Aweer fruits and vegetables market on a weekly basis to procure fresh produce. By sourcing from the market's wholesale section, I can achieve savings of around 40 percent in comparison to supermarket prices."
Shopping for deals
The Dubai resident shared a shopping tip he employs. He mentioned,
"During the weekends, many supermarkets offer a dedicated deals section, where you often stumble upon attractive offers."
Additionally, he highlighted his preference for purchasing household cleaning products from Amazon, noting,
"Amazon consistently provides excellent deals, particularly on items like floor cleaners, laundry detergents, and dishwasher tablets."
News Source: Khaleej Times
