Those in the financial world may already know the significance of October 31, but for those who don't - as well as being Halloween, October 31 is also World Savings Day.
First declared in 1924 by delegates at the first International Thrift Congress in Milan, Italy, the initial aim was for the day to be devoted to the promotion of savings all over the World. While October 31, has been overshadowed to some extent by the more popular Halloween, The National's personal finance section is keen to make sure you are thinking about your savings as well as lighting your pumpkin next Monday.
So to generate a little bit of interest from our readers and followers of our Twitter account @PFTheNational, we put out a tweet last week asking you for your savings tips. And so far, we have been very impressed by the feedback.
While @anniemeikle suggested working with a money coach, @Michshoucair offered a quirkier savings solution - having a money bank in the shape of a cupcake! For some more interesting and varied insights, we have a selected a few of the best responses so far to share with you:
@shimishah: buy gold, premium bonds/national savings bonds, property, and some liquid cash in a high interest savings account
@Digi_Designer: staying single. u dont need a bigger house, u dont need to buy a lot of house stuff, and to go out is double the charge on everything :)
@RobJamesMorris: My Dad and Grandad always say 'spend some, save some' to enjoy the good things while saving for a rainy day.
@RobJamesMorris: No credit card or car, live within my means, budget for all bills, rent and monthly savings, cheap nights out like cinema...
@Colin_n_Lena: Go 2 Union Co-op for toilet roll amongst other things
And we have to give a big thank you to @Monica_Tomar, who has lived in the UAE for four years and was so inspired by our tweet request, she sent us seven tips. Here they are:
Stay - That's an unavoidable expense everyone has to incur. The first two years I had my own studio apartment and I realised it was a waste of money and space. I was barely home, the rents were through the roof and honestly, it was sad to come back to an empty home. After two years, I looked around for a PG (Paying Guest) accommodation, a trend that's very common in the UAE and I've been a happier person, personally and cash wise. I now stay on the Corniche in Sharjah, with a beautiful view, pay less than half of what I was previously paying for my studio and I have great flatmates
Travel - Car lift and public transport. Unless you are hell bent on driving your own car or a rental, car lifts and public transport are the perfect solution. Car lifts charge anywhere from Dh350 - Dh500 per month and provide pick up and drop offs. That is saving a lot of money. They also have several time slots, so in case you miss one, the next ride is just 30 minutes behind. The public transport system, bus and Metro are a boon. They are comfortable, cost effective and run at regular intervals. Also, hitch a ride with friends who are comfortable picking and dropping you
Food and amenities - Home cooked food. Its healthy, perfect to suit your taste buds and most importantly light on your pockets. If you cannot cook, there are services here in Dubai who provide cooked meals for a meagre charge starting from AED 250 per month. The cuisines vary, so you have something different to eat every day. The only disadvantage is that you cannot control the way its cooked, but following enough trial, error and recommendation, you'll surely find your style in food. I personally cook all my meals most days of the week
Shopping - Shop only when a sale is ON. Else it doesn't make sense. Simple. And Dubai has a habit of keeping you informed about every activity, so make that extra effort to either follow brands on Twitter, Facebook or mailing lists
Keep an eye on that exchange rate - For expats, a good exchange rate is a day to celebrate. The moment the rates peak, transfer some money to your home country account. That way, you've sent away cash which will lie undisturbed and also taken advantage of a good rate. Additionally, ensure you have an NRE (for Indians) account, so you are able to avail an interest on your savings
Outings - Be an explorer and move around the city. You're bound to find two extremes in locations to hangout whether it be a plush bar in the Marina or a special tea place in Karama. Additionally, house parties are a common trend. They save a lot of cash as opposed to hanging out at a restaurant
Credit Cards - Don't fall for the credit card trap. If you have to use it, clear the amount you spend every month and never default on the due date
• If you have some savings tips you would like to add to our blog, Twitter them to us at @PFTheNational or e-mail them to pf@thenational.ae
And we have to give a big thank you to @Monica_Tomar, who has lived in the UAE for four years and was so inspired by our tweet request, she sent us seven tips. Here they are:
Stay - That's an unavoidable expense everyone has to incur. The first two years I had my own studio apartment and I realised it was a waste of money and space. I was barely home, the rents were through the roof and honestly, it was sad to come back to an empty home. After two years, I looked around for a PG (Paying Guest) accommodation, a trend that's very common in the UAE and I've been a happier person, personally and cash wise. I now stay on the Corniche in Sharjah, with a beautiful view, pay less than half of what I was previously paying for my studio and I have great flatmates
Travel - Car lift and public transport. Unless you are hell bent on driving your own car or a rental, car lifts and public transport are the perfect solution. Car lifts charge anywhere from Dh350 - Dh500 per month and provide pick up and drop offs. That is saving a lot of money. They also have several time slots, so in case you miss one, the next ride is just 30 minutes behind. The public transport system, bus and Metro are a boon. They are comfortable, cost effective and run at regular intervals. Also, hitch a ride with friends who are comfortable picking and dropping you
Food and amenities - Home cooked food. Its healthy, perfect to suit your taste buds and most importantly light on your pockets. If you cannot cook, there are services here in Dubai who provide cooked meals for a meagre charge starting from AED 250 per month. The cuisines vary, so you have something different to eat every day. The only disadvantage is that you cannot control the way its cooked, but following enough trial, error and recommendation, you'll surely find your style in food. I personally cook all my meals most days of the week
Shopping - Shop only when a sale is ON. Else it doesn't make sense. Simple. And Dubai has a habit of keeping you informed about every activity, so make that extra effort to either follow brands on Twitter, Facebook or mailing lists
Keep an eye on that exchange rate - For expats, a good exchange rate is a day to celebrate. The moment the rates peak, transfer some money to your home country account. That way, you've sent away cash which will lie undisturbed and also taken advantage of a good rate. Additionally, ensure you have an NRE (for Indians) account, so you are able to avail an interest on your savings
Outings - Be an explorer and move around the city. You're bound to find two extremes in locations to hangout whether it be a plush bar in the Marina or a special tea place in Karama. Additionally, house parties are a common trend. They save a lot of cash as opposed to hanging out at a restaurant
Credit Cards - Don't fall for the credit card trap. If you have to use it, clear the amount you spend every month and never default on the due date
• If you have some savings tips you would like to add to our blog, Twitter them to us at @PFTheNational or e-mail them to pf@thenational.ae
