One of the most popular radio personalities in the country, Siddharth Vohra (or “Sid”) is as charming and effervescent in person as he sounds on the airwaves. The award-winning radio presenter entertains millions of South Asians around the UAE every morning as the host and co-anchor of the Breakfast Show on City 101.6, a prominent Bollywood music radio station.
Having rubbed shoulders with virtually every Indian movie star, Sid admits his career took him down a completely different road, one that he hadn’t anticipated in the least. “I am a trained engineer and my family has been in the automotive business for almost 80 years, so after graduation, that’s the industry I joined,” he recalls. But something called him to radio and in an effort to keep both his family and himself happy, what followed was a juggling act for many years. “I’d work from 9am to 5pm at the workshop and then prep in the evenings until my graveyard shift on radio from 12 to 3am, a few hours of sleep and then I’d be back at it all over again!”
Sitting down to discuss money was a far cry from the usual subjects he discusses on radio (Sid is an avid fitness and adventure junkie) but the vivacious Vohra jumped right on board. Here he shares his journey, in his own words.
Destination: Dubai
2010 was a big year for Sid, personally and professionally. “Not only did I move into radio full-time move but I also left Delhi for Dubai,” he recalls. He also had the extra onus of adjusting to fatherhood as his wife was six months pregnant when they moved. Since the couple was reliant on a single income-his-they stuck to a strict budget. “Otherwise it would have been really easy to go overboard which often happens when you move to a glamorous city like Dubai,” contends Sid.“My wife is a natural negotiation and deal hunter so she knows how to make sure we get bang for our buck…I’m definitely a lucky guy!”
Budgeting is your Best Friend
Budgeting is the difference between being in control of your money or your money (or impulse) controlling you. “Every month, we make sure our minimum basic expenses are covered. That’s rent, groceries, electricity, water, phone, internet, petrol with an extra 10 to 15 percent added for good measure.”
What about when he goes over? “I just recalibrate the next month. Sometimes that means making tough decisions and foregoing certain choices. Last year we were supposed to take a family holiday to London but I knew it would be coming off of a period of high expenditure which just means more stress paying back those credit cards. We still took that family vacay, except we went to India and we all still had a great time. Plus I didn’t cringe when I got my credit card bill.”
Pay Yourself First
According to Sid, saving is the equivalent of “paying yourself.” “You work hard and earn money but most of its goes towards bills and a whole bunch of stuff, not you. Every month, I pay myself first and save at least 10 to 15 percent of my salary every month, just for me!”
And while many UAE residents attribute a high cost of living as a major detriment towards saving, not so, says Sid. “There are people who only earn AED 5,000 a month and they are able to save and buy a home in their native country versus people who earn five or ten times more who can barely save enough for themselves. Having more money won’t make saving easier; having the right mentality and discipline will.”
Financial Savvy When Building A Family
Getting married and having kids becomes a natural motivator to not only earn more but to also save more. Both Sid and his wife independently save for their children but in separate accounts, “so we don’t discuss it or know exactly how much the other has saved, but I know we both do it,” he shares.
Investing in life insurance was also important to Sid, who holds a few different life insurance policies. “The peace of mind I have knowing my family is protected in case something happens to me, it’s priceless.”
Men, Money and Relationships
“Communication in a relationship is very important and the same applies to money,” shares Sid. He maintains that anyone in a serious relationship or considering getting married must have an open conversation about individual income and debt with their partner. “Often men don’t discuss their money concerns with their significant others. Part of it is this cultural notion, that being masculine means we have to come across as strong and unaffected, that we should solve our own problems. But I see how money tension weighs down so many of my male friends. Guys, talk about it with your partner. A problem shared is a problem halved!”
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