Tips for achieving Financial Goals in Dubai


The UAE is a magnet, attracting people from around the world! There are opportunities to earn money be it starting your own business working for a company, bank, institution and more. The ease of doing business, safe environment, choice of living accommodation, commuting etc. makes one feel safe and secure.

Why did you come here what was/is your objective – more money, better life, paying off debts starting afresh?

No matter how much you earn…….. Pay Yourself First!

Most of us live from salary to salary, others like myself get only commissions which means income can vary from month to month! However, we all have certain fixed expenses which have to be met every month.

It helps to write down what you want! I was one of those who hated sitting down and writing/typing out my list of priorities. I prided myself with having a clear mind super memory and instant recall. I thought my mental recordings were good enough. Soon I realized my over confidence in my ability to mentally and physically multi task was delusional. Do you have the same issue too??

So, I learned to Identifying short- and long-term financial goals.

The process of goal setting and then planning for those goals from a financial standpoint often feel like an overwhelming task frankly quote boring, when viewed on an overall scale. Shifting the mindset to include long-term financial goals may be challenging, as there are often a number of more immediate needs and goals to juggle. Flexibility, is key! However, you MUST have a written plan, a sort of blue print but it shouldn’t be written in stone. Life events, both positive and negative, may cause you to re-evaluate your goals.

1. Start now
You’re never too young—or too old—to set financial goals for your future. The sooner you get started, the sooner you will realize your goals and dreams.

2. Define Your Short- And Long-Term Financial Goals
Travel, Getting a higher degree, a further certification, doing a Specialised course This is a beneficial starting point to map out concrete plans for reaching these goals. Further to identifying them, there is also a variety of research that indicates those who write down their goals have a better chance of achieving them.
  • improved achievement rate
  • increased accountability
  • Improved ability to track progress
  • motivation to stay on course
  • Immediate or, farther into the future- clearly defining and recording your goals provides an important sense of direction for putting appropriate strategies in place

3. Build A Spending Plan, And Stick To It
Establish and use a budget! It’s really important to develop a realistic spending plan. There is factual value of having a defined spending plan. Please self-check prior to making purchases or other spending decisions!!! Spending plans are most effective when you create them in alignment with your identified short- and long-term goals. They accurately reflect what amounts you are able to work with.
Besides rent, utilities, look carefully into what is essential and what is discretionary
Grocery, household shopping, choose outlets that offer good value for money compare prices don’t buy just because the store is close to you!
New clothes, shoes, accessories ….. updating your wardrobe! Buy on sale! Fortunately for us in the UAE we have many options and now the outlet malls give us more choices plus the online shopping has opened a whole new scenario for discounts. Word of caution don’t go overboard just because a sale is on! Non sale period, I usually go to the back of the showroom to check out stuff and generally find great bargains that are not overtly displayed
Monthly trips for grooming. Going to an expensive place just to show-off, fit in, be accepted by others is stupidity; Select a place that uses good quality products and services. Also assess how long you can extend the time between your visits for grooming!
4. Togetherness
Couples come into a joint emotional partnership with financial habits that have already been established, and many are surprised to find their partner doesn’t share their views about money. This can be a source of great tension in relationships. Are both of you aware of what loans, credit card outstanding amounts, savings, investments insurances each has?

To avoid tension in your relationship
Keep separate accounts
Maintain strict contribution/budget/spending rules
Follow the ‘yours, mine, ours’ system

5. Structured Systematic Savings Plan! Why is this important, what could possibly be the value and importance of having such a plan? It’s a highly effective approach to ensure your future financial stability

  • “If you don’t see it, you don’t spend it” Right?
  • It takes away the impulse decision that isn’t in line with your overall goals.
  • It ensures ongoing positive progress towards goals and is easily tracked and monitored.
  • This is your first step to securing your future upgraded lifestyle

6. Buying A House. A house is seen as a measure of success, but if buying one means never taking a vacation or depriving your kids of going to a great school or from extracurricular activities that add to their development , just step back and think again.

7. Childcare Costs. Often both partners have to work to pay for a house, taxes, living expenses and the like. Add a child to the mix and it’s more than clothing costs that keep adding on. Couples are often completely blindsided by childcare expenses!!!! Try not to give in to impulsive buying!!!

8. Trying to do it All. Childcare and children often limit flexibility. Many mothers opt out of the 9-to-5 work life to freelance because they can work when they choose while dealing with school or day-care schedules, illness, and extracurricular activities. However, this may reduce income and benefits, which can add stress so stay balanced and prioritize!

  • Open a savings account in YOUR name. If you already have one, AUTOMATE by standing instruction to your bank to debit 10 % of your income when it is credited to a start a savings/investment plan for your FUTURE
  • Build at least 3 month’s income which will become your Emergency Fund if you have a financial crisis THIS IS NO TOUCH MONEY
  • Don’t compensate/ask for compensation when budgets are compromised Just cut back.
  • Choose cheaper accommodation, stores to buy groceries, toiletries, clothes
  • Dress intelligently mix match….. accessorize!
  • Invest in yourself take membership to a high-profile business club (dinners/lunches/gala events are generally FREE) -gives you access to HNIs to improve/business/job prospects
  • Reduce eating/drinking out
  • Check prices before you order anything
  • Avoid ordering teas coffee water juice soup salads
  • Use discount coupons
  • Don’t spend your hard-earned money to make/keep friends
  • Attend events that are free
  • Be intelligent when entertaining for business. Negotiate with restaurants/stores for discounts for continued business/bringing potential clients.
  • Metro/car pool instead of Uber
  • Volunteer your business services in return for access/exposure to better your earnings.

Repeat Umpteen times
I am choosing to make the time to take charge of my money. No matter how much money I have, I am making my money grow! It is not selfish to take good care of myself financially. It is self-respecting and self-caring and ultimately makes my relationship with others more satisfying
Whatever they are, List and prioritize your reasons, Stay focused. Don’t get side-tracked
Pay Yourself First

Multiple International awardee for Women Empowerment, Leadership and Entrepreneurship. Sandi Saksena is a Queen, Femtor, Facilitator, Negotiator and personal finance influencer.  A well - known personality in the media for her contributions on personal financial matters and leadership she is regularly featured in various international publications and international platforms as a speaker/host/moderator.

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