Households have already started to create new budgets to balance the increase
Households in the UAE are becoming financially savvy and have already started creating a new monthly budget or are busy updating their existing budget.
This comes after the recent rise in fuel prices which is expected to impact other commodities. Some even suggested changing homes and moving closer to their children’s schools and offices to cut gas costs.
When Khaleej Times spoke to a cross section of people in the UAE, they said they were changing their grocery shopping routines. They also said they are now becoming more attentive to their overall household budget, tracking down every little cost that monthly expenses entail.
Malaysian expat Adiltul explains how her family thought it was safe to return home in light of the recent fuel price hike.
“As there has been an increase in fuel prices over the past few months, we have decided to move house. Previously we lived in Khalifa City; now we have moved closer to my husband’s office and the school of my child at Al Bateen. was a conscious decision considering the rising petrol prices. It definitely helps us save money on petrol, and we no longer have to pay the toll tax .
“As for me, soaring fuel prices may not have a huge impact on my monthly grocery bill as my son recently moved to Canada to pursue his higher education. My husband is, anyway, an expert shopper, and he’s very good at saving stuff and cutting out unnecessary purchases. He buys things in bulk online when deals are available. But we all definitely need to be more careful with our spending.
Egyptian expat Mostafa Shaarawy said: “With rising fuel prices, the prices of all other basics are bound to rise. So to control the grocery bill, which is a big expense every month , planning ahead is becoming essential now. Also , I think I’m going to have to become more savvy with coupons and promo codes. I used to not care so much about these things. Grocery stores usually mark down a lot items as they approach their expiration date, so taking advantage of that would be a good idea as well.”
Residents suggest switching to smaller, fuel-efficient cars
Many residents suggest switching to more fuel-efficient and smaller cars, minimizing the use of their SUVs, or even buying electric vehicles.
Pakistani expat Munir Asghar said, “Cutting down the household grocery list doesn’t seem like a viable option to me. It’s because we’re used to ordering certain things, which seems hard to cut back on. But yes, we will be focusing more on discounts now and trying to maximize our purchases during times when promotions and sales begin.”
“However, I think as a family what we will probably do to reduce costs is to switch to small cars instead of using the SUV I currently drive. Switching to electric cars is another good option in light of recent fuel consumption on a hike.”
A few families say cutting dining and entertainment expenses and using air fryers instead of traditional gas or electric ranges are also options for reducing daily and weekly expenses.
A Filipino expat in Dubai says, “We have to make a budget every month and stick to it. Budget for rent, budget for going out and eating out. As a family, we love watching movies. But when we reach the ceiling, we stop doing it for that month. So the idea is to track down every small cost that the monthly expenses may incur. This type of budget also helps to determine if we have exceeded the stipulated limit.
He adds: “In the grocery list, we will also have to eliminate all non-essential items which we tend to buy unnecessarily, especially when they are offered in the belief that you may need them in the future at some point. Also to cut down on our cooking gas usage, as gas suppliers have now started factoring in transportation costs and therefore charging more into the overall bill, we as a family have started using more the air fryer because it is faster than baking, healthier and safer.
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Another UAE expat, Jade Louise, shares how other lifestyle changes can help save more money.
“The rising price of fuel is a major concern for the world right now. As an individual, I am trying my best to make changes in my lifestyle so that I can live with this. To beat this, I started a subscription with a car rental company called Selfdrive because it not only saves me maintenance and insurance costs but also gives me the joy of changing cars as I go what I need. Also, I can choose between a small car and a big car depending on what I need at any given time, which is super convenient,” she says.
“On top of that, I do my shopping myself, rather than opting for online ordering. Although most delivery apps say there’s no charge involved, there’s always a small charge for deliveries, which can make a huge difference when accounted for at the end of the month.”
