Spending and Saving in Middle East
Middle East has always been a very attractive place when it comes for people to come here and earn money, whether it is getting a job or starting your own business, it is lucrative in many ways, since it's tax free. For those who have to pay taxes and vat the % is much smaller in comparison to other countries. Majorly I have seen this that people do get carried away with the life in Middle East, it's all fancy. It's larger than life ways. Specially in Dubai, the options are unlimited, there is so much over there to spend on, no matter how much ever you try to control, at some point you do get carried away.
When people move to Middle East, they do it because they are offered better wages then what they would earn in their own home country. But one also needs to understand that the expenses also go up. You are kind of running 2 homes with that one income. When people take up jobs before doing all these calculations then sometimes, they feel that it was not the wisest decision taken. Some month back in our Company one accountant joined in from India. He was offered a salary double then what he was earning back in India, but after coming here, he realized the salary was not enough as all his expenses had doubled up, which he had not carefully factored. He could barely save anything and in disappointment he quit and moved back to India just in 3 months.
This is very common over here. When one moves to another country, they need to have a financial plan, as to what their savings will be against their income. If it is a good amount then all the effort is worth it, else there is no point in shifting the base without any real gains. In Dubai, how much ever one earns it never feels enough. My friends who are there since more than 15 years, they tell me that they have not been able to save much since the lifestyle over there is high and heavy on the pockets.
Another thing is in places like Qatar and Dubai, people get carried away with the extravagant lifestyle and they spend more than their usual. When they start getting more money, they start spending also more, they buy expensive gadgets, go on expensive holidays, their whole lifestyle changes, which also leaves them barely with any savings.
When one moves to any place in Middle East, they need to keep this very strongly in their mind that their jobs are not permanent and eventually they have to move back to their home country. When they do so they have to have enough to manage the rest of their life. Every job contract is here only for 2 years, and the employers decides if they will renew or not every 2 years. There are phases when they want to reduce the expat population in their regions and they lay off many jobs. All these circumstances one has to be mentally prepared with.
From the day one lands in Middle East they have to start their savings plans because time just flies and when it's time to go back home you may realize you do not have enough to fall back on. Here in Oman life is not very extravagant, yet a lot of people are not able to save much, with the same reason that with increased income they also have increased responsibilities and additional expenses. A good saving plan has to be set in place to make the country shift worth it.
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It's an important thing to factor when moving to the Middle East or any other country. Earning more is just a part of the equation, there are also other things that need to be considered and balanced together with what one is earning. I feel 2 years is not that much to save up enough to prepare to go back home when the contract expires. Perhaps, living a minimalist lifestyle will help and being discipline enough to not be carried away by the entravagant environment.
2 years is surely not enough time to save and stabilize. I always feel that it takes a lot away then giving it when you move to another country for work.
Right. One loses more than they gain in that amount of time. Trying to live a minimalist lifestyle will probably help a little.
The life on other land is not easy. Everyone want to be Financial strong which is not bad and that's the reason many Indian's move to the other countries and gulf countries are one favorite place for them. It's true bigger the city bigger will be the expenses. In today's time managing one home is tough and they have to manage two homes. The life is tough, either they have to limit their spend or they will not be able to save much. But you can not ignore the basic needs.
Absolutely, you need to start managing 2 homes, which many do not factor and then when they come here they suddenly feel the pinch.
A friend of mine went to Kuwait long ago. He he came back and he now looks sufficient. We use to do a same job in company. Life was difficult. He decided to go middle East. He aslo forced me but I could not able to leave home.
He told me that with high income, there also be high expenses and to manage it, he had to to extra labour. He did hard work for long 5-6 years. Now he is okay here in India.
With high income comes high expenses also. Your friend is sensible that he saved well to stabilize his future and financial condition
More often than not, people migrate to other countries for greener pastures but like you said, it's always wise to make a financial plan.
I know a wealthy lady who migrated to another country with the hopes of making it big over there but things got out of control and she could barely get by. In a case like hers she was wealthy in her home country but the expenses in the new country were just too much.
I enjoyed reading this. How is your holiday in Netherlands going:)
Awww, that's terrible, doing well in your country and then ruining it up somewhere outside.
It was Switzerland my dear. I had a wonderful time, now back home :-)
Glad to hear you're back. Id be looking out for you travel post☺
you are right people go to other countries also to earn money But we can earn money in our country too. A little savings can be useful for a lifetime. Thanks for sharing 🙏
A good planning is required when you move to another country