How to make your money work for you

First things first: Don’t panic! We are facing a hard time right now but remember that we are all in this together. Now that most of us are working from home, let’s try to do something productive each day with what might have been our commute time to and from office.

If you’re looking to improve your finances, there’s a lot you can do with a few extra minutes (or hours) every day to make your money work for you! The UAE’s first ever digital-only lifestyle bank, Liv., is here to give you a few tips and tricks:

Open a high-interest saving account

Interest rates are dropping worldwide so it’s worth checking what your money is earning in your bank today and shop around. It’s quite easy to digitally open a high interest savings account like Liv. for instance and earn more returns with no extra effort from your end.

Use auto-rules to your saving account

It’s time to explore this super convenient way of saving! If you haven’t created a saving account that supports auto-saving, then it’s a good time to take a few minutes to do that! It shouldn’t take more than a few minutes to set up a recurring monthly deposit or to save every time you swipe your card! This is one of the features that’s supported by Liv. Goal Account in the app.

Build your retirement plan

This is probably one of those tasks you don’t always look into as part of your on-going financial routine. Maybe you didn’t even set it up yet? Well, now that you have more time, maybe you should do a little bit more research about your 401K plan. Does your employer offer any plan? Where can you get an expert’s advice? Do you already have a plan in place? Then maybe look into increasing your contribution. Revisit those numbers.

Check your debt’s interest rates

Being in debt is one of those things you want to get rid of as soon as you possibly can. But how can you pay off your debts while also saving? Is that even possible? Well it definitely could be! By researching and gathering information about interest rates on your current debts, and comparing it to what’s available in the market. There’s a chance for you to rework your finances and maybe save some.


Article written by Liv. Bank

Powered by Emirates NBD, Liv. is focused mainly on raising financial independence amongst its customers and becoming their financial buddy. Opening a Liv. account is very simple, streamlined and effortless; all you need is a smart phone, a valid Emirates ID & UAE phone number.

Not only is the entire account opening completely paperless, but managing your account can also be done solely through the Liv. app, right from home! Whether you need to lock your card, request a bank statement, track your monthly spending or view your balance, the app allows for all of your needs to be met through just a few clicks.

Oh, and did we mention that you earn 2% interest p.a. on ALL your balances with Liv.? Both on your current account as well as your Goal savings. What are you waiting for? Download the Liv. app now. Available on both iOS and Android.