If You’re An Expat And You’re NOT Saving Money: You Need To Read This Post
Expats who move to Dubai generally come with one main aim: to save cash.
But once you land, you’ll quickly learn it’s not that easy.
Dubai is an expensive city to live and with so much to keep you entertained, savings can quickly fall to the back burner.
However, saving 7% of your salary is a realistic goal for most. Are you close to that number?
I once applied for a credit card and got sent two – and such is the beauty of debt building in Dubai
Whether you’re looking to get on top of your finances, or do more with what you’ve already saved, a little expert help can go along way.
There are lots of expat focused financial planners in the region, so first thing’s first. DO YOUR RESEARCH. If you’re going to pay for a service, know that the person you’re putting your faith into has a solid record of secure finances.
Start with a free webinar
I trialled 7&out, a company solely focused on expats in the Middle East and aims for its users to return home in a financially secure position.
They run a free weekly webinar on Monday evenings for anyone who’s looking for some expert advice for both saving and investing.
When I tried it, eight of us from UAE, Saudi and other parts of the Middle East logged on for the course. An Irishman, Cian, the director of the company lead the session and gave us a brief history about his own financial background and outlined three main points savers need to be aware of (tactically budgeting, setting goals, and expat traps to avoid).
Then… a one-on-one consultation
Here I got the best value. It was a one-on-one online consultation with Cian; I started by giving the low-down of my current financial situation and some of my financial goals.
Based on this I was given three simple actions that I need to follow up month-on-month. For me it’s basic money management that I need help with – the purpose of the actions is to create a good finance system, achieve my goals, then I can look at investing.
You can trial three video finance masterclasses or sign up for the free weekly webinar for all expats in the Middle East here
7&out was featured on Medium; ‘How to select a Financial Planning/Advice Company as an Expat (or at all)’ read about it here.
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