I’ve seen people working abroad who had a total take off in their lives. On the other hand, there were workers from abroad who only maintained their surviving level status. In case you belong to the 2nd type of worker, hold your head high as you can still learn the Effective Ways on Handling Your Finances While Working Abroad.
1. Open a Local Currency Account
- Opening a Local Currency gives you the option to save money while working abroad. Other than sending all money to your family member’s bank account, much better to keep something for yourself.
2. Open a Foreign Currency Account
- Having another currency account could be beneficial if the trend of the currency is on your favor. Let the money conversion play the game. This kind of account is ideal only if you have extra money from your earnings abroad.
3. Make a Separate Bank Account for Your Family
- Letting them open a different bank account for their allotment allows you to have a full control of their expenses as well as your savings. Having a clear picture of your cash flow will create a worry-free mind which may help you focus on your work.
4. Use Online Banking if Possible
- To maintain the track of your finances, it is important to choose a bank with the stable online banking system. In this way, it would be easier for you to make an immediate fund transfer in case of an emergency back home. What I mean by stable is, it should also be accessible even you’re staying abroad. As for my experience, while working abroad, I had difficulty accessing my local bank account online. All because I need to perform a text confirmation every time I’m accessing my account online.
- Take note that there’s clearance time for online bank transfer. Mostly, 3 to 5 business days must be waited for your funds to get cleared.
5. Learn All Possible Ways of Transferring Funds
- Money transfers can be possible too by using other financial services like Western Union. This comes in handy because this kind of service automatically reflects your money transfer. Absolutely no waiting time!
6. Write a Defined Weekly or Monthly Budget
- Writing down your budget will help in managing your money wisely. Once you have the budget listed, you can finally make a decision in favor of your and your family needs or wants.
- What do you need to consider to religiously maintain Successful Budgeting Practices? So simple, just write down all your earning sources, regular expenses, and future plans on a monthly basis. In this way, you can easily calculate everything. Well, No matter how much you hate numbers back then, now you need to love them especially for your future Investments as a Worker Abroad.
7. Stick on Achieving Your Goal
- Setting up your goal keeps you on right track, but not all people realized this. This goal setting arrangement scares most people. Why? Simply because they can’t see themselves to work on their goal with full commitment. Anyhow, always remember that our goals to achieve in life is almost the same as our reasons why we’re earning for a living. Both keep us going, but goals will dictate our future!
8. Avoid Temptations
- There are so many Perks of Working on a Cruise Line or Abroad, which means it will give you the power to save money. However, it has its downside to others as they start to acquire wicked behaviors or vices during their stay abroad. Vices such as drinking liquors, smoking cigarettes, gambling in casinos, etc. Thus, avoiding all of these temptations can be challenging since these vices are the only ways to distance yourself from stress caused by your work. Yet, sticking to a temptation free life can keep you going the extra mile.
*** Discussed above are just a few tips that I would recommend you to follow. Just want to say that I came up with this list based on my experiences abroad so I can personally attest to its effectiveness. Anyway, let me know what you think! Cheers! ***