Young adults in their 20s and early 30s face bigger challenges than ever before in gaining financial security.

In the UAE young expats have more disposable income than their ‘back home’ counterparts, there are a plethora of tempting pleasure goodies you can waste your money on - eating out, clubbing, fast cars etc.

So before you go wild here are three top financial tips to help you manage your money and plan for your future:

1) Start an emergency fund. The uncertainty of work overseas without safety nets of employment law and redundancy rights could mean that your working life may see a number of job and career changes. Building up an emergency fund (while fully employed) to cover three to six months of living expenses can help you through a difficult or job changing period.

2) Start saving immediately for retirement. Saving for retirement is a responsibility that everyone starting out in the workplace today should take very seriously. It is difficult to predict what kind of pension benefits will still be available 30 - 40 years from now but it is almost certainly going to be less than today and that is not enough for today’s pensioners! While age 65 may seem a long time away, the key is to use the time and the power of compound interest to build your pension pot - you will need about 70% of your last year’s income to have anywhere near decent retirement.

The earlier you begin the less money you will have to put aside each month to reach your savings goal.

3) Use credit cards wisely. Young expats are good targets for Banks credit card departments. It is now virtually impossible to conduct some transactions, such as making airline ticket reservations online, without one, and thus they have become an absolute necessity. They also have the potential to create debt problems. Paying off the full balance each month is the best way to control your use of credit.

For quality advice and service about your retirement or pension contact Holborn Assets today.