There are millions of people who work overseas away from their families and friends in some other country. They earn the money in some other currency and then they need to save and send their earnings to their dependents back home. Some people tend to keep their money in the savings bank account with an aim to save the total earnings so that they can yield some extra income. But this isn’t sufficient enough. You should also follow some prudent tips if you want to save more of your hard-earned money.
Through this post, we will tell you some easy tips to save money while earning overseas. These tips are over and above the other saving instruments in which you have invested your money.
Let us have a look at these tips one by one.
- Learn the art of money management
Money management is the key to saving money. You should learn how to segregate the earned money in a wise manner. While you are working abroad you will be required to set apart a separate amount of money for your family and if you are from Nepal you’ll have to send money to Nepal. It is advised that you divide your money for the daily essentials accordingly. You need to learn the art of self-discipline while paying for your daily expenses and utility bills. This practice will go a long way in teaching you money management and provide financial security for you and your family.
- Send money only through the safe channels
Always choose a reliable and trustworthy medium of money transfer while you are sending money back home or making any other payment overseas. Never try to send money to Nepal via physical transfer of the funds. Also, sending the money through other people’s accounts or via emails can put your hard-earned money at risk. There are banks and transfer companies in every country which will help you send money to Nepal easily and swiftly. Avail their remittance services and send money to Nepal. Some such reliable companies are the Instarem, Western Union, MoneyGram, etc. This will ensure financial protection for you and your family back home.
- Get insurance done
You never know what calamity may attack you any moment. You need to be prepared to face it and ensure that your family’s financial future is secured. There are many life insurance companies that provide life cover in case of an accident or disaster. Their rates are also quite affordable. So it won’t put a strain on your pocket. Choose a financial protection plan that suits your income and invest regularly in it.
- Spend wisely
It is true that you are working abroad and thus are obligated to send money to Nepal for your family members back home. While working overseas your purchasing power increases and thus you may spend more on luxury items. So you need to make wise choices while you are away from the family. Just do not spend lavishly on everyone’s demands. This will also help you in the long term. These savings will be of great use to you in case of an emergency.
- Diversified investments
Keeping your money in the savings bank account is a good choice as it is readily available. But it is suggested that you should invest your hard-earned money in other options such as the mutual funds, stock markets, etc.
Remember you have moved away from your family for some time and your main motive is to earn more and more money. So money management is the key here.