Steady hand on the tiller
Steve Armitage is founder and managing partner of UAE Business Solutions, an accountancy firm based in Dubai which specialises in supporting small and medium-sized businesses in the UAE. The 47- year- old Briton, who moved to the UAE nine years ago, lives in Tecom, Dubai. He previously worked in an internal audit department of a large multinational company based in his home city of Nottingham.
qHow did your upbringing shape your attitude towards money? aMy mother brought me up on her own, so money was never in abundance. I saw from a very early age the value of working hard and saving money to get the basic and aspirational items of life.
How much did you get paid for your first job? My first job was in 1986 working for the department of social security in the UK, where the take-home pay (after tax) was £70 (Dh312) per week. This felt like a fortune at the time and the money did seem to go further then.
Are you a spender or saver? As I have grown older I have definitely evolved into a saver. Since the global recession I changed my ethos to ensure I always have two years of rent and living expenses set aside in my bank. The volatility of that situation had a profound effect on me as a person and my attitude towards money.
What is your most cherished purchase? I am a lover of watches and my most prized possession would be the TAG Heuer Monaco watch I purchased over a decade ago for £3,000.
Have you ever had a month where you feared you could not pay the bills? Back in the dark days of the global recession (2009) I was living off a daily budget of Dh20. That period in my life has definitely shaped my attitude towards the value of money and my fiscal policy.
Where do you save? I earn my money here in the UAE and save in the UAE with RAKBank.
Do you prefer paying by credit card or in cash? After leaving the UK over 10 years ago I vowed to never have a credit card again and now only purchase items with cash.
What has been your best investment? My house in the UK. It was originally bought as a home to live in, but has increased nearly 200 per cent in value since the original purchase date.
What do you most regret spending money on? I used to be a clothes horse in my younger days and would spend thousands of pounds per year on designer labels.
What financial advice would you offer your younger self? Save more money and don’t waste as much money on frivolous fashion and clothes. I would also advise looking into setting up your own business at the earliest opportunity.
Do you have a plan for the future? UAE Business Solutions is still in growth mode, so my plan is to stay in the UAE to develop our product offerings and client base. There is great potential in the UAE for the type of business we have, and improvements in regulation and legislation will only enhance the business environment here. I have recently migrated the business to cloud accounting platforms that will allow me to spend the summers in Europe while still servicing clients in the UAE. I am looking to purchase a villa in Valencia, Spain, in 2017 and would eventually see myself spending my time between Dubai and Spain.
What would you raid your savings account for? I am planning to take my boat captain’s exam later in the year and have already been looking at boats here in Dubai. I have trips to Australia for the Ashes cricket in 2017-18 and the Rugby World Cup in Japan in 2019 to finance, so the savings account might be creaking a little after that.