If you’re looking to increase your savings, then these best practices for securing your financial future by financial advisor, Lydia Hesse, will be just the ticket.
Those who are excellent savers have great discipline. You may not be a born saver but if you put measures in place and adhere to them, you can reach your savings goals.
Try the glass jar saving challenge:
Commit to saving the same amount, every day, for one year. Whether it’s AED 5 or AED 20, or something in between, the act of putting the money in the jar consistently will help you build discipline. If from 1st January you had started to save AED 5 daily for 366 days (2020 is a leap year), you’ll have AED 1,830; save AED 20 daily and you’ll pocket AED 7,320.
Stop and reflect
Pause and review your lifestyle and regular spending habits every once in a while. You’ll be surprised at the faults you find. Answer these questions to help you put yourself and your financial decisions in review:
When was the last time you checked your paid app subscriptions?
Can you reduce your phone bill?
Do you eat out or order online too often?
Do you tend to shop impulsively?
Do you use discount apps and websites intentionally?
Could you visit the salon or barber less frequently?
Do you love spoiling your spouse and/or children?
If you feel knots in the pit of your stomach while reading a particular question, that’s your conscience telling you to make a change or improve in that area.
Increase your income
You need to earn more and that sounds a lot easier than it actually is. If you simply can’t squeeze anything else out of your salary, try establishing multiple streams of income. Here are ways you can supplement your income in the UAE:
- Try your hand at being a mystery shopper and mystery diner; they’re cool ways to earn a little more cash and experience new things.
- Work part time – with your sponsor’s permission. We are blessed to live in such a multicultural country where we have the unique opportunity to learn various languages. Use that to your advantage and become a part time language teacher.
- Start your own freelance business without jeopardizing your day job
Now that you know what you can do, it’s up to you to do it!
Need to know
Lydia Hesse is a financial advisor with Holborn Assets. She also runs a community group to empower women called Love Yourself Financially. You can reach Lydia at email@example.com