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The Vacation Debt Dilemma. The Vacation Debt Dilemma: Why (and How) to Avoid It Picture this – sandy beaches, exotic destinations, memories in the making. Ye, beneath the allure of an unforgettable summer escape lies a shocking reality. Reports unveil a staggering truth – UAE residents often tread a path of debt to chase their dream getaways. With credit cards as accomplices and budgets stretched thin, the average vacation debt climbs to nearly 4000 dirhams per trip! In this blog, we delve into the financial enigma of vacation debt, when wanderlust comes with a heavy price tag. Planning your budget in advance is usually a good idea, regardless of whether you use credit to replenish your travel money or pay for holiday spending up front. The extra planning can help you enjoy your trip without letting financial concerns get in the way. Your time off from work should be a time to unwind and refresh. With little planning and a budget, you can prevent unpleasant surprises from ruining your vacation mood or, worse yet, fees and interest that continue to mount long after the pleasure is over. So how do you plan a great vacation—without paying for it later? Here are four tips to minimize vacation debt and make the most of your time off. Set a Saving Goal The best way to avoid debt is to save up ahead of time. While it may seem daunting to carve a space in your budget for future vacations, every dirham you save now is a dirham you won’t have to scrounge for later. To figure out how much to save, start by looking at how much you spent on past trips. This helps you get a clear picture of how much you actually pay for a trip, not just what you budget. Consider starting a savings fund just for your vacation on the Sav app. Name your new savings goal something specific, like “Swiss vacation” or “annual family trip,” to keep you focused on your goal. You could also schedule a recurring automatic transfer from your salary account straight into your vacation savings. The good news? It’s pretty much impossible to save too much for a vacation. The more you put away now, the more stress-free fun you can look forward to. Plan and pay big expenses first When you discover a fantastic flight offer, act quickly because purchasing before rates increase could save you a lot of money. Don’t stop there, either. See what additional significant expenses you can pay in full as you plan your trip. It’s frequently simpler to spread out larger purchases rather than making them all at once. When making a reservation online or over the phone, many hotels offer prepayment. In this manner, your housing is paid for well in advance of your vacation. The cost of excursions, campsites, and rental cars may be pre-paid. If you do pay in advance, be sure to review their cancellation policy and consider purchasing travel insurance in case your plans need to be changed. Save more with discounts and offers A penny saved, is a penny earned. Even if you’ve budgeted plenty of money for a trip, you might want to look for good deals on flights and hotels, and rewards such as cashback, airline miles or complimentary services. You’ll save quite a bit and you can stash away this extra money into an emergency or contingency fund, especially if you’re travelling abroad. That’s not all – Sav rewards you for saving………………………………………………. Are you already in debt? You still need a break! So, money’s tight this year and you don’t want to rack up credit card bills. Or maybe you’re still paying off last year’s vacation. Should you skip this year’s trip? While it might be tempting from a budget perspective, skipping vacation can have negative consequences for your family, your health and even your productivity. Time off is important for reconnecting with your loved ones and relieving the day-to-day stress that can lead to health problems. There’s even evidence that taking a vacation could help you land a promotion at work. So go ahead, file that request for time off! If traveling isn’t in the budget this year, you can (and should!) still take a break. Save money by planning local road trips instead of flying. Check out books from the library, plan a local hike or dig into your favorite hobby. You can still have a relaxing vacation without running up your credit card bills—which means you can start saving for next year. If you need a quick getaway (like, right now!), check out these tips to save on last-minute travel. Purvi Munot, CEO & Co-Founder, Sav The joyous occasion of Eid is fast approaching, beckoning us to celebrate and take a well-deserved break from our daily routines. While the idea of jetting off to exotic destinations may be enticing, the cost and logistical challenges can often dampen our spirits. However, fear not! This year, why not consider a staycation as an alternative? A staycation allows you to unwind, relax, and explore the wonders of your own surroundings. With some smart money-saving strategies, you can have an enjoyable staycation without breaking the bank. In this article, we will present you with seven practical and savvy ways to save money while ensuring your staycation this Eid is both delightful and memorable. Set saving goals for a staycation: Budget is the most underrated nuance of staycation planning. With a plethora of options and activities, your budget could only go topsy-turvy with planning. Stepwise, finalise your destination and itinerary well in advance to allocate spending. Once you have the plan ready, make it your savings goal so you can comfortably spend on activities, dining, and other expenses. A clear budget will help you prioritise your spending and avoid unnecessary costs. Redeem Discount offers on dining: Have you mapped the number of discount coupons in your wallet, and how many have you redeemed? Staycations are an excellent opportunity to review the discount coupons you already have. …

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Budgeting 101 – The Ultimate Beginner’s Guide to Budgeting and Saving. Budget Planning in the UAE Budget planning is an important part of financial planning. It helps you track your income and expenses so that you can make sure you are spending your money wisely and saving for your financial goals. Here are some tips for budget planning: Know your income. The first step in creating a budget is to know how much money you have coming in each month. This includes your salary, any bonuses or commissions you earn, and any other sources of income. Track your expenses. Once you know your income, you need to start tracking your expenses. This includes everything from your rent or mortgage payments to your groceries and entertainment costs. You can use a budgeting app or simply write down your expenses in a notebook. Create a budget. Once you have tracked your expenses for a month or two, you can start to create a budget. This is where you will allocate your income to different categories of expenses, such as housing, food, transportation, and savings. Review your budget regularly. Your budget is not a set-it-and-forget-it document. It is important to review your budget regularly and make adjustments as needed. This is especially important if your income or expenses change. Here are some additional tips for budget planning in the UAE: Consider your financial goals. What are you saving for? A down payment on a house? Retirement? Once you know your financial goals, you can tailor your budget to help you achieve them. Be realistic. When creating your budget, be realistic about how much money you can afford to spend in each category. It is better to underestimate your expenses than overestimate them. Be flexible. Life happens, and sometimes unexpected expenses come up. Be prepared to adjust your budget as needed. Make saving a priority. When creating your budget, make sure to include a category for savings. Even if you can only save a small amount each month, it will add up over time. Here are some budgeting plans that you can use: The 50/30/20 budget plan: This is a simple and popular budgeting plan. You allocate 50% of your income to needs (such as housing and food), 30% of your income to wants (such as entertainment and dining out), and 20% of your income to savings. The zero-sum budget plan: With this budget plan, you allocate every dollar of your income to a specific category. This can help you make sure that you are not overspending. The envelope system:With this budget plan, you put cash into envelopes for each category of expenses. Once the money in the envelope is gone, you can’t spend any more money in that category until the next month. The simplest budget plan is the one that works best for you. There is no one-size-fits-all approach. Experiment with different budgeting plans until you find one that you can stick to. How does budget planning help improve savings? Budget planning helps you improve your savings by helping you track your spending and make sure that you are not overspending. When you have a budget, you are more likely to be mindful of your spending and make choices that will help you reach your financial goals. What Sav offers for budget planning? Sav is a financial services app that offers a variety of features to help you with budget planning. The app allows you to track your income and expenses, create a budget, and set financial goals. Sav also offers a variety of budgeting tools, such as a budgeting calculator and a budgeting worksheet. Here are some tips for using Sav for budget planning: Set up your budget: When you first start using Sav, you will need to set up your budget. This includes entering your income and expenses for each category. You can opt for Goal based planning to get better results. Track your spending: Sav allows you to track your spending manually or automatically. If you track your spending manually, you will need to enter your transactions into the app. If you track your spending automatically, Sav will connect to your bank accounts and credit cards and automatically track your transactions. Review your budget regularly.Sav allows you to review your budget at any time. This is important so that you can make sure that you are on track to reach your financial goals. We have also created a set of smart rules that can help you save money. Conclusion Budget planning is an important part of financial planning. It helps you track your income and expenses so that you can make sure you are spending your money wisely and saving for your financial goals.

“Saving money is easier when you don’t have to think about it,” says a Sav user. When it comes to money, everyone has some peculiar habits. Every morning, I receive a text that alerts me of my bank account balance. While some might argue that this practice amplifies anxiety and stress, I find it comforting. Knowing my available funds lets me navigate the day without fretting over small purchases. It’s not about financial restraint but about making mindful choices that align with my budget.This simple routine grants a sense of control and peace. It’s not so much a restriction as it is an empowerment tool. With this knowledge at the start of the day, I can prioritize my spending, allocate resources wisely, and indulge guilt-free in occasional treats. The morning text isn’t just about numbers; it’s a gentle nudge towards intentional living. It reminds me that being aware of my financial landscape doesn’t limit my choices; it expands them. It allows me to relish life’s little pleasures without compromising my financial goals.So, as the sun rises, and that text pops up, it’s not just about digits; it’s about embracing a balanced, mindful, and worry-free journey through my day. I use the Sav app that makes saving money something you never, ever have to think about again. Sav’s magical algorithm lets you maintain complete control over your finances. If you know that you need to save money somehow but understand that agonizing over how much and when and why would cause you undue amounts of stress, then Sav is for you. For me, Sav functions like a digital change jar more than anything else.Last I checked, Sav’s Round Up feature had automatically moved AED 7, AED2 and AED3.75 into my goal account on the app from myaccount. Those dirhams are just enough to be significant; I see a movie ticket, a t-shirt and a book ordered from Amazon. This spare change would cause me an unending worry about whether or not it was worth it to spend. Half of the trouble with saving money is the anxiety that surrounds it. If I haven’t saved any money, the fact that I should causes its own set of worries, spinning through my brain like a top. When managing my money with Sav, I can easily set aside the required amount and direct it to my short and long term objectives. While I save at a comfortable pace, I also earn Sav coins and rewards. But saving up for the inevitable things is harder – school fees, utility bills, weekly groceries. Having a secret stash of funds for these essentials is a life-saver. That’s where Sav’s Round Up feature is especially handy – I save even while I spend! It just can’t get better than this! How could you be saving money wrong →

Seize the day: Why post-pandemic is prime time to start saving. Ah, the pandemic: a saga of binge-watching, sourdough starters, and questionable haircuts. But guess what? The curtain’s finally closing on that act. As life regains its rhythm, here’s a nugget of wisdom: don’t just resurrect your old routines, resurrect your savings game too! Here’s why the post-pandemic world is your oyster for some serious saving shenanigans & how smart savings & goal based savings can help you prepare for anything similar in future. 1. Carpe Diem, Wallet Edition: Remember that splurge-worthy vacation you postponed? Well, it’s time to dust off the travel dreams and put your savings pedal to the metal. The world’s reopening, and you deserve that sandy-toes-sunset Insta shot. Savings? They’re your golden ticket to adventure. 2. Emergency? Prepared, Thanks: The pandemic showcased the importance of a rainy-day fund. You’ve got your masks and hand sanitizers ready – why not add financial security to the mix? No more sleepless nights, just peace of mind knowing you’re prepared for whatever curveballs life hurls your way. 3. Savings are your new BFF: The earlier you save, the longer those lovely dirhams can dance. Starting goal based savings now is like introducing your money to a personal growth guru. They’ll be doing yoga poses with savings, and you’ll be reaping the benefits. 4. Up Your Skillset, Not Just Your Netflix Queue: Remember those pandemic hobbies? Imagine if you’d invested that time in mastering personal finance instead. Well, it’s never too late to get your financial prowess on point. Smart saving is the ultimate skill that pays lifelong dividends. 5. Life’s Unexpected Encore: Life post-pandemic is glorious, but plot twists are inevitable. Job changes, health surprises – they can happen & we need to plan & save money accordingly. Having a cushion of savings is like having a superhero cape that shields you from financial chaos. You’re the hero of your own narrative. 6. Dreams, Meet Reality: That new gadget? A career switch? Early retirement? Whatever your dreams, they’re in a firm handshake with your bank account. The pandemic taught us that life’s too short to keep pushing dreams into tomorrow’s calendar. Saving now brings them closer to reality. In conclusion, the pandemic’s exit is your cue to enter the savings spotlight. Whether you’re plotting grand adventures or cementing your financial future, there’s no time like the present to jumpstart your savings game. As you navigate this post-pandemic world, remember: your savings story is the perfect blend of strategic, savvy, and seriously awesome. It’s time to seize the day, wallet in hand! FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your short term & long term savings goals. You can start your savings journey with Sav by planning, tracking & investing your money. For more, Download our app – iOS or Android. What is SNBL? SNBL stands for Save Now Buy Later, a concept that encourages sustainable spending.

Smart savings unleashed: Navigating your financial journey with Sav . Picture this: Your dreams are big, your goals even bigger, but your pay check? Not quite matching up. Fear not, for in this age of innovation, a savvy solution has emerged – Sav. It’s not just an app; it’s your financial BFF, here to help you save smart, live smart, and heck, even invest smart. Let’s dive into the world of “Smart Ways to Save with Sav” and unleash your financial superhero. 1. Budget Like a Boss: Bid farewell to those budgeting blues. Sav doesn’t judge; it helps you craft a saving plan that fits your lifestyle like your favorite pair of sneakers. With a few taps, you’ll know where your money is going, and more importantly, where you want it to go. 2. Round-Up Magic: Ever wondered where those spare dirhams vanish? Sav catches them! Connect your accounts, and every time you grab that triple-shot caramel macchiato, Sav rounds up the change and parks it safely in your savings. No pain, just gain. 3. Goal Setting, FTW: Dreams are the fuel of life, and Sav is your dream catcher. Set your goals – be it a Swiss trip or that vintage gaming console – and watch as Sav transforms your ambitions into a reality. It’s like having a personal savings genie at your fingertips. Goal based savings is your secret to make future dreams come true. 4. No-Touch Savings: We know, temptations are real. That sale on sneakers? Irresistible. But worry not, with Sav’s No-Touch Savings, you can lock away your savings for a specific goal. Your future self will thank you while rocking those fresh kicks. 5. High-Five for High Rewards: Gone are the days of shopping without gaining. Sav’s got your back with amazing rewards and cashback when you spend on your favourite brands. Sav actually gives your money a chance to grow – and by grow, we mean more than just that indoor plant you kind of forgot to water. 6. Learning Is Earning: Sav doesn’t stop at savings; it’s your financial guru. Dive into the ocean of financial literacy articles, videos, and tips. You’ll be slinging around terms like “sustainable affordability” at parties – the cool kind of party, goal based savings & smart rules to save money. So there you have it, your ultimate sidekick in the realm of smart savings – Sav. With its intuitive features and penchant for making your financial journey a breeze, you’ll be saving like a pro and living your best life. Remember, in the game of life, Sav is your cheat code to financial awesomeness. Time to level up! FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your short term & long term savings goals. You can start your savings journey with Sav by planning, tracking & investing your money. For more, Download our app – iOS or Android. What is SNBL? SNBL stands for Save Now Buy Later, a concept that encourages sustainable spending.

Evolving savings trends and consumer behavior in MENA. In recent years, the MENA region, has undergone significant transformations in its saving patterns and consumer behavior. These trends are pivotal for individuals and businesses seeking to make well-informed financial decisions that lead to long-term financial freedom. Let’s delve into the comprehensive insights that are shaping the savings landscape in this dynamic region. Changing Saving Patterns: The UAE, known for its prosperous economy, has traditionally prioritized saving for future security. However, recent data from the UAE Central Bank shows a gradual shift toward a higher consumer expenditure rate. According to the UAE National Bureau of Statistics, there was a 7.6% increase in consumer spending in 2022, signalling evolving consumer preferences. Consumer Behavior and Technology: The rise of digitalization has significantly impacted the financial landscape in the UAE. The adoption of mobile banking apps has surged by 42% in the past year, according to UAE Fintech Association data. This suggests that residents are embracing technology-driven solutions for managing their finances, fostering greater transparency and accessibility. Budgeting, Investing, managing money & personal expenses have become an essential part of financial journey. Savings vs. Investment: While traditional savings accounts remain popular, an increasing number of UAE residents are exploring investment opportunities. The Dubai Financial Market recorded a 28% rise in retail investor accounts in 2022, indicating a growing appetite for investment instruments like stocks and exchange-traded funds. Long-Term Financial Freedom: Savings play a pivotal role in achieving long-term financial freedom. They serve as a foundation for supporting one’s desired lifestyle, fulfilling dreams, and providing a safety net for life’s unexpected emergencies. With careful planning and strategic & goal based saving, individuals can secure their financial futures, ensuring that they have the resources needed to navigate various life stages with confidence. Projections and Recommendations: The future of savings in the UAE appears promising as the government continues to diversify the economy. The UAE Vision 2021 aims to reduce the nation’s dependence on oil, with a focus on sectors like technology, tourism, and renewable energy. This economic diversification is projected to lead to sustained GDP growth, fostering a favorable environment for financial well-beingIn conclusion, the UAE is experiencing a transformative shift in savings behavior, accentuated by detailed data and statistics. The nuanced balance between traditional values of prudence and the adoption of modern financial tools underscores the region’s adaptability. As the UAE’s economy evolves, individuals and businesses alike are positioned to thrive by aligning their financial strategies with these insightful trends to grow, invest, save money, and embrace savings as a cornerstone of long-term financial freedom. FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your short term & long term savings goals. You can start your savings journey with Sav by planning, tracking & investing your money. For more, Download our app – iOS or Android. What is SNBL? SNBL stands for Save Now Buy Later, a concept that encourages sustainable spending.

The youth debt dilemma: Navigating financial waters. In the fast-paced modern world, where opportunities abound, and desires are endless, young earners often find themselves entangled in a complex web of financial challenges. This intricate situation, commonly referred to as the “Youth Debt Dilemma,” is a narrative that resonates with countless individuals striving to strike a balance between aspirations and fiscal responsibility that makes money management & savings difficultA Tempting Landscape: The allure of the digital age, coupled with marketing ingenuity, often exposes young earners to an array of alluring products and experiences. From the latest gadgets to exotic vacations, the world beckons with promises of instant gratification. Caught in the whirlwind of these offerings, many young earners fall into the trap of accumulating debt as they endeavour to keep up with the trends.The Student Debt Conundrum: The pursuit of education, a noble endeavor, can sometimes become a double-edged sword. Student loans, while enabling the pursuit of dreams, can also cast a shadow of debt that looms over young professionals at the onset of their careers. This burden, often coupled with the pressure to establish themselves in the workforce, paints a challenging financial landscape. The Art of Delayed Gratification: In a world that champions immediacy, the concept of delayed gratification becomes a valuable lesson to master. Navigating the Youth Debt Dilemma requires embracing the idea that financial prudence today paves the way for a more secure and fulfilling tomorrow. This shift in mindset from “having it all now” to “building a sustainable future” can be transformative. Smart Rules to save money can help you in this journey. Financial Literacy, A Beacon of Hope: Empowerment lies in knowledge. Young earners armed with financial literacy are better equipped to steer through the labyrinth of debt. Governments and organizations are increasingly recognizing this need, offering workshops and resources to enhance financial acumen and decision-making skills. Sav: Illuminating the Path Forward: Amidst this intricate financial landscape, tools like Sav shine as guiding beacons for young earners. By instilling the principles of responsible & goal based saving, Sav empowers them to navigate the challenging waters of debt. Through its accessible platform and resources, Sav encourages a culture of mindful spending, goal-oriented savings, budgeting and long-term financial planning. Charting the Future Course: While the Youth Debt Dilemma presents a daunting challenge, it is not insurmountable. By cultivating a mindset of responsible spending, embracing financial education, seeking guidance from experienced mentors, and utilizing tools like Sav, young earners can make informed choices that lead to a healthier financial future. In conclusion, the Youth Debt Dilemma is a shared experience that binds generations in their pursuit of financial well-being. The journey to financial freedom & money management is not devoid of hurdles, but with patience, education, and a strategic approach supported by tools like Sav, young earners can break free from the debt cycle and embark on a path toward a prosperous and fulfilling life. FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your short term & long term savings goals. You can start your savings journey with Sav by planning, tracking & investing your money. For more, Download our app – iOS or Android. What is SNBL? SNBL stands for Save Now Buy Later, a concept that encourages sustainable spending.

Save Money while Maintaining Your Lifestyle It’s no secret that it’s a lot easier to spend than it is to save money. Money Saving requires discipline to prioritize the future you in exchange for any instant gratification that you may get when making an impulse purchase. Plus, many of us rely on the mindset that we can always save money later down the road. Regardless of what we prefer in the moment, we know that saving is a smart financial move. Experts say that for each dirham that you have in a savings account, you’re decreasing the likelihood of missing a bill, forgoing medical care if something happened, skipping meals, etc. if you have an emergency. The challenge is that we often see saving money as sacrificing our happiness. But the good news is that there are ways to ease into saving while not forfeiting too much of everything else. Here are some tips to save money when you don’t want to make big sacrifices. 1. Save your windfalls If you don’t want to — or can’t — cut expenses, the next easiest thing is to save windfalls. Financial windfalls are basically extra money in your pocket: a tax refund, a bonus at work, a cash gift, an inheritance or even savings when you get a discount from coupons or cashback on your shopping. Because this is unexpected cash that essentially “fell into your lap,” you don’t have to give up anything to then turn around and put it into a savings account. While you may feel inclined to have the money go into your standard savings account with a bank, consider putting these windfalls of cash for goal-based savings on Sav. 2. Automate your savings It’s a fact that saving money is really easy if you make it automatic and timed with when you get paid. Sav can help with this. When you automate your savings, you eliminate the decision of whether or not to save, and you forget about what you may be sacrificing to set aside those funds. If you’re paid through direct deposit, you can set it up so a percentage of your paycheck is automatically moved to a goal you set on Sav. Freelancers or contractors with more inconsistent income streams can schedule a recurring deposit from their bank account to their savings at a time in the month when they normally have a surplus of cash flow. Following smart saving rules can help you manage money better. If you are nervous about getting started, set up an automatic transfer of just a little bit, like 1% from each deposit. This way, you know that it will always happen when you actually have money coming in. And then after a month or two, you can try increasing it to 2% or 3% and then keep doing that every couple of months until it feels like you’re saving what you can but still able to enjoy life.Once you set the automation rules on Sav and forget, over time your funds will grow and you will have become accustomed to living off of a budget that accounts for saving for your future — and you’ll eliminate the urge to think about what you’re giving up.. 3. Make saving fun So, Grandma always told you to save but you just thought it was boring? Think again! With Sav, you can enjoy gamified savings and earn extra rewards for achieving your milestones. You can scale a virtual Burj Khalifa as you proceed with your savings journey and we promise you it’s amazing at the top! Sav allows users to create rules that trigger a transfer of money to their savings. For example, you can set the Round Up rule so each time you spend, a certain amount of money is moved to a goal – your emergency fund, new phone or travel fund, whichever goal buckets you choose. Another way to look forward to saving is to earn Sav coins for your actions on the app. These coins can be used to unlock exclusive discounts offered by all your favorite brands. 4. Cut off regrettable expenses You know you should save but don’t know what expenses to cut first. These expenses may not seem obvious but, with careful consideration you’ll see how things like ATM fees, remittance fee, late payment charges on credit cards, etc. can be avoided.be avoided. World over, the second most common type of purchase that people regret is eating out. So we suggest creating rules for sustainable spending that limit how much you spend on dining out each week or month.For example, if you normally eat out four days per week, cut it down to just three days per week. If you usually find yourself having two drinks and dessert with dinner, make a rule for yourself that you only have water with meals out or no dessert in exchange for one drink. Bottom Line You don’t have to give up a lot of what makes you happy to start saving money. By saving your windfalls, automating your savings, making saving fun and cutting off expenses you might regret later, you’re already well on your way to setting aside a decent amount of cash. Plus, knowing you have savings on Sav to fall back on lets you feel like you indeed won’t have to make financial sacrifices in the future. Having a little financial cushion, even if it’s fairly small, can give you peace of mind and a little bit of slack, which will help you better focus on the parts of your life that make you happy and healthy FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your …

Save without sacrifices: How to build your stash without giving up on your lifestyle Read More »

Embracing sustainable spending: The power of Save Now, Buy Later. In a world driven by consumerism and instant gratification, our elders’ advice to live within our means holds timeless wisdom. However, the constant temptation of attractive offers and credit-based products like BNPL, store-branded credit cards and installment payments, encourage impulsive buying that leads to buyer’s remorse and guilt.This blog explores the concept of “Save Now, Buy Later” (SNBL) as a path to sustainable spending. As people reevaluate their priorities and seek long-term fulfillment, SNBL offers a fresh perspective on mindful spending and goal-based saving. In this transformative journey, Sav is leveraging technology to reinvent the concept of saving, and create a rewarding experience that benefits both consumers and brands, thereby fostering a healthier consumption ecosystem. The Temptation of Impulse Buying We are all familiar with the allure of a mega sale, where the excitement of spending lavishly often overshadows rationality. The immediate thrill of purchasing unnecessary items is fleeting, quickly replaced by guilt and regret. Studies have revealed that 64% of people regret making impulse purchases during sales or limited-time offers, leading to underutilized products and wasted resources. The surge in impulse buying can be attributed to the availability of easy credit options, enticing consumers to make large-ticket purchases without immediate financial repercussions. This phenomenon is driven by the “Purchase Justification Machine,” a psychological mechanism that rationalizes our desire to buy, fuelled further by discounts, coupons & vouchers and pay later offers. The Rise of Revenge Spending and Its Demise The past year witnessed a surge in “revenge spending” as people sought to compensate for lost time and happiness during the pandemic. Entertainment, luxury products, travel, and service upgrades experienced a boom without thinking about money saving. However, as the initial fear subsided, the frenzy of revenge spending waned. This trend prompted individuals to reevaluate their spending habits and ponder their life priorities. An emerging movement towards sustainable spending has taken root, encouraging people to question their purchasing decisions and envision their ideal lifestyle in the long term via goal based savings. Savings trend in MENA is evolving. Embracing Sustainable Spending through SNBLThe concept of Save Now, Buy Later has emerged as a pivotal element in the shift towards sustainable spending. SNBL entails careful planning, saving, and mindful spending. It encourages individuals to adopt goal-based saving strategies, harking back to a time when saving up for high-value purchases was a common practice. By integrating this approach, consumers regain control over their financial decisions and align their expenditures with their values and aspirations. SNBL empowers individuals to break free from the cycle of impulsive buying, leading to greater satisfaction and fulfilment.Redefining Savings for the Future For decades, the traditional experience of saving with banks and institutions has remained unchanged, lacking innovation and excitement. Sav combines the security and liquidity of a traditional savings account with enticing rewards for goal-based saving. Through this novel approach, consumers can meticulously plan their purchases while enjoying increased value on their savings. Brands also benefit from this symbiotic relationship, engaging with more financially conscious and loyal customers. This approach can also help your money management journey. The Promise of a Healthy Consumption Ecosystem The SNBL revolution promises to create a sustainable and thriving consumption ecosystem. As individuals embrace mindful spending, they contribute to reducing wasteful consumption and making more informed choices. This shift is not only beneficial for the planet but also for personal financial well-being. With SNBL, the impulse buying culture can transform into a conscious and intentional purchasing approach. Brands that support this trend by offering SNBL options can establish stronger connections with their customers, fostering loyalty and trust. Conclusion In a world inundated with consumerism, the philosophy of living within our means has never been more relevant. Save Now, Buy Later emerges as a powerful concept to counter the allure of impulsive spending, offering a path to sustainable and fulfilling consumption. As individuals and households reevaluate their priorities and embrace goal-based saving, Sav is stepping up to redefine the savings experience, bridging the gap between financial security and gainful spending. With Save Now, Buy Later, we have the opportunity to foster a healthier consumption ecosystem that benefits both individuals and brands, driving positive change in our society and our lives. FAQs What is Sav App? Sav app will make you feel good about money with fun saving rules, and rewards for EVERY Dirham you save. We are ambitious, positive, and always focused on what matters most to people. How can I join Sav? You can start your savings journey with Sav by downloading our app – iOS or Android How does Sav help in saving money? Sav helps you to plan for your financially for your short term & long term savings goals. You can start your savings journey with Sav by planning, tracking & investing your money. For more, Download our app – iOS or Android. What is SNBL? SNBL stands for Save Now Buy Later, a concept that encourages sustainable spending.