'At the moment I would recommend renting'

Virtual assistant saw a real estate asset dwindle before eyes

Kaye Lui says clothing is her weakness.

Education has always been held in high esteem in my family. Growing up in a working-class family in the East End of London, getting a good head start in life meant attending a girls-only grammar school in Knightsbridge from the age of 12. Unlike my school friends who often paraded around in designer clothes, I remember feeling hard done by for not being able to keep up with the latest trends. As a teen my weekly pocket money was Dh30 and I would get extra if I washed the car or cooked Sunday lunch for my family. I was never spoilt with unnecessary items or trips abroad, as everything my parents earned went towards essential living.

Life in the UAE is a million miles away from my childhood. Having holidayed here in 2005, my husband and I finally decided to set up home in this booming economy in Sept 2006. I was 24. My husband, who is the managing director of a health spa company, rapidly climbed the career ladder and we had soon cultivated a very comfortable lifestyle for ourselves in the Gulf. Although my career background is in event management, I found myself working for a currency-exchange company in March 2008. Although I was with the company only for a few months, I came to understand the technical analysis of currencies and the global factors that cause variations. This experience taught me the importance of understanding the fluctuation of currencies. Many of us send money home on a regular basis and this basic understanding has certainly helped me add to my savings over the years.

Intrigued by the idea of making money through such a method, I taught myself how by using an online currency-trading demo. This was a dummy account and no actual money was ever involved, and I failed to take the step of making the account live, which, of course, would have opened me up to the risk of losing real money. There is a saying between traders that "bulls and bears can eat at the table but pigs get slaughtered", and feeling like I would soon be up for slaughter, I chose to quit while I was ahead.

A world away from currency trading, I have been working as a virtual personal assistant for Servcorp, a services and virtual office company in Dubai, since November of last year. The work is interesting, as I complete PA duties for an array of different virtual clients, all who register their offices address through our company and pay us for each office-support function we provide. My work maintains its competitive edge, as I have an individual financial target set by my management for each day; striving to do the best for my clients keeps me on my toes.

My monthly salary is split almost equally into thirds between living expenses, savings and disposable income. I use online banking to transfer around 30 per cent to a savings account in the UK. My husband takes responsibility for our mortgage, which we took out in 2007 for a Dh1.85 million two-bedroom villa in the Arabian Ranches. We were thinking of selling it back in Oct 2008, and at the time we could have made Dh3.3m on the sale. However, the current downturn in the real estate market has changed everything, and with our potential profit dwindling before our eyes we have decided to keep it until the economy has a chance to recuperate.

At the moment I would recommend renting, as there are some really good deals on the market. Although I have never personally had any large debts, I have seen people around me, including my parents, struggle to make payments and having to live with the constant stress of owing money. Aside from taking out a few store cards when I was 18, with only a Dh15,000 debt and a credit card that I still have back in the UK, I have fortunately managed to stay away from any larger financial pitfalls. Despite the credit crisis, living in the UAE is still very expensive. My husband and I like to eat out because we both work hard during the week and the last thing on our mind is cooking dinner. Nowadays we try and eat at home more often and opt for cheaper restaurants when we do venture out. A great Lebanese meal will cost around Dh120 for two people.

I take the time to compare the prices of items at the supermarket rather than my usual speedy supermarket dash, which saw me loading up my trolley without stopping to consider how much I am paying. Another great way to keep costs down is to steer clear of expensive social events such as the Dubai Rugby Sevens or the famous Friday brunch. When it comes to splurging, clothes are my one weakness, and I have been known to spend between Dh2,000 and Dh4,000 on an expensive dress.

I feel that buying good quality is a better long-term investment than purchasing items from a cheaper outlet. A great money-saving tip is to shop for bargain designer dresses at the Dubai Outlet Mall; with up to 50 per cent off the tagged price you can't really go wrong. Handling money is a personal affair, and each person will react differently to the status of their finances. Money is there to be earned, and even if I was one of the super-rich I doubt I would quit working.

My best advice when it comes to managing your personal finances is to always plan ahead; that way you'll never be thrown off guard no matter what situation life throws at you. * As told to Inga Stevens