Give Your Wallet a Summer BreakAugust 15th, 2017
August in the UAE, and the mercury soars. On a positive note, the summer months herald less traffic; a break from hectic schools runs, and a more relaxed atmosphere at work and home. For those of us still here in the UAE, we have the chance to use the quieter time to reflect and save on some of our major spending items.
Whilst many of us tend to splash the cash throughout the winter, taking advantage of the packed events calendar and cooler weather, the summer provides the perfect opportunity to give your wallet a break and plan for the future. DIFC Wills & Probate Registry (the Registry) is encouraging everyone to consider how they can use the quieter months to save money that could be better used to protect themselves and their families in the future.
The Registry is an initiative of the Dubai Government that allows eligible persons, living or investing in Dubai or Ras Al Khaimah, the freedom to choose what happens to their assets. By registering a common law DIFC Will – you won’t be subject to Sharia Law.
Already taking advantage of the more laid back summer months is Alex Hall, a Communications Manager in Dubai. She’s considering a Will to protect her savings and other valuables. Hall said, “During the summer months it’s too hot to do much, so I’m spending more time at home rather than out and about each weekend. A lot of my friends have gone away so I’m probably saving about 2,000 AED a month as I’m certainly brunching less!”
Mother of two, Katherine Kearsey said, “The summer holidays means that we are saving on school fees and other expenses. We’re being clever about how we spend our time – we’ve saved roughly AED 4,000 a month by enjoying plenty of time together at home as a family. Being smarter in the summer means we can plan to do a lot more this year, as well as put some money aside for long-term goals, such as security of our family through a Will.”
Based on its own consumer research, the Registry knows that despite the fact that many people are now perceiving Dubai and the UAE as home – with properties, businesses, children and considerable assets to their name- we still lack the commitment to future planning.
Why not try ‘giving the wallet a break’ and cutting out just a few of the most superfluous expenses? We asked financial expert Rupert Connor, Partner at Abacus Financial Consultants LLC. to suggest a three-month savings plan to reach the goal of saving for a Will.
Saving 500 AED a month on gym membership for the summer 1,500 AED
Not buying that morning coffee 5 days a week for 3 months @ 20 AED a time 1,200 AED
Takeaways 3 nights a week – for 3 months @100 AED 3,600 AED
Another brunch you don’t really need to go to @500 AED a month 1,500 AED
Taking the metro instead of a taxi at the weekends @ 100 1,200 AED
Total: 9,000 AED
Enough to register your Will.
If you also consider that the Registry has also made it even easier to register a Will by offering 0% payment plans in association with a number of leading regional banks, including Emirates NBD and RAK Bank, then Will registration becomes even more affordable option.
Sean Hird, Director DIFC Wills & Probate Registry said, “We know that people in the UAE can sometimes struggle to save. Yet we know how important protecting their assets and their children is to them. We aren’t suggesting people stop having fun, but this quiet summer period is a great time to get into saving mode and the benefits could be huge. You could have your Will completed and registered within a matter of weeks.”
The Registry has put together a Will Starter Kit which includes a set of tips and easy to fill out forms to help guide you through the process of getting a Will. Start now to get your life admin in order. Go to www.difcwills.ae