Education

Saving Tips for Students in UAE

It is hard for students to manage their expenses without proper planning. In the UAE many students continue their studies with their work. In this situation banks offer them student loans and privileged accounts. Mashreq bank is one of the prominent banks in UAE. It not only offers the student accounts but also the best bank in UAE for expats. If you are a foreigner and studying in UAE you can get the benefits from Mashreq bank.

If you are looking for tips to save money here are a few tips to manage your money.

Keep Expenses Track

Keeping track of your expenses is vital. Create a financial sheet to see how much you have to spend per month. Please include your income from student loans, bourses, any parental contributions and part-time work, and regular rental and mobile telephone expenses.

Buy Economical Things

With food buying you’ll need to be clever. Make a cheap “big shop” at the beginning of each week and minimise the number of shopping. Purchase supermarket value products, not famous names, and shop when many goods are reduced, towards the end of the day. Share the kitchen and arrange your meals daily in advance with your companions. Instead of purchasing a sander or going to a coffee shop, you will save money by cooking meals prepared.

Buy Second Hand Books

Once you know your academic year reading list, purchase your academic books as much as feasible. You don’t have to buy all of them and you may buy text from the library. Online or via your institution, you will get cheap second hand copies and when no more books are necessary, you may sell them.

Savings Accounts

Savings account for students is the best way to save money. All highway banks have specialised bank accounts, so shopping is worthwhile. You can save money smartly with free bids and discounts, pay less for emergency loans or if you spend too much. Compare bids on a regular basis and switch banks if necessary to benefit from the best pricing.

Control Transport Expense

Don’t pay too much for a carriage. Most institutions are located in the city with great public transport connections or on the campus, everything at your doorstep. When you study, you’ll probably not have to have a car. Use student discounts on the journey instead.

More than One Bank Account

Student accounts come with decent perks, thus only one at a time can be available. You can’t get additional bank accounts, that doesn’t mean. You can place your student loan and salary in a single account and transfer money for the payment of bills and direct debits on the separate account. If it provides superior interest rates or cash bonuses, your funds can be held by another bank. There is no reason why you cannot mix and match till you fulfil the account criteria.

Prioritize Your Debt

Separate your non-priority debts priorities. The priority of your debts includes rent or hypothecary arrears, electricity and gas bills, income taxes, television licence and court fines. Failure to pay these debts might harm your well-being directly, since you might lose your property or cut off necessary supply. 

Your non-priority obligations encompass overdrafts or credit, credit or store cards, unsecured personal credit or money from friends or family members. While these obligations are still essential to settle.

Bottom Line

With the help of these tips you can save your money. Don’t forget to let us know your techniques to save money.