One can easily notice a pattern in the increasing incidents of Indian workers being stranded in the Gulf without money, passport and often ending their lives. This could be attributed to the lack of financial discipline, planning, saving mentality when it comes to Indians when they go abroad. With the cost of living on the rise and financial responsibilities piling up, saving for the future often takes a back seat. Here are some tips to keep in mind when building a sound financial future

Live according to your needs

The biggest problem Indian expats face is debt. Certainly Dubai is the land of opportunity but you must not allow your desires to sway you and you end up splurging on items of luxury. Instead, live within in a stipulated budget so that every month you build a nest egg.

# Understand what you are getting into

You have often have instances of people saying they were cheated or swindled by some petty scheme or by their employers. In order to fulfil the paucity of money, Indians often end up taking money from moneylenders and make suspicious investments which then backfires, leaving them in the lurch. It is important you read the fine print, check out the merits of enrolling in any money saving scheme so that you do not end up losing your savings in one go.

Avoid giving into vices like the plague

Your expenditure on vices like regular smoking, drinking or doing drugs can rack up a huge bill. A regular habit of eating out in expensive restaurants or smoking expensive cigars and cigarettes can prove to be a costly hobby to indulge in. More than money, they are eating into your health, to treat which medical services will be needed and a lot of that money you saved will need to spent in nursing yourself back to health.

# Plan your investments and loans wisely

Dubai is the land of fast and flashy cars but that does not mean you need to get one even before you can find your feet abroad. If you absolutely must get an automobile, then choose according to your needs and budget, otherwise it would mean that you will end up spending half your savings as interest and car loans. Car companies offer up to six years to pay the car off in monthly instalments, but if you choose to do it in, say, three years, then that’s less interest to pay and dirhams. Drive consciously to avoid traffic violation fines. Use RTA’s prepaid seasonal parking cards usable in select parking zones instead of paying on an hourly and daily basis.

# Plan your travel wisely

It is common practice among Indians that the moment they land they will start planning of ways and the days when they get to come back to the homeland. However, often dilly-dallying on the dates and putting it off for emergency situations can result in you coughing up exorbitant airfares. So make sure you plan your holiday during the lean period, if you must. It is a known fact that air fares rise dramatically around June 15 each year and stay high until about September 15th.