Working overseas is the goal of many people in search for greener pastures. Most of the time, people choose Singapore because of its good working condition. That is not a surprise knowing that Singapore topped the most liveable city in the world. There are many migrant workers here and without a doubt you sacrificed a lot.
If you come from a different region in Asia and trying your luck here, it is time that you know financial planning tips so your hard work will not be wasted by the time you go back home. The challenge here is to manage all that money and make sure that you do not go home broke.
The perspective of financial planning is not how much you earn but how much you save. It is not just about amassing income but it is multi-faceted. To help you with financial planning, here are some tips that you can consider:
On earning
Sometimes it is easy to accept a job offer especially if the pay is good. Do not be blinded and spend a lot. It may be a big amount when you convert your earnings in your currency but remember that it may be insufficient there. Remember that people pay higher wages here because of the cost of living. The best thing that you can do is to research before taking an offer.
On budgeting
When you are not in your country, knowing how to budget is the key. Budgets are important because it will serve as your guide to keep you abreast whether you overspent on certain things. It is always good to take note of all your expenses and see what areas you can improve on. The trick here is to always track your expenses.
On remittances
If you have a family way back home, a chunk of your budget will go to remittances and when you think of remittances, you have to separate it from your budget. Some people send their entire money home without leaving something. Sometimes you have to send only half so when you come home, you will not find bad investments and wrong choices.
On saving
It was mentioned above that it is not about how big you earn but how much you save. It is hard to save especially if you see a lot of things but you have to procrastinate for the sake of your future. When saving, always picture out your dream house or car so you will be motivated.
On investments
When you are thinking of investments, make sure it is long-term. You can ask for the help of financial advisors if you are serious about this.
