12 Life Events You Need to Budget For


Living in Morocco can be one of the most enriching experiences you will ever have. Culturally and aesthetically, Morocco is simply unlike any other place in the world.

Whether you already live in Morocco or are planning to spend a significant amount of time there, budgeting and preparing for significant life events is necessary if you want to avoid financial hardship. Here are 12 life events for which you should plan and budget while living in Morocco.

Birth

Nearly 99% of Moroccans are Sunni Muslim. As such, there are several Islamic birthing ceremonies for which you should establish a budget. These rituals typically last up to seven days, and they can get pricey. In addition to the costs associated with the ceremonies and celebrations, one ritual, Aqeeqah, requires a monetary donation.

Khitan

Khitan is the Islamic ritual of circumcision, which over 80% of Moroccan men undergo, that represents the male transition from childhood into adulthood. Islamic doctrine requires males to be circumcised by the age of 15, although it is sometimes done shortly after birth. This process involves a familial gathering and ceremony that will need a budget.

Education

Morocco treats education through college as a right – therefore, it’s free of cost for the most part. However, with only a 50% literacy rate for graduates of the Moroccan school system, many residents in Morocco are looking for alternative forms of education.

For the most part, French and American international schools are the alternative option. While highly reputable, they are typically selective and expensive. Subsequently, if you plan on attending an international school in Morocco, it’s important to budget for everything from tuition to travel and supplies.

Yearly Religious Events

Morocco officially celebrates 11 yearly holidays, both Islamic and secular. Not every occasion is costly, but it’s important to budget and have an appropriate amount of money set aside for each.

Further, for the 1.3% of the population that is Christian or Jewish, their various religious rites and yearly celebrations can be fairly expensive as well.

Weddings

Just as they are in many countries, weddings are expensive in Morocco. In Islam, a wedding is an immensely important rite that represents the transition of boys and girls into men and women, and many of these ceremonies last for several days. In Morocco, weddings often cost between 4 and 10 times the per capita income – so being prepared with a budget to cover the various expenses of a wedding will ensure that everything works out smoothly.

Buying a Home

Buying a home is an important life event, regardless of where you live. Property value in Morocco is approximately MAD 1,975,000, which is equivalent to about $250,000 USD.

According to CreditRepair.com, by budgeting and saving prior to buying, you can avoid financial roadblocks that could ruin your credit or even frustrate your attempt to purchase the house or property in question.

Buying a Car

Buying a car is often one of the first major purchases made during one’s life. For many, it symbolizes the transition to adulthood and financial responsibility. Accordingly, it’s an event that one needs to budget for since buying a car is expensive. The average cost of a new Toyota Corolla or equivalent is $19,309.92 USD.

Travel

In 2015, the equivalent of $2,252,000,000 USD was spent on outbound international tourism in Morocco. This makes sense because Morocco, which provides easy access to Europe, Africa, and Western Asia, facilitates convenient travel to some of the world’s most interesting places. However, just because it’s geographically easily to travel to these places doesn’t mean it’s inexpensive to do so. Budget in advance to ensure you get the most out of your getaway.

Military Emergencies

With the rise of domestic and international terrorism in Morocco, made apparent by the recently-thwarted ISIS-related activities in several Moroccan cities, it’s clear that the possibility of a military emergency is something to consider. In 2016, at least 19 terrorist cells were caught.

It may be grim, but part of life is preparing for the worst. As such, make room in your budget for the possibility of a military emergency. Having the funds for supplies, medicine, food, and shelter could be the difference between life and death in an emergency situation.

Medical Emergencies

Hepatitis A and B, HIV, and AIDS are all on the rise in Morocco; the contraction of any of them would certainly be a life event. Consequently, budgeting for medical expenses associated with these diseases and other ailments is important.

Public hospitals, especially in rural areas, are often lacking, so costs outside of the actual medical treatment such as travel and lodging must be budgeted for. Household spending on health in Morocco is estimated to be $195 per year, mostly due to high costs of medicine.

Natural Disasters

A natural disaster can be a life changing event for anyone. Moroccans are especially susceptible to earthquakes and flash floods due to torrential downpours. Recently, road restoration necessary due to a major flash flood in 2014 cost the Moroccan government over $103 million USD.

Having money set aside for natural disasters will help alleviate financial hardship should an unexpected natural disaster occur.

Death

The final life event for all of us, regardless of nationality, is death. Death is a time for mourning, a celebration of life, or sometimes a combination of both. Unfortunately, usually, these gatherings are not free of cost.

In Morocco, the average total cost of preparation and burial is $3500 USD. Given the cost, the fact that death is often unexpected, and the Islamic requirement that a body must be buried within 24 hours of death, it’s advisable to plan and budget for life’s final event ahead of time. This is certainly not the time to be distracted by monetary concerns.

Planning and budgeting are important for all major life events. Whether you were born in Morocco or simply living there temporarily, setting money aside for the 12 life events listed above is an important aspect of financial responsibility.

How are you budgeting and preparing for what life might throw your way?