The GCC Region is heading to another economic slowdown due on the ongoing dip in Oil Prices Globally. The governments are reducing subsidies, increase direct/indirect taxes; there is an anxiety on how these changes will affect this year. As per financial experts 2016 is a critical year for Indian GCC expatriates. There is a dip of 60-70 % in the overall revenue of GCC countries and this could reflect in all sectors.
Here are some of the precautions you could take
Only sent money which is needed to India, have the extra money in hand, will be useful
Try not to make new Liabilities this year
Reduce use of credit card, reduce unnecessary expenses
If taking a bank loan, please be double sure that it is worth the risk
Try to finish off the liabilities soonest possible
If changing jobs, please be sure of the financial strength of the new company
Better stick to the current company, however learn new skills and keep updated with market changes
If you are a businessman try for diversification , learn and explore new possibilities. If possible look for having a foot in India.
Reduce Luxury to the maximum possible extent
Look for short-term investment upto a maximum of 5 years.
Have adequate Insurance cover to cover unforeseen circumstances
Get help from a Financial Planner for planning finances