Top 6 Money Saving Mistakes of Expatriates in Saudi Arabia

Saudi expatriates are those who work in Saudi Arabia but they are not Saudis, they leave their families and work hard by staying miles apart just to earn healthy and maintain a good lifestyle. They struggle so much to raise the economy of their country and are like national heroes to them.

These expatriates only have one thing in mind that is, to earn money and save it for their families and country for leading a more prosperous happy life. But it is a sad reality that many of them fail to do so and all their efforts go down the drain because of their mistakes. They are not able to save much and fulfill the real reason for them working abroad

These expatriates follow the formula of “income – savings = expenses”, some are following the “income – expenses = savings.” Some mistakes may be:

1-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 of. This thing should be in limits to do sufficient savings.

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2-Sending all the money to the family: There are times when these people don’t plan sufficiently and send each 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.

3-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 investing in the stock exchange, prize bonds, owning lands or other paper assets. 

What does the number tell you? Investment is a good idea of doubling your money sideways with work.

4-No future planning: these Saudi expatriates don’t think about their lives after they wind up work abroad and return home. They might need to return home one day due to the closure of company or any other setback 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.

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5-Not paying debts on time: credit cards, banks, and other lenders offer loan and which is of interest; of course, if you take a long time to pay back, the interest increases. This keeps on increasing debts. And all money is used to pay back these debts.

6-Not having financial goals: they don’t plan what they 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 goal within a set time. This will help them in achieving the target in time!