Dubai: Are you unable to save money? How women can be financially stable

Experts urge women who have reached their mid-30s to secure their future with emergency fund strategies

As women inch closer to 35 and go beyond, they frequently encounter various changes that may affect their financial stability, prompting individuals in this demographic to prioritise setting up an emergency fund.

That’s the advice from financial experts and accomplished women within the community who during an event titled, “Financial Planning for Every Stage of a Woman’s Life” organised by the Indian Women in Dubai (IWD) on Thursday, emphasised that life events such as changes in marital status, untimely death of the partner, job loss, supporting children and ageing parents, and dealing with health issues or medical emergencies necessitate having a financial safety net.

She highlights that divorce or the loss of a spouse can result in a significant reduction in income and increased expenses. Besides, unexpected medical emergencies can also arise, resulting in substantial financial burdens.

“We learnt more about the nature of uncertainties, especially at the time of Covid-19. So, spend wisely and most importantly learn to save.”

She stressed the desire to constantly buy whether in-store or online also hits people financially.

“Be a wiser spender and stop consumer bad habits. Don’t fall into this trap of ‘one-click shopping’. Women get drawn by malls and the perpetual discounts that are offered there. Being a saver doesn’t mean that you don’t enjoy life. But set aside at least 20 per cent of the income, that should go only towards savings. The earlier you start saving, the easier and better it is.”

Lootah also pointed out that different financial instruments and plans like ‘earning a second salary’, ‘my one million’, and ‘junior savings plans’ among many others could be ways to save money and cut spending habits.

Anisha Sagar reiterates one must start with small savings and keep building them into one’s daily routine. There isn’t a quick-fix solution for financial habits as it involves a consistent process, requiring intentional thought and action.

Sagar who is the Head of Marketing & Communications – Meydan Free Zone said, “Look at different banks even if it’s just for a savings account. Then determine the percentage that each bank offers as a return. Search on Google, not for shoes and deals but go and search for what is the best percentage that I get when it comes to my savings account. Then without delay, start.”

She also urges women to turn their passions into profitable ventures, as doing so will provide a sense of fulfillment and financial independence.

“Utilize your hobby as a side income. Understand the power of social media and marketing channels. You could be a photographer, vlogger, painter, networker, or could cook well. I advocate entrepreneurship.”