Latest news with #Yabi
Khaleej Times
03-06-2025
- Business
- Khaleej Times
UAE: Have you calculated where all your money goes every month?
Have you ever reached the end of the month only to find your bank balance mysteriously lower than expected? You're not alone. Whether you're a new graduate starting your career or a parent juggling school fees and groceries, the question is the same: Where does all my money go every month? It all boils down to tracking your spending and coming up with a budget for how much you will spend each month and on what. But let's start with one big myth – budgeting isn't about restricting yourself. It's about having better awareness and control over your money. Know your numbers The first step in mastering your money is understanding your income and expenses. Start by writing down all your sources of income: your salary, freelance gigs, passive income or side hustles. Next, track your spending. For at least a month, record every dirham you spend - on rent, groceries, utility bills, transport, takeaways and subscriptions. This is where technology can be your friend as there are now many apps that help track your spending such as Spendy, Wally, Buddy and Yabi. They may have silly names but they can really save you time – and hopefully money. Yabi is a homegrown financial app that uses AI to not only track your spending buy then give you some actionable insights to budget better. Many UAE banks also have their own budgeting tools you can use for free. For example, Liv digital bank, part of Emirates NBD, has a budget planner to see how you can change your spending patterns. Using these tools can be very eye-opening. You may discover you're spending more on food deliveries like Careem, Uber Eats and Deliveroo than you thought. And you might unearth those unused online subscriptions that are draining your wallet. But knowledge is power as they say – once you know you can then take action. Rakhil Fernando, the CEO of Yabi, which targets individuals between 25 and 35 years old, said: 'We want to reach users before they develop poor financial habits, so they avoid common pitfalls like lack of savings or overspending.' In Dubai especially, given its glamorous and fun image, many workers are dining out frequently, going to clubs and bars while others are frequently buying designer labels and the latest electronic gadgets. Categorise your expenses Personal finance experts recommend you break your spending down into three main categories. First you have your essentials like rent, utilities, groceries, transport costs and school fees. Around 50% of your income should be allocated to these. In high-cost cities like Dubai or Abu Dhabi, rent may take up more than 50% - that's okay. The idea is to put it all down first and then adjust accordingly. Next you have your lifestyle spending – dining out, clothes shopping and entertainment. This should be around 30%. This may be a challenge living in a city with non-stop nightlife, fancy restaurants and fast food delivery apps. Then you have your financial goals – what are you saving towards and how much are you putting aside each month? You could be paying off debts instead. Record how much you are setting aside in savings and investments, which should be about 20% of your income. Set SMART goals Financial goals deserve their own section as ultimately you want to budget better in order to save money for the things you want – that dream holiday, a new car, your kid's education. Goals give your budget a purpose. Start with short-term goals, like saving 5,000 dirhams for a staycation, clearing a credit card, or building a 3-month emergency fund. Then look at long-term goals – such as a deposit on a house or that new SUV. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. So instead of vaguely saying 'I want to save more' you will write down 'I'll save AED 500 a month to build an AED 6,000 emergency fund by next summer.' Be realistic Most budgets fail, much like diets, because they are too restrictive. It's hard to suddenly stop going out for meals when these are part of your normal routine. Instead, you can set limits on how much you will spend on specific things like lunches out, taxis etc. This is where the budgeting apps come in very handy. ADCB Hayyak, and Mashreq Neo are two banks that offer budgeting features that let you set limits and get alerts when you're near them. Review Budgeting isn't a one-off activity. It's something that you should be doing regularly, ideally at the end of each month. It doesn't need to be hard work and can actually be fun – if you save more than expected at the end of the month then treat yourself to a small indulgence. And gamify it - set targets for you and your partner to beat and compete with one another. Also, don't be too hard on yourself. We all have lapses and make mistakes. Just quickly get back on track afterwards. Make it work in the UAE Living in the UAE brings unique financial opportunities — and pressures. Many residents enjoy tax-free income, but also face high living costs, social expectations, and the temptation to spend big. Salaries can be generous, but it's easy to fall into the lifestyle inflation trap — the more you earn, the more you spend. Don't be one of them.
Khaleej Times
17-04-2025
- Business
- Khaleej Times
More than fine print: The power of consumer education in the UAE's financial sector
Consumer education isn't optional anymore — it's a strategic imperative. Especially in a fast-paced, financially ambitious place like the UAE. With glitzy promotions, slick sales tactics, and a financial system that moves quickly, the average consumer doesn't just need information — they need insight. They need to know how to read between the lines, spot red flags, and make smart, confident money decisions. And that only happens when they're equipped with the right financial education. This isn't about scaring people. It's about empowering them. Consumer education means giving people the knowledge and skills to understand financial products, make informed decisions, and avoid costly mistakes. It's not about memorizing financial jargon — it's about real-world confidence. Knowing what a flat interest rate actually means. Knowing what a loan will really cost you. Knowing how to ask the right questions before you sign. And it matters more here in the UAE than most places. We live in a country full of opportunity — and choice. You can get a credit card in minutes. Sign up for a loan in a day. Invest in crypto, gold, stocks, or that hi-tech new platform you keep hearing about on the radio. But choice without education is a trap. It leads to debt, regret, and a cycle of poor decisions that takes years to break. Let's not let that happen. Financial literacy is the foundation. It's what gives people the power to say 'No thanks' to a flashy loan with hidden fees. It's what helps someone realise they don't need to max out their credit card just to keep up. It's what allows a young professional to start saving early instead of playing catch-up in their 40s. And we're not starting from zero — but we're not where we need to be either. According to Yabi's Financial Heath Report released recently, 50.2% of respondents can't afford to cover expenses for more than 2 months – revealing just how financially fragile many of us are. According to S&P's Global FinLit Survey, only 38% of adults in the UAE are considered financially literate. That means more than half of the population is making money decisions in the dark. Not because they're not smart — but because no one ever taught them how the system works. That has to change. The Central Bank is paying attention The Central Bank of the UAE has taken a clear stance: consumer protection and financial education go hand in hand. Through its consumer protection regulation, the Central Bank has made it mandatory for Licensed Financial Institutions (LFIs) to actively engage in consumer education. Not lip service. Not one-off campaigns. Real, structured programmes. Article 9 of the Central Bank's Consumer Protection Standards specifically requires banks to develop and maintain consumer education and awareness functions. That includes offering programmes that don't promote products, but instead inform customers about their rights, responsibilities, and options. These programs must be reviewed, tested, and reported on annually. This is a step in the right direction. Because when banks take education seriously, they don't just reduce customer complaints — they build trust. And when customers are informed, the entire system benefits. What we've learned from the field Over the years, working closely with youth, professionals, and community groups across the UAE, one thing has become crystal clear: most people aren't struggling with money because they're not smart — they're struggling because no one ever gave them the context. Give someone the tools to understand how money really works, and their entire approach shifts. It's not just about learning new facts — it's about rewiring how they think about spending, saving, borrowing, and building. We've seen teens who once believed investing was only for the wealthy start building their first portfolios. We've seen young professionals break free from paycheck-to-paycheck cycles — not because they earned more, but because they managed better. We've seen parents rethink how they save for their children's future. And all of that change started with one thing: education. But not just any education. The kind that's clear, relatable, and practical. Not theory-heavy lectures. Not one-size-fits-all solutions. Just honest, real talk — and steps people can act on immediately. That's the kind of financial education that sticks. And it's the kind that can transform lives. Consumer education = Confidence + clarity When people understand the fine print, they don't get trapped in it. When they understand risk, they don't walk into it blindly. And when they know their rights, they ask better, sharper questions. Consumer education empowers individuals to see through manipulative marketing — because let's face it, '0% interest' often comes with a catch. It helps them grasp the real cost of borrowing, especially the critical difference between flat and reducing interest rates. It gives them the confidence to ask for better terms — and know that negotiation is possible. It arms them against financial scams and, most importantly, helps them shift focus from short-term convenience to long-term wealth creation. This isn't just good for the individual. It's good for the banks, good for the economy, and ultimately, good for the country. The road ahead If we want a financially confident population, we need to get serious about consumer education. That means: • Making education ongoing, not occasional. • Starting younger, especially with school and university programs. • Reaching broader, especially expats, low-income workers, and new-to-country residents. • Collaborating more, between banks, schools, employers, and regulators. • Simplifying the message, so it's not just understood — it's applied. Banks must stop viewing consumer education as a marketing checkbox. It's not about selling more. It's about serving better. And yes, that builds loyalty, too. Regulators must keep raising the bar and holding institutions accountable for the quality — not just the quantity — of their educational initiatives. And we, consumers and educators alike, must continue pushing for programs that empower, not patronise. That build awareness and action. That change mindsets, not just metrics. The writer is Founder at KFI Global
Zawya
26-02-2025
- Business
- Zawya
Yabi unveils AI-powered financial coach
Dubai, UAE – Imagine having a personal financial coach in your pocket—one that knows your spending habits, helps you save smarter, and guides you through every financial decision, big or small. That's exactly what Yabi is bringing to the UAE with the relaunch of our platform, the most advanced AI-powered financial coach designed to revolutionize how people manage their money. AI That Knows You & Your Money Like Never Before In a world where financial stress is at an all-time high, Yabi is changing the game. We're not just another budgeting app—we're your always-on, AI-powered money mentor. Yabi learns your unique spending patterns, understands your lifestyle, and gives you hyper-personalized financial coaching that fits seamlessly into your daily routine. Whether you're grabbing coffee, planning a vacation, or saving up for your dream home, Yabi is there to guide you, nudge you, and help you make smarter financial choices—all in real time. Financial Freedom at Your Fingertips The UAE may be a global financial powerhouse, but personal finance remains a struggle for many. Studies show that only 38% of UAE adults are financially literate, and over 70% don't track their expenses regularly. With rising personal debt and easy access to luxury spending, staying financially healthy is harder than ever. Yabi is here to change that. With Yabi AI, you don't just get generic financial tips—you get a real-time financial coach that's tailored to you. From setting up budgets and tracking expenses to planning major life goals, Yabi is your go-to financial companion. Next-Level Features: Smart, Simple, and Game-Changing AI-Powered Financial Coach: A 24/7 digital money mentor that gives real-time, personalized advice based on your financial habits. Works with all major languages. Real-Time Spending Insights: Connect your bank accounts and see where your money goes—down to the last dirham. Hyper-Personalized Budgeting: Yabi doesn't just tell you to budget; it creates the perfect budget for you based on your actual lifestyle. Financial Education—Made Fun: No boring lectures—just bite-sized, engaging videos to master saving, investing, and credit management, all embedded into the AI coaching conversation. Automated Money Tracking: Get notified when you overspend, spot hidden fees, and cut out wasteful subscriptions instantly. Credit Score & Financial Health Monitoring: Check your credit score for free and get AI-driven recommendations to improve it. Coming Soon: Yabi's Own Debit Card & Financial Products But we're just getting started. Soon, Yabi will launch its own debit card and financial products, making it easier than ever to spend smarter, save effortlessly, and build wealth—all within one app. 'Financial Advice That's Finally Made for You' Rakhil Fernando, CEO of Yabi, sums it up: 'Financial literacy isn't just a nice-to-have—it's essential. But traditional money management tools feel outdated and overwhelming. That's why we built Yabi: to bring AI-driven financial coaching to everyone. Now, every UAE resident can have a smart, personalized financial coach that helps them master their money with confidence.' Join the Financial Revolution Yabi isn't just another finance app—it's a movement. It's about taking control, breaking free from financial stress, and making money management effortless. Whether you're a student, a young professional, or a seasoned investor, Yabi is built for you. Download Yabi today on the Apple App Store and Google Play Store and start your journey to financial freedom!
Hi Dubai
27-01-2025
- Business
- Hi Dubai
Over 50% of UAE Residents Spend More Than They Earn, Reports Survey
A recent survey conducted by financial technology platform Yabi reveals that over half of UAE residents (50.46%) spent more than they earned in the past year, pointing to growing concerns about financial security. The Yabi Financial Health Report 2024 also found that only 33.53% of respondents felt confident about having enough funds for retirement, highlighting a significant gap in long-term financial preparedness. The survey further showed that 41% of residents lack optimism about achieving their long-term financial goals, reflecting widespread uncertainty in financial planning. Despite 63% of individuals paying bills on time, half of the respondents reported they could only sustain expenses for two weeks or less without income, underscoring a vulnerability in financial resilience. Financial advisor Raji Kaippallil attributes the trend of overspending to the allure of Dubai's vibrant lifestyle, peer pressure, and the easy availability of credit through credit cards and buy-now-pay-later options. Kaippallil emphasizes the importance of saving at least 20% of one's monthly salary to build an emergency fund, a crucial safety net for future financial difficulties. Content creator Kaunain Fatima shared her budgeting approach, dedicating 30% of her salary to rent and groceries and prioritizing savings. Freelance travel content producer Zahirah Marty admitted to struggling with saving but emphasized managing expenses carefully. Kaippallil recommends the 50/30/20 rule of budgeting: allocate 50% of income to essentials, 30% to discretionary spending, and save or invest 20% for future goals. This approach can help residents better navigate Dubai's financial challenges while building a more secure financial future. News Source: Khaleej Times
