9 Effective Ways to Save Money in Dubai

Even though Dubai is considered expensive, people can still make and save money in Dubai and leave the country with a much higher net worth than they came with.

 Sometimes saving money can be extremely difficult. We often face unexpected events that hinder this money-saving process, and we end up losing track of our long-term saving goals. Remember, you may not have control over the economy, but you do have control over your habits, and your actions make the real difference between you and the ones having million Dirhams saved in their accounts. 

In this article, you’ll learn some effective tips to save money in Dubai and achieve your financial goals.

1. Buy Grocery in Bulk:

Go to hypermarkets such as Carrefour, LULU, and union-coops. Those places always run promotions that you won’t find in the other convenient shops under your building or gas stations. Ensure you buy your groceries in bulk and try to cover your monthly needs with a maximum of two visits a month.

2. Search for Grocery deals and discount via websites:

Search for websites and mobile apps that compare prices between multiple shops and supermarkets to provide you with the place that sells at the lowest price. Example https://ae.pricena.com/en/

3. Cook your food instead of ordering:

The average cost of lunch or dinner when ordering from outside is AED 40- AED 50 per person, and with the online platform fees (such as Zomato or Deliveroo) and the driver tip, the average order for two exceeds AED 100. While if you cook the same dish, you are ordering, it will cost you less than half. 

4. Cut unnecessary monthly subscription:

How many monthly subscriptions are you paying but not actually using? Start cutting the monthly payment you are not using, and don’t say it’s a small amount because multiple unused subscriptions can add up. 

5. Get the entertainer and Groupon:

There are many websites and mobile apps in Dubai that provide good offers on restaurants, spa treatments, desert safaris, electronic goods, cruises, etc., so before buying anything, check if there are some deals online .it will surely save you up to 50% of the cost.

6. Reduce your DEWA and AC bills:

Every bit counts. Start taking small steps, and you’ll be amazed by the difference it will make. Start by turning off the lights in the rooms you are not using, turning off the water tap while brushing, and increasing your AC temperature a bit. Also, you can buy some LED lights and use them instead of the room light; many of them are cheap and look great. 

Also, Consider things like energy-conserving outlets, Solar panels, or Energy-efficient appliances. All of them are costly, but they might save money in the long run.

7. Change Your Spending Habit:

Most people have this habit of spending thousands of dollars a year on things they necessarily don’t need. It would help if you changed this bad habit of spending more on your wants instead of your needs. Spend 50% of your income on needs, 30% on wants, and put 20% of your earnings in your savings account. Basically, the purpose is to separate your wants from needs So that you’re aware of how you’re spending your money.  You can also invest some amount of your savings.

8. Implement 30 Day Rule:

30 Day Rule is a popular method to set aside more money. According to this rule, instead of making an impulse purchase, you’ll need to wait for 30 days and deposit money into your savings account. If you still need to buy that item after 30 days, go for it. Otherwise, money is saved in your account. People love instant gratification, and this is the reason they go for impulse purchases. Commitment and willpower are the keys to implementing the 30-day rule during this time.

9. Shop Smart And Avoid Brand Names:

For many of us, shopping takes up more than half of our monthly income. However, shopping smart can save you hundreds of dollars a month. You need to make a list of items purchased in a typical month and see where you can cut back. Also, avoid brand names while shopping; you might have noticed that sometimes brand name items cost almost double their generic equivalent, but both work the same way and last for the same period of time. In this way, you might get quality products by spending less, and the extra money goes into your savings account.

Bottom Line:

No one gets rich overnight; consistency and patience are the keys to amass a huge saving. The above tips will help you achieve your saving goals and make you financially stable.