Simple Ways to Save Money (For domestic helper)
Hundred thousand of domestic workers decided to work abroad for one reason: to feed and support their family financially. The huge amount of salary are always attractive to the Overseas Foreign Worker and enhance their financial situation. However, despite earning 2-3 times higher than working in their own country, many of them are still struggling in saving up. As a matter of fact, due to poor money management and expense record, they don’t have much saving and don’t know where they spend the money for.
Weekend overspending, going out with friends, and purchasing an unnecessary gadget or smartphone are some of the reasons why the saving amount in their bank remain stagnant or even depleting. Moreover, infidelity, failed business deals, and cheated by their friends or strangers can be another reason.
While we acknowledge the importance of saving yet we failed to put the action into real life as a result of our poor discipline and failure to identify the purpose of why we want to save. Sometimes all it takes is to step in the right direction and get things moving in our favor. But, as with most commitment or habit, the first step is always the hardest part. That’s why we’ve compiled a super simple, easy-to-implement 5 steps for you to start saving money right now.
- Make a list of all of your expenses on daily basis
It is essential to record your expenses on daily basis. There are numerous of money expense record that is available in Play Store or Apps Store to download. This apps allows you as well to categorize your expense such as food, transportation, etc.
- Review your expense record at the end of the month
INow you have a clear guideline of how much you spend on each aspect of life, it is time to review and evaluate your spending. Try to compare with your own initial budget for each category and if the amount exceed your budget, plan a way to reduce it.
- Plan how much you want to save and your monthly expense
A small misconception of saving that a lot of people are having is that they save the remaining amount at the end of the month while on the other hand successful people put aside an amount for their saving at the beginning of the month. Therefore, it is important to have a clear plan on how much we want to save on monthly basis whether it will be 20% or 25% of your income and budget the remaining amount for your daily expenses.
- Why do I need to save?
Understanding the purpose why you want to save is another key. This approach will serve as a push factor/ motivation for us to save money. The purpose can be varies from our children’s education, purchasing house in our home country, establishing our own business, or even early retirement.
- Make it as a habit
Continuous action will eventually become a habit. Eventually this habit will bring a positive impact into your life.
Some of these aforementioned suggestions take just a few minutes, while others require a bit of regular effort. Always remember, small changes sometimes provide a huge difference into our life and over time, your persistence and commitment will be rewarded.