Top 5 Money Saving Mistakes of Expatriates in Saudi Arabia
These expatriates follow the formula of “income - savings = expenses”, some are following the “income - expenses = savings.” Some mistakes may be:
- Spending too much: These people spend more than they earn. As a result there are no savings and at the end of the day they have nothing in hands. As soon as they get salaries in hand, they feel empowered and buy expensive gifts and luxuries they were dreaming for. This thing should be in limits in order to do sufficient savings.
- Sending all the money to family: There are times when these people don’t plan sufficiently and send each and every penny back home. If your spouse is good and responsible enough then its fine but if not then they have nothing with them when they reach home again and all hard work is wasted.
- No investments: According to a study conducted in 2008, only 48% of these expatriates are setting aside money for financial investments of which only 3% are actually investing in stock exchange, prize bonds, owning lands or other paper assets. What does the number tells you? Investment is a good idea of doubling your money sideways with work.
- No future planning: these Saudi expatriates don’t think about their lives after they wind up work in abroad and return home. They might need to return home one day due to closure of company or any other set back then what? This needs sufficient future planning which will save them from this day. Planning way ahead of time will make preparation a bit easier and will give them more options.
- Not paying debts on time: credit cards, banks, and other lenders offer loan and which is on interest; of course if you take long time to pay back, the interest increases. This keeps on increasing debts. And all money is used to pay back these debts.
- Not having financial goals: they don’t plan what they actually want and when the struggle will end. It is like working without an aim. There should be a track and planned setup to reach the particular goal within set time. This will help them in achieving the target in time!
Miscellaneous Information about KSA
- Some Bad Habits causing Heavy Losses to Expatriates
- Weather and Climatic conditions in Saudi Arabia
- Country Wise Population of Expatriates in Saudi Arabia
- Countries with Cheapest and Highest Petrol (Gasoline) Price
- Electricity Tariff Rates in Saudi Arabia