Top 6 Money Saving Mistakes of Expats in Saudi Arabia

Although all expats migrate to Suadi Arabia with the intention to save money, many of them fail to do so and all their efforts go down the drain because of their mistakes. Here are the common mistakes;

  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 their hands.

As soon as they get salaries in hand, they feel empowered and buy expensive gifts and luxuries they were dreaming of.

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  1. Sending all the money to the family

There are times when these people don’t plan sufficiently and send each penny back home. As a result, they have nothing with them when they reach home again and all the hard work is wasted.

  1. 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.

  1. No future planning

These expats 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 the 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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  1. Not paying debts on time

Credit cards, banks, and other lenders offer a loan and charge interest on it. If you take a long time to pay back, you end up paying a lot of interest. 

  1. 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 set up to reach the goal within a set time. This will help them in achieving the target in time!

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.