18 Mar 2024
France is one of the most developed countries with a nominal GDP of $2.78 trillion in 2022 and a GDP per capita income of $40,886.3 in the same year. Its robust economy and expansive and thriving job market attract many Indians who come to France for better employment opportunities and send money to India from France.
The purpose of these online money transfers is to offer financial aid back home to those financially dependent on them.
A report by the Ministry of External Affairs, Government of India, said that around 109000 Indians live in France, mostly for work.
However, is it that they work abroad to support their families financially or do they have financial dreams too?
Well, this blog will illuminate the most common dreams Indian migrants have and the essential tips to achieve them.
However, before proceeding, you must remember that financial management is a baby step to achieving your financial dreams. Let’s dive into it together to understand.
Ask any Indian migrant, or any other migrant, about their jobs abroad and whether they can continue without financial management. The symmetrical answer you will get from all is a big no.
Without financial management, you cannot hope to achieve your financial dreams. Remember that it is a fallacy that you can achieve your financial dreams without financial management because you are earning a handsome income abroad. Shun the thought!
Financial management is the process of planning, directing, organizing, and controlling your monetary resources as an individual or a business. Financial management is often confined to businesses and is understood in that context. However, financial management is as important and beneficial for businesses as it is for you as an Indian migrant working in France.
Migrating to another country by leaving your loved ones and family is not easy. The process of moving abroad from India itself is fraught with multiple challenges, which are complicated further when you have to find a reasonable job abroad to support your family back home.
Therefore, during your stay, you ensure that you do all it takes to fulfill your financial dreams.
Some of the financial dreams most Indian migrants have in common are discussed below.
You travel to another country for a job with a reasonable income so that you can save money. Whatever you earn in your native country is barely enough to meet your essential needs, leaving little margin and fiscal space for you to save money. Therefore, the first dream you have is to save money so that you can secure your future financially.
What are your chances of investing money in property or, for example, gold with a meager income and lack of savings? Zero. It leaves you and your family financially vulnerable. So, the other dream you have is to manage your earnings and savings abroad in a way that helps you find investment opportunities to make investments.
Reaching your financial dreams never depends on how much you earn. For one, it depends on how effective your financial management is. After this, the following tips will help you reach your financial dreams faster than you can anticipate.
It may appear to be an ordinary suggestion, but remember that writing down your goals is the first step toward achieving your financial dreams fast enough. Writing down your dreams helps you keep a sharp focus, and it also keeps you aligned with your goals.
But after writing down your financial goals, keep visiting the document to stay aligned and keep marking your progress. The best way is to hang a whiteboard on a wall where your sight keeps falling on it.
Always be disciplined with the SMART goals. Every time you want to create financial goals as an Indian migrant working in France, make sure that your goals are Specific, Measurable, Achievable, Realistic, and Time-Bound.
Remember that your goals must be based on the financial resources you have and not what you think you might have in the future. Remember that finding a credible remittance transfer service provider for your every money transfer from France to India also plays a significant role in helping you save money.
The first thing you must do after you land in France from India is that you need to create a budget. You can create a rough budget before arriving, but once you arrive, create one after measuring your income and expenses and live on it.
Making a budget is easy, as you can find several tools for creating one. However, adhering to a budget you have created holds critical importance.
If you think your financial habits are sound, think again. Take some time and analyze your financial habits, and you will be frightened to note the irregularities. Therefore, make it a habit to analyze your financial habits regularly and make changes where needed.
You can make it a habit that you indulge in initially once a month and then bring it down to once a week until you practice at the end of a day every day. It is a training that will purge irregularities from your financial habits after you complete it.
Regardless of how acute your financial acumen is, feel free to seek advice from a financial expert for your plan for savings and investments. Since a financial expert has experience, their advice can help you achieve your financial dreams quickly and clearly.
The basic reason for your expatriation from India to France or elsewhere, for that matter, is the financial compulsion that drives you to France to earn a living and online money transfer from France to India. It is important because such advice may draw your attention to some critically important financial aspects that you normally tend to ignore or attach less importance to in the spur of the moment.
Following the above-mentioned simple tips, you can easily achieve your financial dreams quickly.
Let’s take a quick look at some of the financial dreams almost every Indian migrant has.
Remittance is not an activity that you do once in a while. Rather, it is a routine activity that incurs costs. Remember that your goal of saving money directly relates to how you transfer funds back home. Because you pay fees for the process and also get currency exchange rates whose upward or downward trajectory can affect your money transfers.
Therefore, choosing a reputable, credible online money transfer company like ACE Money Transfer will help you with one of your financial objectives. The firm offers live and market-competitive currency exchange rates, speed and security of your hard-earned money, 24/7 access and availability of its services, and much more from just one window for a low fee applicable only if the amount reaches a certain level. If it remains below that, you will likely enjoy fee-free transfers.
Remember that effective financial management allows you to send money online to India from France in an organized and cost-effective manner, as it dictates that you weigh your options.
The burgeoning population of India makes it difficult for the Indian government to provide for its people. It leads to unemployment and poverty, driving millions of households to suffer financially. So, several Indians work in France for want of a reasonable income.
Financial management refers to the effective control of your monetary resources. It also refers to your income, expenses, and savings. Financial management also means creating strategies to manage your finances as a whole effectively.
Financial management offers critically important benefits. Financial management helps you make better decisions, gives you more control over your finances, and allows you access to more transparent financial data for effective management of your financial resources.
Every migrant sets different financial dreams and goals for themselves which are largely shaped by their circumstances and financial history. However, some of the most common financial dreams most Indian migrants share are savings to secure their future and making investments.
You can achieve your financial dreams fast enough if you write down your dreams to keep a sharp focus, exercise discipline with SMART goals, seek expert financial advice, create a budget and live on it, analyze your financial habits regularly and make changes when needed.
