‘Splurging is okay as long as it’s meaningful and occasional’: British expat in Dubai

Vasudha Khandeparkar is an artificial intelligence (AI) and data practice lead at a Dubai-based consulting firm. The 37-year-old British expatriate has been in the UAE since 2023 and says that while it is a place of extremes, it also inspires her to strive for more. Edited excerpts from an interview: 

If you had to write a letter to money, what would you say?

We’ve had a very interesting relationship so far. You’ve always been there in the background while I focused on bettering myself in my craft. You have played such an important role in providing me with the means to pursue my interests and make meaningful contributions in the AI and data world. I hope you offer the same opportunity to my children, remain a steadfast companion to them and support them in whatever they choose to pursue.

How would you describe your relationship to money?

I see money as an enabler and an absolute necessity. I’m extremely grateful for having the opportunities that I’ve had to pursue my chosen profession, but this would not have been possible without the security blanket around me. 

How was this relationship formed?

My parents played the formative role in my relationship with money. They ensured that they gave me the ability to focus single-mindedly on what I wanted to pursue. They taught me to have a balanced relationship with money. This has helped me immensely. When I’m negotiating for a job for example, money is only one of the several factors I look at.

 What good or bad lessons about money management did you learn from your mother?

My mum taught me that it was acceptable to splurge once in a while as long as the splurges were occasional and meaningful. She has a very keen eye on investing and listening to her talk about stocks, shares and investments has taught me a lot over the years.

Who do you speak to about money?

My husband is the person I engage with the most about money. We have different perspectives but share common goals, which allow us to have fruitful discussions and ensure that we’re both comfortable with the decisions we make.

Who has taught you the most about financial management?

I’d credit this to my parents and the complete freedom they gave me when I was away studying. I learned to manage my money, work when I needed ‘nice to have’ extras and manage my budgets carefully. 

How do you think living in the UAE has changed your relationship with money?

The UAE is a place of extremes. We get to see the best of the best along with individuals who’re working very hard to provide for their families in different countries. The UAE has made me strive for more and always taught me that if I work hard, then nothing is out of reach in this country.

If you could give your child or your younger self one piece of advice about money, what would that be?

Learn about how money and financial instruments work earlier on. This will help immensely as it gets very noisy when you actually have the capital to deploy.

Do you long-term plan your finances, and if so, how?

I work backwards. We have a goal number that we know would be required for each family member to live comfortably in the future, after accounting for inflation. We then work towards ensuring that capital and income stream is available and invest our time and money accordingly.

How much do you plan to have by the time you are 65?

This number varies. Given we have recently moved to the UAE, our calculations are completely different to what we had back in the UK. Where medical expenses in the UK were accounted for, here in the UAE and elsewhere, this is a key component.

What is your greatest financial decision?

Buying a house at the right time in the market and spending the money to ensure it was modernised.