It is very obvious and understood by many of us that expatriates living in Saudi Arabia must be earning a handsome amount of money, sending it to their families abroad and must be Richie rich. But the reality is completely opposite. They face a lot of financial issues because of their lack of money management. They end up in financial problems because they assume that going abroad and earning is the solution to their money problems and their families/relatives depend highly on them. Another cause of money problem for expatriates living in Saudi Arabia is that they are already under heavy loans and debts, which is why they go abroad, to earn, thinking that they would repay all of it with their heavy income overseas.
One more reason for poor financial status is the high expectations of both the families and already migrated expatriates which make them think that everything will automatically settle down improving their quality of life. These expatriates don’t have long term plans or goals. They just work and send everything without any proper management. In order to manage money well, these expatriates should save more than they spend in order to have something with them for rainy days. Proper education about management skills and money saving strategies would make the life of these expats more peaceful, saving their relationships and reducing their burden so that they may visit their home without any stress and lead a happy successful life. Unfortunately this seems to be rare.
- These expatriates work hard and earn solely to support their families overseas. They send almost all of their money to them, without saving much for them. In return these families don’t feel sympathy and overlook the sacrifices made by these expats. They unnecessarily spend the money in malls and visiting high end places.
- These expats are way too generous and spend almost all of their salaries in buying gifts not only for their families but also friends, colleagues, neighbors and whoever they meet. Also on family reunions these expats need to be generous either to show off their money or because of family pressure. They might end up taking loans before going on vacations
- These expatriates fail to communicate well with their families, sending them money regularly without inquiring what the family actually needs. As a result when they come back home, they are gifted with loads of debt receipts, empty bank accounts, credit card bills and are also blamed for not being open.
- Expats or the spouses overseas get involved in forbidden relationships due to the long distance relationship. The family may destroy and above all, this adds more to the expenses.
- These expats easily become prey to scammers. The scams include; getting rick quickly with few steps, like deals and requires investing money and the only way they can retrieve their money back is by recruiting more individuals. Other scams involves investing in plots or businesses which do not really exist or shutdown soon.
Money Saving in Saudi Arabia
- Tips to save Money while Travelling out of KSA
- 13 Problems of people who cannot save Money
- Why Some Expats Fail to Send Money Back Home?
- Some Bad Habits causing Heavy Losses to Expatriates
- Tips to Save Money while living in Saudi Arabia
- Top 5 Money Saving Mistakes of Expatriates in Saudi Arabia