Did you know that women are far better at saving money than men? That's right. A clearer life plan and a higher sense of responsibility set you apart when it comes to the essential habit of saving.

National Bonds is here to help you understand the importance of 'Saving' and to inculcate this habit by making it an integral part of your life.

Why save?

Ever caught yourself worrying about the next step? About fulfilling your future goals? About the stability of your family's financial status? We all go through this. And that is why it is very important to save money.

You need to set aside money because women are known to cycle in and out of work more often for various reasons including familial commitments, childbirth, etc. and also because you have a longer life span. While you can rely on your parents or your husband to support you, you will find that saving gives you absolute peace-of-mind when it comes to your stability in times of crisis.

How to save?

Saving does not mean you need to put a halt to your current lifestyle. It just means that you have to make a few adjustments to set aside some money for a 'rainy day'.

Set small, real goals - Look at your current income and expenses. How much can you really spare? Now make a commitment to set that amount aside every month. It is important to set a goal and stick to it.

Slow and steady - Every month or every quarter, reassess your expenses and set aside more towards your savings. As you see the money in your emergency fund accumulate, it will definitely inspire you to save more.

The saving habit

So now you're well on your way in laying the foundation for a lifestyle of saving. It is very important that you keep up this momentum. Read up on saving tips and try and find stories of people who saved and changed their live. Involve your friends and get them started on a saving habit too.

And take this habit across everything you do. Save paper, save water, save electricity, save fuel. Reduce, reuse, and recycle in everything you do in your daily life. While the immediate savings on all these seem trivial, you will be surprised at how much money and time you will save over the years.

Saving Tips

As a woman, your priorities are different. National Bonds has put together a list of saving tips that can help you save in every aspect of your life.

• We all love a good shopping spree! But that can be very harmful for your finances. Don't spend money just to de-stress.
• Instead of signing up for monthly membership at your gym, take a few private classes and then start working out at home with the schedule given by your trainer.
• Clean that closet! Spend an evening creating different combinations for all your clothes. Find at least 3 combinations per item of clothing. This way, you wear something different each day and make it look new!
• See something irresistible in a shop window? Think over this purchase for 24 hours. If you still can't resist it, go ahead and buy it!
• Find a salon that you like going to for your 'monthly rituals' and ask them for a special loyalty package deal.
• When you have to give a gift, plan in advance. Last minute gifts can be expensive.
• Communicate by e-mail rather than by phone.
• Remember to implement the 3 Rs in your life - Reduce, Reuse, Recycle
• Write a list before you go shopping - and stick to it
• Turn off the lights and reduce not just your electricity bill but save the environment too!
• Avoid credit cards if possible and know the interest rates if you use one.
• Save your loose change. Putting aside 50 Fils a day over the course of a year will allow you to make a substantial contribution into your emergency fund.
• When driving, avoid fast start-ups and stops. Over time, you will save hundreds of Dirhams on lower gas and maintenance costs.
• Keep an eye and ear open for sales and discounts on your favourite brands and items.
• Assess clothing in terms of quality as well as price. An inexpensive shirt or coat is a poor bargain if it wears out in less than a year.
• Always save numbers of restaurants and movie theatres you frequent, instead of spending almost AED 1 every time you call 181 to find the number.
• In families, discuss limits on spending for gifts, so everyone can save!
• Socialize at potluck meals with friends rather than at restaurants. This way, you have fun and cut down on costs.
• Save the planet! Get your bank statements online.
• Save on your water bill. Take 20-minute showers instead of 1-hour baths.
• Gather enough clothes for the washing machine and enough dishes for the dishwasher and then wash in 'full loads'.
• Switch to cold water washing of laundry and use detergent formulated for cold water to get clothes just as clean. Hot water uses more energy. Energy costs more money.
• Look for energy efficiency labels when buying new products such as TVs, furnaces, cell phones, washing machines, refrigerators and air conditioners.
• Take your own reusable bags to do grocery shopping to save the unnecessary production of plastic bags.
• Home Appliances account for about 20% of energy use. Use them wisely and switch them off when not in use.
• Air dry dishes instead of using your dishwasher's drying cycle.
• Clean the lint filter in the clothes dryer after every load.
• Do not go grocery shopping when you're hungry! Or you'll end up buying more items than you really need.
• If there is a magazine you regularly buy at the grocers, the just subscribe to the publication for a cheaper monthly rate!
• Try to buy only what's on sale. Wait until your favourite brand goes on sale.
• Bigger does not always equal better! Be careful of big "value size" packages, where you will pay for a lot of unnecessary items in order to buy just one necessary item.
• Keep taking a mental note of prices of your regular purchases at different stores.
• Wash your fruits and vegetables in a pan of water instead of running water from the tap. And once you're done, use the remaining water to water your plants.
• Use a broom. When it's time for spring cleaning, put away the vacuum cleaner and take up the broom so you can clean more efficiently and put in a good workout too!
• Soak pots and pans instead of letting the water run while you scrape them clean.
• Washing dark clothes in cold water saves both on water and energy while it helps your clothes to keep their colors.