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To get you started I suggest using our Cost of Living in Saudi Arabia page as a guide to help you plan your expenses. Much of your cost of living will depend on the lifestyle you and your family are accustomed too.
Good luck
Shantalie
i posted a reply but not sure where it's gone. Anyway this money should be more than enough to live on and save some depending on your lifestyle.
Living in a compound is a very expensive option if your employer is not providing you with accommodation and this will be a big chunk of your monthly budget.
If your employer if offering you a house/flat/villa i would suggest you take it, at least initially because it's the best way to save loads of money. Those are usually very modern, clean and well furnished and all bills are paid for. Plus this will give you time to know the city and find the best compound for you to live on.
As for schooling, the fees at international schools are also very high. On the bright side, the rest is fairly cheap in Saudi and you may get a few more perks from your employer to help you save money.
Hope that helps. Good luck