85% of Expats don’t save on a regular basis

It’s that time when many of us look at our lives through the prism of the excesses of the festive period, and resolve to do better this year! Resolutions about your health or goals can be energizing, though also often short-lived. I’d like to recommend a resolution for your financial health that you can easily keep up with: start “smart saving”. And as with any new health program, it’s best to start off small.

One of the biggest excuses by expats for not saving or investing is, ‘I don’t have enough money’. But if Granny could save a fiver a week in the kitchen drawer, so can you. Saving a small percentage of your monthly income is just a matter of prioritising your expenditure.

We in the UAE have plenty of ways to save without resorting to austerity. Take a packed lunch to work, or skip straight to the “after brunch”!

Set yourself a percentage or fixed sum to put aside each month, and sit back and watch your savings grow as an expat over time. Now, a simple savings account is too conservative. For long term financial goals, where you can afford to absorb the inevitable market volatility and not be forced to withdraw funds during a downturn, even with your small monthly sum, investing really is the “smart saving” choice for most people, and not just expats.