Tips on saving money in the UAE

When expats first move to the UAE, they’re often drawn by the allure of a tax-free, luxurious lifestyle that’s ‘Grammable’. However, they quickly realize that maintaining this lifestyle can be challenging with the high living expenses. Many end up relying on credit cards to sustain this lifestyle, which can lead to a cycle of debt, leaving them with little to no money when they eventually leave the country.

In fact, 61% of UAE residents express concerns about their financial situation post-retirement. “While there are plenty of opportunities to spend and invest money, there are very few tools that genuinely help people manage their money in a smart, sustainable, and engaging way. This is where Sav comes in - to support users in with better money management,” Mithil Ajmera, co-founder and COO of Sav, said.

Another challenge for expats is the need to send a significant portion of their income back home to support their families. This often leaves them with a smaller percentage of their salary to cover living expenses here, making it difficult to manage their finances effectively.

A growing number of expats are adopting a more disciplined approach to managing their finances. “A recent study showed particularly among GenZ, nearly 90% of respondents had set financial goals for the year, and 63% were willing to work with a professional financial advisor to achieve those goals. This shift towards proactive financial planning is a key habit that contributes to their financial success,” Ajmera said.