A comprehensive guide to saving and improving the quality of life for salaried individuals in Saudi Arabia

Today we will shed light on how a salaried person in Saudi Arabia can save and at the same time create a good lifestyle

As you know that Saudi Arabia is a very good country where every facility of life is available, but the problem here is that a salaried person earns a lot of money here but it becomes very difficult for him to save it, so today we will talk about how a salaried person can save some money from his monthly salary. As you know that there is a storm of inflation in Saudi Arabia too and this storm is standing in front of every person and on the other hand, it is very difficult to manage the fees of children and family expenses at home with this salary.

So we come to the real question.

Is saving possible?

If the answer is yes,

Then how can this be made possible

So let us tell you the principles on the basis of which this work can be possible and if we can save some money from our salary, then let us formulate some principles for this.

And that principle is this

1: Income and Expense

First of all, we will write it in a notebook or some paper that how much is my Income and how much is being spent and what is being spent. If you start writing this, then 15 to 30 percent of your expenses will automatically decrease because you will find out where I am wasting money in vain.

As a famous saying goes,

Money is a good servant but a bad master, so we should use our money thoughtfully, that is, spend it.

2: Distinguish between need and desire

If you have to start a budget, then first of all you have to control your desires. This means that if you go to a hotel four times a week, then try to go once or twice at most. And whatever money you sell at home, then keep in mind that this money is for needs or there are some other desires that are causing this money to be spent.  It should be given that it is not good to be too fond of new mobile phones, watches and new clothes, it affects your Income a lot, so take special care that you spend money on what you need and in addition to that, if you are getting something in abundance, it does not mean that you should buy it, if you need it, then take it, otherwise do not waste your money like that

3: Saving and investment

Set a savings target in your monthly Income, which is your salary, that you have to save this percentage every month and keep this money in a separate place and in addition to this, you should also have an emergency fund, if God forbid you ever need it, you can use it and if you invest the savings that you are getting in a good investment, it will be very good because saving is very important and this is a good habit that is very important for your future life

4: Traveling and having fun

As you know that traveling and having fun is also a necessary act, but you have not done this  It is important to remember that it is not a good idea to go for sightseeing and entertainment every time. The second thing is that you should not eat a lot of food at the hotel, but cook at home and this will benefit you a lot.

5: Make a budget for daily necessities

If you buy such items that are in your daily use, it will be very good if you buy them once, it will be very good, it will benefit you a lot and your expenses will not be too much. Instead of bringing one kilo of sugar one day and then bringing two kilos of sugar after two or four days, you will lose money. You should buy the amount of goods that you need for a month at once, if you bring them at once, you will save a lot.

Some important things to keep in mind

Add yourself to a Telegram WhatsApp group or channel in which you can get the discount on daily groceries, which means you can buy your daily necessities at a cheap price.  The second thing is to invest your monthly savings in a good Saudi bank in accordance with the principles of Islamic Sharia compliance so that you can get some profit on a monthly basis and you can withdraw it whenever you want. It is important to take care of these things.