(MENAFN- Khaleej Times) Savings; something most of us know we should focus on, but never get around to it due to a number of obstacles or distractions. Ideally, we are expected to save around 10 to 15 per cent of our salary every month, however, certain financial responsibilities or keeping up an active lifestyle often get in the way of these plans.
Still, there is no need to feel defeated, as it's never too late to start. There are several outlets in the UAE geared to help residents put aside their hard-earned wages for a financially secure future.
Banks in the UAE have programmes designed to suit varying budgets. These further come with an attractive interest rate or rewards that add value to the concept of saving. It is a rewarding experience that grants you security at every stage in your life, and it's beneficial to teach others, especially young ones, the concept of making money grow.
These financial institutions also offer saving certificates that provide added advantages beyond maintaining hard-earned cash. Some of these certificates are eligible for chances to win large sums of money, usually 10 times more than the invested amount. All schemes - be it Shariah or non-Shariah-compliant - are open to all UAE residents, and few even allow tourists to participate.
Savings and fixed deposits are essential in a working individual's life. There is only so much one can do when regular expenses come knocking down your door every month, but a little as Dh50 could go a long way when it comes to savings. With attractive returns and investment opportunities, people can be assured that not only is their money being put to good use, but it will - slowly but surely - mature into a larger sum as the years pass.
As the tech-savvy community is on the rise, most organisations in the UAE have a complementary website or mobile apps that help residents keep track of their accounts and savings. This helps them monitor their expenses, and be able to set up automated savings accounts.
These services are also accessible at any time of the day and from anywhere. The security system put in place by respective banks ensure all transactions are secure and can be traced back from the source to the recipient. Customers are usually given a unique pin number, which must be carefully entered when required. If forgotten, the password cannot be recovered. Instead the system puts the customers through a series of personal questions to authenticate the user before allowing him/her to reset their former ID key.
Furthermore, organisations such as National Bonds help people put aside amounts as low as Dh200 for a chance to win big. Prizes range from brand new car models and free tuition fees to winning Dh1 million. It also offers exclusive opportunities for female and minor bondholders to take home cash prizes through draws. An additional benefit for those opting for these programmes is the chance to redeem their funds after a 30-day period in case they need the amount.
Other financial organisations come with discounts and rewards for using its card-based products. These privileges range from complimentary hotel stays and transportation, to beauty services and shopping rewards.
These investments add to a bright future that many dream of - a secure education, dream home, exotic getaways or a relaxed retired life.
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Farhana Chowdhury Born and raised in Dubai, Ive spent my years watching the city transform into a bustling cosmopolitan hotspot. Prior to graduation, Ive dabbled in different fields including real estate, promotions and administration before sailing down the path of a writer. I hold a bachelors degree in journalism and mass communication, and possess about seven years of reporter and sub-editor experience in various publications. Im also an avid traveller, with most trips bound for Far East, thanks to a keen interest in Japanese and Korean culture. My hobbies include reading, watching anime, collecting PVC figures and nendoroids, drafting patterns, sewing and cosplay.
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