Don't be misled in fixing your goals

People are unsurprisingly different when it comes to their financial priorities. What is surprising though is when they expect others to set similar financial goals, and when they seek one-advice-fits-all advice.

This becomes more evident in expatriate communities, where newcomers are starving for any clues on how much money they should be making, spending and saving. Suddenly they forget about their individuality while seeking advice from colleagues or others - whose only qualification sometimes is that they are from their home country or they just happened to be around. While some of the answers may give price and quality indications, others may be unintentionally misleading.

So shouldn't we make use of the experience of long time residents here? Of course we can. But there are many factors to consider:

Get your priorities straight

Expatriates move to the UAE for very different goals and with various expectations. If you're keen to explore the region and enjoy the lifestyle, you shouldn't be taking a blanket advice from someone whose sole goal is to save as much as possible and return home in a couple of years. Even if you're interested in making a career move and rising in the ranks, you may find it necessary to invest in a comfortable lifestyle in order to ensure that your career isn't affected. For example, a shorter commute to the office may reduce your stress level and consequently help you focus on your job.

When change doesn't take place

You may need to reset your watch once you arrive to the UAE. But don't expect yourself to change much when it comes to your own non-compromise zones even under financial pressures. Whether it is top education and healthcare for your children or viewing weekend activities as a necessity, you should be aware of your non-negotiable points - and their financial consequences - prior to accepting a move. Some of them may be pretty cost consuming and kidding yourself that you'll change won't help you in the long term. Flexibility is good, but being down to earth is a more solid basis for making major decisions.

When change does take place

Relocation isn't always the easiest decision to make, and the settling-in process is even harder. How would the move change your life and how would it affect your family remain in the unknown zone. Asking for tips from your colleagues may be helpful, but they remain just guidelines. For example, if your children are homesick and missing their friends, a practical tip such as encouraging them to join a sports club may sound perfect. But if you find yourself forced to fly for Christmas, there will be a definite cost, which you've not planned or budgeted for.

Denial of financial mistakes

This isn't to say anything bad of your colleagues or friends. But people usually manage to come up with logical justifications for their financial decisions. Don't you believe me? Why then there are people who live in Dh30,000 apartments and drive Dh200,000 cars while others go for Dh80,000 accommodations and Dh35,000 cars? This is of course a matter of individual priorities. But it can also be a result of some silly decisions that the person won't admit.

That is why you should be able to investigate for yourself, and be confident that your judgment of your own situation would be better for you.