Gulf News – Want to get rich? UAE experts suggest ways to start building wealth in 2018

The key to keeping New Year’s resolutions is not just writing them down, but having a specific action plan for each one, and if becoming a millionaire or saving money is at the top of your list, you’ve come to the right place. Financial experts in Dubai have shared sure-fire ways to avoid setting yourself up for failure on the money front and start building your Dh1 million.

Get a better bank account

Perhaps your bank doesn’t pay you any interest at all on your savings deposits or is charging you unnecessary fees? Are you not getting cashback on your purchases or discounts when you use your debit/credit card? If your answer is yes to any of these,  it’s high time you shift to another bank account.

“Make sure your bank account is working for you rather than against you,” according to a spokesperson for National Bonds. “This is one of the easiest first steps you can take. If your bank account is charging you unnecessary fees and is not offering you attractive perks or benefits, it’s time to make a change. Choose an account that suits your individual requirements and offers you a competitive interest rate with no minimum balance.”

Consider Shariah-compliant finance and banking tools, as they could provide a rewarding option for individuals looking to save money.

Avoid buying on an impulse

In a country where shopping malls are mushrooming everywhere and bargain offers pop up almost every pay day, people are very inclined to make unplanned purchases. Buying stuff on an impulse is usually an emotionally driven, spur-of-the-moment thing and it can range from small to large amounts. And if you’re not keeping an eye out on your daily or weekly outgoings, you’d be surprise to find one day that you have zero money left in your bank account.

To help control the urge, here’s  a three-day rule to keep in mind. “Wait three days before you make a purchase. If you find a product which you want to buy, waiting three days can help you determine if you really need it or not. While taking three days to decide whether or not you want to buy something may seem excessive, it will help you build healthy spending habits in the long run. This is what a financial planner calls sleep on it,” National Bonds suggested.

Record your expenses

To always know how much money is flying out of your wallet, try downloading an app that helps you record and categorise all  your expenses, suggested Vijay Valecha, chief market analyst at Century Financial. “This helps people realize what is the major wastage point and thus adds to savings,” he said. “Overspending occurs when people do not realize where they have spent their money, one should download an app that helps them record and categorize all their expenses.”

Source:Gulf News.