Protect your family financially Automate your savings

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Saving money might appear daunting, yet it can be effortless with the right approach. One of the most effective strategies to maintain consistent savings is through automation.

In the United Arab Emirates, a plethora of financial products and services are tailored to assist you in this endeavour. Consider these innovative tools in paving the way for your financial success

Why automate?

Automating your savings may offer numerous advantages. It promotes consistency, allowing you to save regularly and efficiently, speeding up the realisation of your financial objectives and minimising the temptation to spend impulsively. It can also provide a sense of peace and assurance, knowing that your savings are steadily growing without requiring extra effort or vigilance

Mastering automated savings

  • Open a dedicated savings account – It may be prudent to begin by creating a specialised savings account, readily available in numerous UAE banks with appealing interest rates tailored to your needs
  • Set up a standing order – Consider establishing a standing order, a fixed directive to your bank, instructing the transfer of a specific sum from your salary account to your dedicated savings account. This can be easily arranged through online banking or in person at your local branch
  • Determine your savings goal – You may consider saving at least 20% of your income. For instance, if you earn AED 10,000 monthly, perhaps you could allocate AED 2,000 to your savings account for a robust financial foundation
  • Stay flexible and adjust – Consider regularly assessing your progress every three to six months. You may also want to adapt your savings amount based on changes in your expenses or income

Exploring savings options in the UAE

  • Flexible savings accounts: You may like to consider opting for regular savings accounts, providing a straightforward approach where your money remains accessible for deposits and withdrawals at your convenience
  • Fixed-term deposits: Consider fixed deposits with elevated interest rates, although access to funds is restricted within a specific period to avoid penalties, ensuring your money grows securely
  • Strategic investment plans: You may wish to explore investment accounts designed to yield potentially higher returns. These accounts are well-suited for ambitious, long-term financial goals such as retirement, offering a balance between risk and reward pursuing of financial growth

Automating your savings is a reliable financial ally, always steadfast and dependable. The earlier you initiate this practice, the stronger your financial foundation becomes.

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Did you know? Savings interest can further grow your savings

A savings account earns simple interest. However, if you leave or transfer the interest earned in your savings account, your balance grows allowing for compounding effect, where interest is earned on your new total balance.

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Knowledge quiz What helps your savings grow faster?


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