Every migrant worker strives to ensure a decent life for himself and his family. However, it is difficult to achieve financial goals without proper budget planning. It happens that some people earn little money, but at the same time manage to save money for big purchases. How do they do this?
Today we are starting to publish a series of articles on financial literacy of migrants, and our trusted partner is helping us in this. Migrant.uz!
🧮 Keep records of income and expenses
This will allow you to know exactly what your financial situation is, how much you earn and what you spend on, the cost of your habits, set financial goals, plan large expenses and avoid having to borrow money.
According to the experience of many migrants who have started keeping records, they find that they can send their family or save 15-30% more money than before, simply by controlling "invisible" spending.
✍️ Keep detailed records of all income
• Record every amount received
• Keep all receipts and salary information
• Mark additional earnings
💱 Monitor all expenses
• Use special apps to account for expenses, connect SMS notifications from the bank and check the card balance regularly.
• Keep receipts from all purchases and patent receipts.
• Separate mandatory and optional expenses
• Check your expense list monthly and determine which expenses can be reduced.
🗓 Plan large expenses in advance
• Make a list of necessary large purchases and payments
• Determine how much money you will need for each major purchase and plan when you are going to make it.
• Set aside a certain amount each month for these expenses;
• Buy air and train tickets in advance – it's much cheaper.
• Use seasonal discounts (for example, buy winter clothes in summer)
✔️ Set financial goals
• Prioritize spending
• Make a savings plan
• Track your progress
💰 Create a financial safety cushion
• Save at least 10% of your income
• Keep your savings in a separate account
• Don't waste your savings on current expenses
✍️ Reconsider spending on holidays and celebrations
• Set a reasonable budget for weddings and celebrations
• Explain to the family the need to save money
• Look for alternative ways of holding events
💸 Optimize your daily expenses
• Cook food at home instead of buying ready-made
• Use public transport
• Look for favorable communication rates
• Pay for the patent for the next year in advance. You can pay at the old price by the end of the year.
• Make the "Registration" document as long as possible. It's cheaper than renewing every three months.
• Send money on business days and during business hours – after work and on weekends, the exchange rates are higher
• Before sending money, compare all known and reliable money transfer services. Take into account all commissions and payments. You can use our SalamPay application for transfers.
⏰ Avoid impulse purchases
• Make a shopping list before going to the store. This will save you from unnecessary expenses.
• Before you buy something you like, pause for at least 24 hours
• Usually, after a day, the desire to buy a product weakens, or even disappears altogether;
• What seemed necessary at the time may actually be unnecessary.
While waiting, ask yourself if I really need this thing.
• If even after a day you think that you need the item, then you can make a purchase, considering it a well-considered decision.
Send this article to your friends.
In the next article, we'll talk about effective ways to save money.
