9 Tips to Save Money for a New Home - A Holi Special

  • March 20, 2019

The onset of Holi is on March 20 and 21 this year of 2019. The Festival of Colours represents the triumph of good over evil. As Dubai gears up for celebrations across the city, the South Asian community is upbeat about the fun, food and frolic before the weekend begins.

Every good deed is deemed to start on an auspicious day. Hence, we feel it is never too late to start planning for your future. Financial independence is an important aspect of everyone’s life and expats are not exempt from it either.

In fact, the uncertainty revolving around an expat’s job and visa makes it that much more important to do financial planning when living in a city like Dubai.

These easy tips make you go a long way to ensure there is enough in the bank to start planning to buy your first home.

1. Keep a tight purse

Cashless purse

Owning a property is money in the bank. Many expats avoid investing in a home due to the temporary situation of their jobs. Living abroad, many get tempted with a king-size lifestyle and splurge on expensive goods – huge cars, large home, fancy vacations, and expensive gifts.

Having low or no reserve of cash in your purse is a good start to controlling your urge to spend. Avoid unnecessary luxury and take advantage of the outstanding infrastructure of Dubai. Make use of public places and buy bundled services for sightseeing and recreational activities.

2. Eat right

healthy lifestyle

Avoid over spending even on food. Excessive eating out or buying eatables may cause unwanted health issues and spoilage of food resulting in more spending (on health issues) and wastage, respectively.

3. Save on transit

Public transit

When you stay in a community, make sure you have easy access to public transit to avoid taking out the car when you are just by yourself. Less miles on the tires is known to give longevity, resulting in savings!

Avoid driving big tanks. As much as they are tempting to own through easy schemes, they guzzle gas in no time and precious little savings will start dripping from the hole in your pocket, rather unnoticed.

Save on toll fee by taking a more convenient and free flowing Shaikh Mohammed bin Zayed Road and Al Khail Road.

4. Stay fit

Cycling for fitness

Keep a healthy lifestyle with sports, yoga, walking and other activities that help you stay relaxed and fit. Avoiding stress and illnesses will make you energetic and more productive resulting in an active life over a long time. Preventive health is not only kind on your hard-earned money but will also give you a satisfaction to lead a simple life.

5. Shop for best prices

Discount at store

The glitz of a shopping mall often makes us indulge in things we don’t need. Add to that, paying a premium for the real estate of the store! That’s why it’s important to plan when you shop.

Make a list of things you need and look out for best deals when it comes to expensive items. Discounts, shopping offers and holiday seasons help you pick things at a lower cost. However not all items can wait for offers.  Hence, buy only if you have to. When was the last time you used a special peeler only to carve designs on carrots? If you haven’t used something over a year, you probably don’t need it!

6. Right-size your rental

Neat Bedroom with desk

Did you just go overboard when renting a villa? Instead of an affordable, two-bed in a convenient location, did you chose a luxury property in the remotest of communities?

When you hire an agent, chalk out your expectations clearly and give them a budget to work with. Try not to deviate more than 5-10% as it is money gone down the drain for a space you don’t need over a period of time.

7. Get insured

Signing papers

One of the biggest objection people have about insurance is that it is a dead investment whose utility is reserved only at the time of realization and not easy to cash out on. However, most often, people end up spending ten times more when they are caught without an insurance against their name.

Whether it is health, home, investments or life, all insurances are important and having a well balanced portfolio will leave your future in safe hands. Though not a direct money-saver to buy a home, the peace of mind will leave you with something to fall back on and help you take other calculated risks when trying to purchase a house.

8. Set aside a saving

Saving money

Learn about various saving schemes from your bank and track your expenses. Try and convert unnecessary expenses into savings and grow your money through mutual funds, trust funds and other forms of investments.

When you save money in multiple areas, the lure of using any one of them is not going to hurt your finances as much as spending away all at once.

9. Trim your utilities

Idle computer

Unplug electrical and electronic devices when not in use, turn off the tap without fail every time you exit from the sink or bathroom, use internet wisely and use cable by subscribing to as many channels as you watch regularly instead of all the ones that you skip through.

With these conscious efforts, owning a house looks more do-able than ever. Imagine, if small savings can pile up as your monthly installments, going the extra mile will get you the deposit money too!

Make this Holi Day as your best gift of happiness and security to your family by taking steps to save some nesting money! Incidentally, it is also “International Happiness Day” where Dubai has made best efforts to keep its happiness quotient high for residents. Right place, right time for that dream home.