Using tip savings to fund a stay in the UAE is a bad idea – News

Relocating to your home country also means minimal monthly expenses

Photos are for illustrative purposes only. – KT file

I have been unemployed for 3 months and found out that I have saved Dh200,000 due to gratuities. I have been doing some consulting work and earning Dh6,000 since last month. The rent of my studio is Dh2000/month. Do I have the option to move to my home country and work remotely? What do you suggest?

We understand that you are actively seeking a full-time position while continuing your consulting work for the time being. In terms of managing your living expenses, we would like to remind you that the depletion of your tip savings is not a sign of health and you may wish to reconsider the length of your stay in the country as your monthly income is not guaranteed and your expenses are certain of.

This is a red flag that requires immediate action before savings are quickly depleted. Ideally, in this case, you can move back to your home country. This will allow you to handle consulting assignments remotely and explore employment options at the same time. Relocating to your home country also means minimal monthly expenses compared to your current monthly expenses. Moving out from here will not limit or restrict your return. When you sign up for a job that ensures your monthly income and sustainability, you can return to the area at any time. We wish you the best in your endeavours.

Dhaval Jasani, founder and CEO of ZTI. – KT file

I want to teach my kids the basics of personal finance and the importance of saving. Where do I begin? Are there financial literacy classes for teens?

This is indeed a very inspiring idea. Given the uncertain times and challenges facing the world today, it is wise for younger generations to start learning the basics of financial literacy. Being aware of this topic will allow teens to start making informed decisions about money.

Some basic areas of financial literacy that teens should understand and apply in their daily lives include budgeting, debt management (borrowing and repaying), saving, investing, and cash flow management.

There are several financial literacy books for beginners. They can also watch videos online to walk through basic concepts and start putting them into practice in their daily lives.

You may also want to provide them with a monthly budget to manage their own spending and project future education costs. This will help them hone their budgeting and forecasting skills.

Of course, money is an interesting subject for teenagers, and a combination of theory and practice would be ideal for them to learn. Ultimately, the goal is to maintain financial health and maintain that health during turbulent times.

– Dhaval Jasani is the founder and CEO of ZTI. The views expressed are his own and do not necessarily reflect those of Khaleej Times.