(MENAFN- Khaleej Times) Published: Thu 4 Jul 2024, 7:53 PM

Last updated: Thu 4 Jul 2024, 9:13 PM

Engineer Rheema Menon splits her life between her home in Ajman and working in Dubai. Born in the UAE, the 32-year-old Indian expatriate sees money as“independence”. Here, she tells WKND about her philosophy on all things financial, including the decision to move from Dubai to Ajman, which halved the family's outgoings.

How would you describe your relationship to money?

Balanced. I don't do any unnecessary spending.

How do you think this relationship was formed?

I was brought up to know the value of money from my parents and realise how important it is to save money early on.

What good or bad lessons about money management did you learn from your mother?

On the good side, my mother taught me to use money wisely and save early but on the bad side, she taught me not to take even a single day's leave as money would get deducted and when you receive the salary statement, you would regret taking the day off.

Who do you speak to about money matters?

I always speak to my husband, who has taught me the most about money. Money is personal and not to be discussed outside [the home] unless you need advice from someone you trust. It's not necessary to take advice from everybody.

What do you think has been the most profound experience you've had so far in relation to money?

My upbringing has been all about knowing the importance of money as it was key to earning respect. I always fear money might just vanish, so I don't do any ruthless spending; only buying what is required.

How do you think living in the UAE has changed your relationship with money?

Ever since Covid hit, I am very careful with my expenditure. The cost of living in the UAE has gone up, so it's necessary to do conscious spending and save [for a rainy day].

If you could give your child or your younger self one piece of advice about money now, what would that be and why?

Money doesn't grow on trees. So, you will have to work hard and don't compromise your worth for the job that you do.

How much do you save each month?

More than half of my income, approximately 60 per cent.

How much do you plan to have by the time you are 65?

Enough to be living in a community with all the amenities, be an entrepreneur and [help] my daughter [get] settled.

What is your greatest financial decision?

That I am working and contributing to my husband's income. We made a big move from Dubai to Ajman, and our expenses have halved. This allows us to save more and not compromise on our quality of life.

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