How UAE Freelancers Navigate Finances Without a Fixed Salary
The freelance market in the UAE is experiencing significant growth, with an annual increase of 10%. Last year, freelancer registrations in the MENA region surged by 78%, highlighting the appeal of flexible work arrangements.
Freelancers, while drawn to the independence of their roles, often face the challenge of managing finances without a fixed monthly salary.
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Professionals like Amina Mohamed, a photographer, and Samir Syed, a public relations expert, illustrate the balancing act freelancers must perform.
Amina emphasizes the seasonal nature of her work, experiencing months of high demand followed by dry spells, which can lead to financial anxiety.
Samir, who transitioned from a traditional corporate job, stresses the importance of budgeting and saving during peak months to prepare for slower periods.
He adopts a monthly budget strategy, focusing on realistic income projections and expense tracking.
Financial advisor Dr. Anya Patel advises freelancers to create a financial safety net, recommending that they save enough to cover three to six months of living expenses.
She advocates for a zero-based budgeting approach to enhance financial control.
As the freelance economy continues to grow, freelancers in the UAE are learning to adapt their financial strategies to ensure stability and success in their careers.
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Khaleej Times
