Dr Narjess Boubakri, 65, is the dean of American University of Sharjah’s School of Business Administration. With her decades of life wisdom, she says that money does not define life, but it is a facilitator and “definitely helps move things along”, support loved ones and contribute to the world around us. Originally from Tunisia, she has been in the UAE for 20 years after an international career, which has taken her around the world, before coming back to the Middle East.

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

Dear Money, please help me achieve my dreams without letting me lose sight of who I am. I want to use you to give back, to help others, and to support my family. But I never want to be driven by greed or make choices based only on you. Stay in my life; but stay in your place.

How would you describe your relationship with money?

It’s a practical, no-drama relationship. I don’t worship money, but I respect it and put it to good use. I see it as a resource that I’m responsible for managing wisely. I always try to use it in ways that are meaningful, whether that’s taking care of my needs, helping someone else, or planning for the future.

How do you think your relationship with money was formed?

It goes back to when I was one. I started teaching and working from that age, which meant I learned very early what it means to earn, to save, and to make smart decisions. That early exposure taught me not to take money for granted. It made me appreciate the value of hard work and independence.

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

The biggest lesson was to always take care of your basics first, to put your needs before your wants. My mom was never someone who splurged for no reason. Watching her always stay on top of making sure the family had what we needed left a big impact on me. She taught me that managing money well isn’t about how much you have, it’s about how you handle it.

Who has taught you the most about financial management?

Experience was my biggest teacher. I made some mistakes, I had some wins, and over time I figured out what worked. Being financially active from a young age forced me to grow up fast when it came to money. And that trial-and-error journey taught me lessons no one else could have.

What has been the most profound experience you’ve had so far in relation to money?

One moment that really stuck with me was when I bought my first gift with my own savings. I still remember the feeling of knowing I’d earned that money and then using it to make someone else smile. That was the first time I truly felt the emotional side of money: how powerful it can be when it’s used for love, not just pleasure.

How has living in the UAE changed your relationship with and perception of money?

It is a slippery slope; residual income is higher because we have no taxes. One the other hand, this means that consumption and temptations increase, which, if you’re not careful, potentially lead to splashing money. You must be self-aware and conscious of your actions.

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

I’d tell my younger self to give some to those who really need it, and use the rest to support my family. The truth is that money alone won’t make you happy. But using it to make someone else’s life a little easier, or helping out at home, that’s what stays with you.

What do you value spending money on?

When it’s not going towards necessities or family support, I would choose to spend money on travel. I find it’s one of the few things you spend on that actually makes you richer — in experiences, in memories, and perspective. Exploring different cultures and seeing how other people live is something I’ll never get tired of.

Do you long-term plan your finances?

Yes. I think it is an essential life skill to be able to have a long-term vision. If you do everything impulsively, and only think about the now, you will end up losing more later in life and this is applicable to more than just money.

How much do you save each month?

I try to save around 30 per cent of my income each month. It’s a system that works well for me. I still have enough to cover everything I need, plus a little extra for treats or unplanned things, but I know I’m building something solid for later too.

ALSO READ

• UAE has improved this Canadian expat's relationship with money and wealth

• 'Having little money taught me a lot': British expat reveals journey to financial success