The large number of foreigners settled in the UAE permanently is a solid testament to the fact that it is a great destination to live and work in. In fact, a substantial majority of the total population of the country is foreign, and the number of people considering setting up shop and moving there for work and residence continues to rise.
While the city presents unfettered opportunities for foreigners from all backgrounds, there are still certain areas that present key concerns for people living on an income. One of the most important is accommodation, especially in the popular suburbs, where it can be hard to rent a multiple room apartment, leave aside buying one.
Another major and often exorbitant expense for couples that have more than one child is education. While the quality of education is the country at all levels is impressive, the costs can often rival those of institutions that enjoy international repute.
Advice
In order for your ideas for education fee planning in Dubai - GlobalEye to be successful, the key is to plan in advance. During the planning and budgeting stage, you may also be able to look into the need for professional financial advice, which could give you valuable insight as to financing options that can supplement your savings and income.
Seeking financial solutions through advisors and banks may help to spread the cost of the education of your children over many years. This is particularly useful for parents that cannot afford the immediate costs in one go.
Further, by seeking investment advice in addition to financing options, you may also be able to cut down on the overall cost that would otherwise have to pay in the following years.
Boosting Income
Education is a sphere most parents care a great deal about, with surveys suggesting many are willing to even go into debt the give their child the gift of high quality education.
For many families, it may not have to come to this, and you may have income addition options to consider. In the case of the child going to university for example, there are many on-campus jobs available for students that can help finance the incidental costs and food.
For couples that have only one of the spouses working, a useful option may be for the non-working spouse to get a part-time job for the duration of the child’s education, or while the expenses are loitering.
Loans
Many banks may be able to offer loans for the purpose of education. In most cases, this depends on the eligibility criteria that depend on the worth of your assets of monthly income.
The main item to watch out for here is the rate at which the loan is offered, which is where comparing the rules of multiple banks will help.