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The good news is that it doesn’t have to be like that. Here are some practical steps you can take to save money without sacrificing the things you enjoy.
Review your bills and insurance policies
The things you pay for regularly are usually the ones you can save the most money on over time.
Are you using all the mobile data you’re paying for? Are you paying for an insurance policy that you don’t need?
Follow these 4 steps to see if you can spend less and save more on bills:
Food is one of our biggest expenses, so your weekly food shop could be one of the biggest potential areas for saving.
From comparing your local supermarket prices, to planning your meals and reducing your food waste, reviewing this area of your spending can make a big impact on your savings goals.
Saving just AED 20 per week could add up to AED 1,040 for the year.
And saving AED 50 per week could add up to AED 2,600 a year.
Along with food, fuel is a big ongoing expense. Here’s some tips to help keep your fuel spending to a minimum:
From fitness apps to streaming services, it’s easy to set up a Direct Debit and forget about it.
If you’re hesitant to cancel a subscription, try cancelling it for a month and see if you really miss it.
Particularly when shopping online, it’s worth searching to see if you can qualify for any discounts at selected stores.
You might need to sign up for a newsletter or create an account, but the occasional 10% off can add up over time, especially if you make a point of adding the difference you’ve saved to a savings account.
And don’t forget to keep an eye out for any deals and special offers coming through the post for your local shops and services.
But before spending, think about whether you’d have made the purchase even if it was at full price. Put another way: is it something you need or will get value from?
If you have an outstanding credit card balance or personal loan, you’re probably being charged interest on the balance.
Paying debt off earlier is usually the most efficient use of your money. Generally, the quicker you pay debt off, the less interest you’ll pay in total.
A balance transfer could be a good way to save money on interest if you have an outstanding credit card balance. It involves transferring your card balance to a new provider that’s offering a 0% initial interest period on transfers. This gives you time to repay your balance without paying interest for a while.
Explore: Learn more about balance transfers
Check if there are any early settlement charges attached to your borrowing, particularly if you have a personal loan, as it could be more expensive to pay it back early.
You could also consider a debt consolidation loan to bring all your borrowing together. It might not necessarily get you a better interest rate, but it could make managing your finances and repaying your debt easier and motivate you to take action.
Particularly if you’ve been repaying your mortgage for a number of years, you might be able to find a better deal with another provider, or even your current one.
If you were on a fixed-rate home loan that’s come to an end, taking out a new fixed-rate deal could be cheaper than reverting to a variable-rate mortgage.
Paying back more of your mortgage earlier could also save you money on interest. But check if any early settlement charges apply first, and speak to an expert if you’re unsure.
Explore: Home Loan Repayment Calculator
It is possible to reduce your monthly spending and increase your savings without affecting your quality of life.
By applying these 6 savings hacks, you can reassess your costs and subscriptions, shop smarter, look for the best deals, and be mindful of your spending. These practical steps can make a big difference to taking control of your finances.
Manage your savings and watch them grow online.
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Everything you need to know about savings accounts to help you find the best one for you.
