As a migrant worker in Singapore, most of your time is spent working so that you can send money back home to your families. Setting (and achieving) financial goals can seem very daunting when you have little time or resources to do so, but with some actionable steps, it can be done! Keep reading to learn how to save money in Singapore and reach your financial goals!
1. Always save a part of your salary
Saving money is a great habit to develop. Saving will help you when unexpected situations arise and will give you a safety net when you need it. The great thing about saving is that you don’t have to save a lot if you aren’t in the position to do so. Always remember, some saving is better than no saving. Start saving small and you will see that saving that extra $5 spent at Starbucks every month will pay off in the long run!
2. Ensure that your remitted money is spent properly
Opt to use bill payment services when making a money transfer. This can help you to avoid the possibility of family members spending money irresponsibly. You could also purchase coupons from companies like BeamAndGO so that you have control over the essentials that your family spends on. Alternatively, try to calculate the estimated amount that is actually needed by your family. If you keep this number consistent over weeks and months, it will become easier to predict the future state of your finances and prevent sending more money.
3. Avoid Overspending
It can be tempting to spend any extra money you have, especially if you are in a new place with new experiences. After all, you want to be able to enjoy yourself and live your life. However, money takes a long time to make but goes away quickly. Developing responsible spending habits by limiting yourself a bit on what you indulge in, will put you in a much better position financially. In simple terms, do everything in moderation.
4. Use money management tools
There are so many great budgeting and money management tools that you can use to your advantage. Whether you want to track your finances or budget your money, these apps make for a practical way to help you achieve your financial goals. JiPay, for instance, allows you to track all finances and remit money within the app, and it even shows you an insights tab where you can visualize your money spending trends.
JiPay is an e-wallet, prepaid debit card, and money management app that serves foreign domestic workers, employers, and kids in Singapore. On JiPay, you can see every expense, which is especially useful for families that are managing multiple spenders.
You also have an “Insights'' tab, which displays your spending habits, so that you can know exactly how much you are spending on what. The JiPay app also helps you with budgeting your money, since you cannot spend more than you top-up!