Money smart

Useful advice, tips and ideas to help you get a little more finance-savvy.

Transfer tips You could be losing up to four per cent per transaction when transferring money through regular international banks, on fees and commissions.

That's why you should look into using specialised foreign exchange and wire transfer companies which offer competitive rates, while offering a secure transaction.

Whether it's for buying property overseas, emigrating or simply sending money home every month, using a currency specialist company like FirstRate FX (www.firstratefx.com) will help you cut costs significantly.

Bust the bank
How to spend a silly amount of money!

If you have a Lamborghini in your garage and Versace in your wardrobe, why not make your office a haven of Italian design too?

The Aresline Xten ergonomic chair, designed by the Ferrari and Maserati people, pulls out all stops when it comes to luxury and comfort.

Using the same dynamic fabric used by Olympic athletes, the chair also contains Technogel that adjusts according to the body's contouring and offers comfort-inducing Dynamic Synchronized Tilting. The cost? A mere US$1.5 million. Available exclusively at OFIS, www.ofisdubai.com.

Q: What are my options for pension savings schemes as a UAE expat?
A: Rickson Joel D'souza from Pinnacle Insurance Brokers (04-3354877) says: "There are a number of generic Monthly Savings Contracts available though a host of providers such as Zurich Life, Friends Provident International, and Royal Skandia, to name a few.

"Ideally you should be saving at least 15-20 per cent of your monthly wages into contracts which invest in various Mutual Funds (which can be chosen by you and your financial advisor).

"Average rates of returns would safely be about six to eight per cent per annum. Other no-risk options could be bonds or deposits with various banks.

"A good way forward at the time of retirement would be to invest the lump sum into purchasing an annuity from a Life Insurance company or a Bank Certificate to give you a monthly income.

"Another option would be to choose predetermined amounts to be taken out of your Monthly Savings Contracts as a monthly pension after a certain period of time."

Do the math: Some things are worth sacrificing for...

GIVE UP: Takeout office lunches (bring packed lunches instead) for eight weeks (Dhs40x40)
AND SAVE: Dhs1,600

GIVE UP: Weekend movie dates (with nachos and coke) for eight weeks (Dhs85x8)
AND SAVE: Dhs680

NOW YOU CAN BUY!
über-chic Jimmy Choo Havana sunglasses, Dhs2,250
(with taxi fare to spare!)