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Are you currently searching for a new job in Dubai? Is your contract about to end or has it ended already? Either way, you have to address an extremely important and urgent matter: money.

Like most (if not all) expats, you arrived in Dubai seeking a job that pays a good salary. However, when your contract ends or if you are suddenly terminated — what can you do? In today’s article, we share some financial tips for those who are out of work or in-between jobs.

Just lost your job? No money? Keep calm and keep reading!

Money Tips for People without a Job

Losing a job is never easy, whether you live in Dubai or elsewhere. If you find yourself in this situation, we recommend the following tips:

Tip #1 – Update your budget and finances.
Having a budget and keeping track of expenses is always necessary, but it becomes even more essential when you don’t have job. How much money do you have? How long will it last until everything runs out? Take note of where your money goes using a notebook or smartphone app.

Keep track of all your expenses.

Tip #2 – Focus on your “needs.”
With a job, you can afford to buy luxury items once in a while. However, you need to “tighten your belt” if you don’t have work. This means cutting down on your “wants” and focusing on your “needs.” These include food, transportation, rent, and utilities. These should come first!

Tip #3 – Settle your debts.
Have you incurred any debts with your company? If so, your last salary or end-of-service (gratuity) pay may be withheld until these are settled. Talk to your company’s HR department and clarify what needs to be done to avoid any problems.

Similarly, if you need to settle any credit card debt, talk to you bank. Ask if they have repayment plans that allow you to make long-term payments.

Use a credit card only as a last resort.

Tip #4 – Avoid incurring more debt.
Don’t be tempted to take on more credit — this will only worsen your financial situation! At this point, your aim should be to minimize debt, then eliminate it altogether. Use your credit card only as a “last resort.”

Tip #5 – Find a new job… with care.
Obviously, you need a new job to pay for your needs, but don’t just “settle” for the first thing that comes your way. After all, you don’t want to be “stuck” in a job that you don’t like! Instead, consider taking up temporary or part-time work while searching for the right job.

Settle debts and start planning!

Tip #6 – Save money regularly.
Regardless of your employment status, you should always set some money aside. The old adage, “save for a rainy day” rings true! You never know what will happen, so make every Dirham count. Drop spare change into your piggy bank, open a passbook account, and start saving!

Time to bring out your piggy bank!

Indeed, there is no such thing as “permanent” these days. By heeding these financial advice, however, you can better prepare for unforeseen circumstances — such as losing a job. Meanwhile, here are some more practical tips to save money in Dubai, especially if you are an expat.

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