Getting to the emirate and leading a content life full of bliss and professional success is a thing every individual aspires about, be it any corner of the world. For sure, Abu Dhabi sits with immense opportunities in its bosom with developments happening on every economic front. Be it a thrust gaining real estate sector or candidates with increasingly honed skills to score the best of jobs here, a perfect balance between demand and supply is a major factor steering a people inclusive growth in Abu Dhabi.
Having enjoyed soaring foreign investments from leading corporations around the world, chances to earn in big numbers are numerous to find in the emirate. However, maintaining one’s financial well-being is something that every expat in Abu Dhabi needs to learn. Mentioned below are a few hacks that will help you secure your family financially and ensure immense prosperity while working in Abu Dhabi.
Start with Low Expenses
Although, your accommodation and initial expenses are things covered by the employer, who acts as your sole sponsor in Abu Dhabi, there still are chances for the initial expenses to shoot up and make you go broke. For sure the country is new and you need to catch up with so many people over a cup of coffee or a delightful lunch. Adding to the same, a completely different rate list of groceries also adds to the initial dilemma of what to spend on.
Well, you need to start with small savings and keep a light hand over the weekly expenses. Take some time to understand the price trends for different goods and start spending, only when you are sure about covering the cost up. Most importantly, harboring a multi-cultural cohort, Abu Dhabi celebrates a zillion festivals round the year. Make sure that you restrain from spending openly during these and a proper budget is maintained for every month.
Reduce Accommodation Expenses
Believe it or not, renting a residential property is one of the biggest challenges you need to face after relocating to Abu Dhabi. For sure, the employers is to cover expenses pertaining to accommodation during the initial stage, but you’ll have to bear the cost sometime in the future definitely. Rent increase is an annual affair here, hence considering downsizing your requirements in this field would be a valid move.
Be Realistic While Cutting Down Expenses
Indeed, it is tricky business minimizing your expenses, while working and living in Abu Dhabi. You need to be deft with knowing all your spending habits and all that which drives the capital out of your income. Yes, it is important to trim down your expenditure, but savings need not be 20% or above only. Who knows, even a 4-5% saving can yield better returns for the future. Start with small ones and then progress towards those that need some thought before a halt.
Choosing big numbers from the get-go and being unable to save would only make you return to the old ways and hence, the old situation. Start slow, but diligently.
Kill all Unnecessary Debts
Most of the expats in Abu Dhabi lose out on financial well-being,. Just because of high interest loans and credit card bills that stand with high debts. You need a way to settle these out soon and make a halt to the burgeoning amount that needs to be paid.
For instance, you can also come up with the concept of emergency funds and keep it safe to wash out urgent bills. This way there will always be a sense of security in terms of all the finances requiring apt management.
Tips are in heaps and loads to mention. However, sticking to the basics and keeping all expenses on the right track is all that you need to save ample while working in Abu Dhabi. Make sure all that you spend on today, doesn’t interfere with your well-being tomorrow. Rest, it is one of the most rewarding job destinations on the globe.
Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.