“Beware of little expenses; a small leak will sink a great ship” by Benjamin Franklin.
If you are an expat, who has just arrived for a short period or you are here for a long time, knowledge of how to save money in Dubai will benefit you.
Like most things associated with the cash flow, the plan you do with your money is exceptionally private and should be set based on your particular investment goals.
Specifically, we can say that what a strong saving one person is following will not suit the other person.
Everybody knows that there is a difference between saving and investing money. But we have to combine if we want to get a better financial strategy.
The key point is:
- Saving is better as it helps to reduce spending and it is a secure and quick way to fatten your investable income.
- Investing can support increasing wealth by making use of a permanent savings plan that is helped by several clever saving hacks.
Initially, by cutting the expenses of day-to-day life, we can save some amount in our pocket. The most important category is grocery shopping. These days grocery shopping gives a pinch in our pocket in Dubai. It gets us to spend more money. If we can tackle it properly, then we can save some amount from it.
If you compare your previous month’s grocery shopping bill, then you will find the price of food items continues higher in check. While analyzing the price of poultry, seafood, fruits, and vegetables, you have to do certain things to save money for both the short and long term.
Note the days for grocery discounts:
In Dubai, they observed it will be cost-effective if we buy fresh chicken at the start of the week, that is Monday. In contrast, they found the price of seafood and vegetables to be cheaper in the middle of the week. They found fruits to be cheaper by the end of the week.
Concern for food price inflation:
The backbone of the world’s diet like corn, wheat, soybeans, vegetable oils is becoming expensive day by day and it is raising alarm signals in the global shopping budgets.
As global food prices are soaring since mid-2014 and seeing this latest jump closely so that it is a necessity on the grocery shelves for the requirement of pizza and bread dough, to soda and meat.
We know if there is a price jump, then in every household there will be a hefty amount in the budget. During this pandemic, it will be hard to recover from the damage, as food inflation brings financial pressure, more pain from the loss of jobs and incomes.
Seafood on Wednesdays:
If you are a seafood lover, then you have to pick seafood on Wednesday as that is the day it will be low cost. The price of fish and shrimps drop low in the midweek, and prices are hefty during the start of the week.
Fruits are the lower end of the week:
If you are planning to buy fruits, then the ideal time would be at the end of the week. They observed weekly that banana prices fell by mid-week and by the end of the week it gets cheaper, so did the price of oranges. Lemon per kilogram was also getting cheaper by the end of the week.
Veggies get cheaper mid-week:
When we check the price of veggies, like tomatoes, potatoes, lettuce, and cucumber, it gets reduced in the mid-week. The price of onion, another common household item, saw price spiking before stabilizing, and so we can plan the groceries cost ahead.
Price of chicken drops on Mondays:
When studying the cost of chicken, lamb, and beef, it was noticed that buying fresh chicken was cost-effective when bought on Mondays.
So, whenever you are going meat shopping, always be on the lookout for the prices to dip, as you can stock it for a week.
Contrastingly, the price of meat and beef, be it a variant from Australia, Pakistan, or the UAE, the cost has remained the same, and so the trend remained the same and did not fluctuate.
But during Thursdays, it saw a fluctuation in the variant of Australia, India, and Pakistan beef.
It is advisable to buy groceries in bulk as it is cost-effective. Nowadays this corona has made people buy in bulk online.
Also, eating out can increase a large part of our monthly budget, thus lessening our plan to do savings.
Lately, food delivery apps are giving discounts these days. Straining the apps for the daily discount offered by the restaurants in the marketplace is another option for saving money.
This corona has made everyone think twice before spending even though it is a necessity. It has made everyone cut down their shopping and realize not every moment will be the same. There will be sudden shock waves to consider twice to spend. After many lost their jobs and businesses, all are striving to survive in this uncertain world.