DUBAI 2 November 2020: The Ministry of Finance of the UAE has come out with tips for residents on how to spend as well as how to save money.
It says as a general rule, 20 per cent of your salary should be saved each month.
Fifty per cent of the remaining should be spent on necessary expenses such as rent, groceries, utilities and credit card payments, with 30% kept for life’s little luxuries such as dinner out at your favourite restaurant or a holiday.
Important: The ministry says during periods of uncertainty such as the current covid pandemic, you may choose to decrease the amount on luxuries and increase the savings, thus creating an emergency fund to use when needed.
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