Personal Finance: How to save more and spend smarter
Living in the UAE comes with its fair share of perks — stunning skyscrapers, luxury shopping, and a vibrant lifestyle. But beyond the glitz and glamour, there are hidden financial benefits that savvy residents can tap into. From generous cashback offers and exclusive discounts to smart spending hacks, here's how you can make the most of your money in the UAE.
1. Cashback Offers: Get Rewarded for Your Spending
Cashback programmes are a game-changer for consumers in the UAE. Many banks and financial institutions offer credit cards that provide cashback on everyday expenses, including groceries, dining, fuel, and online shopping.
Credit Cards with Cashback: Leading banks such as Emirates NBD, ADCB, and Mashreq offer cashback credit cards that provide great rewards on selected categories.
Retailer-specific Cashback: Platforms like Talabat, Careem, and Noon frequently roll out cashback deals for customers who pay using specific payment methods.
BNPL and Cashback: Buy Now, Pay Later (BNPL) services like Tabby and Tamara not only offer installment options but also provide cashback on select purchases.
To maximise your savings, compare cashback credit cards and choose one that aligns with your spending habits.
2. Exclusive Discounts: Savings Across Lifestyle Categories
The UAE is a haven for discounts across various sectors, making it easier to enjoy a premium lifestyle without breaking the bank.
Dining Discounts: Many banks and loyalty programs offer 'Buy One, Get One Free' deals and up to 50 per cent off at popular restaurants. Apps like The Entertainer and Zomato Pro unlock exclusive deals on dining.
Retail & Fashion Deals: Shopping festivals like Dubai Shopping Festival (DSF) and Abu Dhabi Shopping Season bring massive discounts across global brands.
Travel Perks: Residents can save on air travel and staycations with airline reward programs like Etihad Guest and Emirates Skywards, which offer discounted flights and hotel stays.
Entertainment Savings: From theme parks to cinemas, loyalty programmes like Vox Rewards and Yas Island's Resident Offers help residents save big on leisure activities.
3. Loyalty Programmes: Earn More While You Spend
Loyalty programmes are a must-use financial hack in the UAE. Whether shopping, dining, or fueling up, these programmes ensure you earn while you spend.
Airline Rewards: Emirates Skywards and Etihad Guest offer miles on daily spending, which can be redeemed for flights, upgrades, and hotel stays.
Retail Loyalty Programmes: Carrefour MyCLUB, Shukran by Landmark Group, and SHARE Rewards by Majid Al Futtaim provide points on purchases that translate into discounts.
Fuel & Utility Rewards: ADNOC Rewards and Dewa Smart Living Rewards help reduce the cost of fuelling up and managing utility bills.
Smart Budgeting Apps for Tracking and Managing Finances Efficiently: With a high cost of living, budgeting smartly is essential for financial well-being. The UAE offers several tech-driven solutions to help individuals track and manage expenses effectively.
Banking Apps: Most banks, including FAB, ADCB, and Emirates NBD, have integrated budgeting tools within their apps that categorise spending and offer insights.
Standalone Budgeting Apps: Apps like Wally, YNAB (You Need A Budget), and PocketGuard help users set budgets and track spending patterns.
Automated Savings Apps: Platforms like StashAway and Sarwa allow residents to automate their savings and investments for better financial growth.
4. Utility and Household Savings: Lowering Monthly Expenses
Reducing monthly expenses is another way to keep finances in check. Here are some simple hacks to cut costs in essential areas:
Telecom Discounts: Du and etisalat frequently run promotions on mobile and home internet plans. Opting for postpaid plans with bundled benefits can save money.
Electricity and Water Bills: Dewa's Smart Living Programme provides tips and tools to monitor and optimise electricity and water consumption.
5. Smart Online Shopping: Capitalising on E-Commerce Deals
Online shopping in the UAE offers abundant savings opportunities if approached strategically.
Flash Sales & Coupon Codes: Websites like Amazon.ae, noon, and Namshi frequently host sales and offer discount codes.
Cross-Border Shopping: Some international retailers offer lower prices compared to local ones. Using freight-forwarding services like Shop & Ship by Aramex can help access global deals.
BNPL Services for Savings: BNPL platforms not only offer flexible payments but also come with additional benefits.
6. Discounts and Cashback Investing Smartly: Making Your Money Work for You
The UAE provides multiple avenues for growing wealth, ensuring long-term financial security.
High-Interest Savings Accounts: Banks like ADCB, Mashreq Neo, and RAKBank offer competitive interest rates on savings accounts.
Stock Market & ETFs: The Dubai Financial Market and Abu Dhabi Securities Exchange allow residents to invest in local stocks.
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