There is no doubt in saying that everybody leaves his home country and travel to a foreign country to earn money. Traveling miles and kilometers and living away from your loved one is not an easy task. If you are sacrificing a lot, you have to rationalize your income and manage your expenditures for some future saving.[irp]
Now if we talk about Saudi Arabia there are almost about 13 million of expat living and working in different fields. These expats are from different parts and countries of the world. We have often seen many expats who left the country with heavy debts. This is very tragic to hear that a person who left his country to earn money but had stuck very badly.
Now I will tell you some simple ways how to save some huge amount of money in your bank account before leaving Saudi Arabia:
1-Save some money first then spend what is left: First of all, manage your daily or monthly income. Put aside 10-20% of your income. Instead of saving what is left, try to spend what is left and save first. This is the first rule that will help you to make and manage your budget and spend period.
2-Invest some part of your money: This is a good choice to get a good profit on your money within a short time. Try to invest your savings in your country. There are several options where we can invest our money in a stock exchange, property, mutual funds, and bonds. Instead of keeping your money in banks for a long time, investment is the best idea.
3-Shop during the country sale and season festival: Stop yourself from shopping too much throughout the year. Saudi Arabia is considered to be a home of every brand and people cannot resist themselves from shopping. If you really want to save a huge amount of money so it is good for you to shop during discount periods and country’s season sale.
4-Don’t get swayed by luxury: Living in Saudi Arabia can easily attract you to the trend of cars, hoteling, shopping and other luxuries. This seems good just once in a month. If you love your money so resist yourself from winning over the luxuries.
5-Stop converting your money: This is a big mistake that is committed by many expats. They often try to convert their Saudi riyals to their local currency before spending it.
6-Keep yourself away from loans and credit cards: If you have issued a credit card try to pay its bill on its due date as it will help you to save your extra charges that you will have to pay an extra fine. And never try to take any personal loan from any bank.