Originally Posted by
HOOROO
Hi Guys and Girls,
I’ve read through the thread and please excuse my question for being glaringly obvious if that is the case but a lot of people say that you can’t save a lot on the salary whilst living in Dubai due to expenses and inflation etc. I’m wondering what the point of saving is anyway when you have the provident scheme or end of service benefit pay out when you leave? If someone has done in the vicinity of 10 years service then could they expect a substantial payout? Or even 5 years as soon as the bond is up?
Am I missing something??
Cheers
Long story short, yes you could just walk away with the Provident Fund payout and be happy with that.
BUT I think it’s intention is to cover your lack of pension/401K/superannuation after spending so long working at EK. Personally ours will just be going into superannuation back in Aus to cover the lack of contributions from working overseas.
As as for the ‘not being able to save’ comment. Another poster on this thread summed it up better than I could;
“if you can save money in your current job/salary, you’ll be able to save on an EK f/o salary”
On the other side, if you find yourself unable to save something, no matter how small, on your current salary you’ll probably spend everything here. Make no mistake, Dubai is expensive. Once you fall into the trap of eating out a few times, buying a fancy car on finance, getting a maid, sending your kids to a school that charges more than the Education Allowance etc, you WILL have nothing left at the end of the month.
Personally we are able to stick to a budget, have kids at a good school that fits in the allowance, no maid, one car and we save a respectable amount every month. But we came here with a goal to pay down our mortgage as much as possible before we leave Everyone has different goals.