Money is the lifeline in the modern scenario. Often a phrase is to be heard in social circle ‘Money is Honey’. Those who have a strong financial position in society enjoy all privileges till the end of their lives. Expats residing in Saudi Arabia, especially those who have currency rates lower than Saudi Arabia enjoy huge currency exchange profit. After starting their jobs in Saudi Arabia, they start earning huge amounts abruptly and this causes them to feel confused where to spend money. Mostly they use to spend their earning in show offs and splurge. Indeed, where money, there is the possibility of boosting and show off. Families of Expats who start receiving money from a person residing in Saudi Arabia start purchasing costly gadgets and expensive jewelry to impress their relatives.[irp]
Initial days seem so classy and happier due to splurge and glittering effects of money. After some time when spending exceeds actual earning these families face abrupt fall in their social status. During such time, only those families who already had saved some money or invested in some profitable business enjoy healthier life even during jobless days. Expats residing in Saudi Arabia should analyze one fact that their jobs would not continue till long. They should set aside money for rainy days. Expats residing in Saudi Arabia should follow following savings tips to save money for the time when they will return to their countries. Savings would not only make them relive of their future stress but also would help them to maintain their social status forever.[irp]
1.Expats should align a specific budget by keeping in view their total earnings and spending. It would help them to allocate a proper amount to expenses and a reasonable portion of savings for bad times.
2.Money should be invested in some financial assets. In case money is invested in some stock trade business or financial asset people would find it profitable at intervals. Some Islamic businesses and share based on equal profit and loss offer profitable share market. By investing money in such market, there is a possibility to earn a profit on savings set aside for future planning.
3.Till the day expats are residing in Saudi Arabia their families back in their countries should start some profitable and sound business with earning from Kingdom. This way job and business both will be established and expats would easily set back to their homelands when their job is over.
4.Another sound way of saving money is to trim expenses to maximum low level. Any expense related to the excessive outflow of money should be avoided.
5.They should make attempts to spend money maximum in capitalization of their assets and household like the purchase of assets, sending money on a valuable education degree, investment in profitable stock market and much more ways of capitalization of money.
6.The best thing to save money is by promoting the habit of saving among family members and expats themselves. It will not only help them to minimize investment of money in expense out areas but would also enhance their life standard by raising their capital and reserves.