Rheema Menon, a 32-year-old Indian expatriate living in the UAE, shares her financial philosophy and practices in an interview with WKND. She believes that money equals independence and manages her finances wisely to ensure financial stability. Rheema emphasizes the importance of saving money early on, a value instilled in her by her parents. She credits her mother for teaching her to use money wisely but also admits to negative lessons, such as avoiding taking leave due to the fear of deductions in salary.
Rheema consults with her husband regarding money matters and values personal financial discussions over seeking advice from everyone. She has a cautious approach towards spending, stemming from her upbringing where money was equated with respect. Living in the UAE, particularly during the Covid-19 pandemic, has made her more conscious of her expenses and the need to save for unforeseen circumstances. She advises her younger self or children to work hard and not settle for jobs that do not reflect their worth.
When asked about her savings habits, Rheema reveals that she manages to save more than half of her income every month, around 60%. Looking ahead to the future, she plans to have a comfortable retirement by the time she turns 65, with enough savings to live in a community with amenities and support her daughter. Rheema considers her greatest financial decision to be moving from Dubai to Ajman, which significantly reduced their expenses and allowed them to save more without compromising their quality of life.
Overall, Rheema Menon’s approach to money is based on prudence, financial independence, and a focus on saving for the future. She values the lessons learned from her upbringing and continues to prioritize financial stability in her life. Moving forward, she aims to continue saving diligently and prepare for a secure financial future for herself and her family. As she navigates the financial challenges of living in the UAE, Rheema’s commitment to managing her money wisely serves as an inspiration for others looking to achieve financial security and independence.
