The following are some tips and advice:
- Make a financial plan. This includes information on what is your goal, how much you should earn in order to achieve this goal, how much do you earn, how much you should save and spend, etc. The plan should be for you as a migrant worker and for your family, either jointly or separately. MRC can provide you with a sample of a financial plan if you need it.
- Your financial plan should include not only a computation of what you earn and spend but also on the need to secure your future such as payment of insurance, provident fund, savings, and other forms of social protection. These should be factored in first before you plan on how and where to spend your income on other needs.
- The plan will also include how long do you intend to stay abroad and work. This will help determine your spending patterns. Please note that you cannot be a migrant worker forever because of several reasons, foremost of which is that your contract is usually for a limited period. As such, prepare for your eventual return and reintegration in advance.
- Priorities spending on your needs rather than wants and other non-essential items.
- Pay your debts and loans on time. Do not borrow money in order to pay another debt.
- Invest some of your income in business either through you directly (passive investment) or your family members who can be more actively engage if do not have other jobs.
There are online courses on financial literacy and inclusion that offers information on:
- Better management of remittances
- Effective savings techniques
- How to get out of debt
- Where to invest your money
- How to become a business owner