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Financial Planning for the Future: Everything to Know for Indian Expats in France

13 Mar 2024

According to a report by the Ministry of External Affairs, Government of India, over 109,000 Indian migrants are working in France. Pushed by poverty and unemployment in their native country, Indians work in developed countries, including France. They aim to earn a better living and send money to India from France to offer financial support to their families back home.

Since the impetus behind traveling to a developed country for work is the financial constraints. It becomes critical to make a financial plan for the future – when you return to your native country post-retirement.

So, imagine you work and retire without planning for your financial future!

Even a slight imagination of this will send a shudder down your spine. Right?

This blog is all you need to understand financial planning.

What is Financial Planning?

Financial planning is creating a financial plan that guards you from the shocks of unforeseen events like emergencies or job loss or even from the adverse impacts of retirement in the future.

This process is based on your current financial status, setting financial goals, and taking appropriate measures to achieve those goals.

There are several types of financial planning. Whichever type you choose to make a financial plan for depends on your circumstances and priorities.

Different Types of Financial Planning

Although financial planning is largely understood as saving a chunk of money you send back home in every money transfer from France to India; it has different types. Take a quick look at different types of financial planning below.

  • Tax planning for taxation issues
  • Estate planning to purchase property
  • Retirement planning to generate income post-retirement 
  • Philanthropic planning to financially help those in need 
  • Education funding planning to secure education for your children 
  • Investment planning for making investments in different areas
  • Insurance planning to look after your insurance needs

What are the Benefits of Financial Planning?

Financial planning for the future paves the way for your financial success. Financial planning creates clarity around your financials, arguably one of the most critically important points to have and enjoy overall financial success.  

Setting and Reaching Financial Goals

A financial plan for the future helps you set goals and work towards them. These goals keep you focused and dedicated and give you a purpose and direction. In the absence of a financial goal, your effort as an Indian migrant in France can be futile. 

Better Decision-Making

Having a financial plan helps you with better decision-making. While you are on your way to achieving your financial goals, you come across several points where a strong and quick decision can turn things around for you. So, with financial planning, you will enjoy better decision-making.     

Saving Money and Avoiding Waste

One of the biggest challenges you grapple with as an expatriate in a foreign country is wasting money on things you simply do not need. Financial planning, however, helps you avoid wasting money and encourages saving. This can be an immense help in increasing the financial aid you offer to your family back home each time you send money online to India from France.

Preparing for Emergencies   

Always remember that it is never the quantum of money that helps you guard against emergencies. It is only how to create a financial plan to attend to emergencies as and when they arise in your or your family’s life.  

Better Understanding of Financials

Several financial opportunities appear in everyone’s life at different points in time. Where a quick response is needed to grab an opportunity, a better understanding of financials is the key to making a quick decision for such opportunities. Financial planning enhances your financial understanding. 

Improved Living Standards

It is through financial planning that you can improve your standards of living. And remember that an improved living standard hardly depends on how much you earn. It is rather deeply dependent on your financial planning.    

A look around may reveal many people enjoying a better living standard with meager incomes than those financially better off. 

Financial Independence

If you wish to achieve financial independence, you must create a financial plan for the future. This will make you financially independent in the future and ensure that you enjoy financial independence in the present. After all, your planning is based on what you have now, not what you will have.    

Tips for Financial Planning for the Future as an Indian Migrant in France      

When you think of planning, particularly financial planning, you get confused because you might think it is a technically complex process for which you may lack the required skills and expertise. But the following tips to create a financial plan for the future are extremely simple and easy to follow.    

Create a Budget

The cornerstone of every financial planning, whether for the future or present, is budgeting. Therefore, you must know how to create a budget as a migrant and live on it. Creating a budget is as important as living on it. 

Track Your Money

Try to get a sense of your monthly cash flow. Keep an eye on and record every penny you earn and spend on anything. You can do this easily using manual ways or some of the digital tools that can help you track your money on a daily or monthly basis. 

Save for Emergencies

It is one of the most important tips and steps you must take for financial planning for the future. Any type of emergency can knock anytime. Most of the emergencies are financial, requiring your immediate financial attention. For this, saving regularly for emergencies can help you handle such emergencies.  

Pay Off the Debt

Make a plan to pay off your debt. Make sure to pay off the larger amounts first. Many people do it the other way. They pay off the smaller amounts first. However, paying off bigger amounts will rid you of the high interest you pay on top of the principal amount.   

Plan for Retirement – In Advance

Another critically important step is to plan for retirement well in advance. Even it is worth it if you consider your retirement and plan for it on the first day of your job instead of thinking you will plan for it once you near retirement. 

Understand Taxation Thoroughly

You may be accustomed to tax regulations in your native country but remember that in France, taxation laws are pretty tight and equally complicated. Therefore, try to understand taxation in France thoroughly and plan and manage your taxes carefully.   

Make Diverse Investments

Never put all your eggs in one basket. It is a sure recipe for financial troubles. Instead, make sure to invest in different and diverse areas after understanding the risks involved. A few potential investment areas have already been listed above. 

Break the Cycle: Affordable Transfers with ACE for a Brighter Future

You travel to France from India so that you can find a better job to earn and make an online money transfer from France to India to offer financial aid back home. Right?  

Given that money transfers are a recurring and cost-incurring process, choose ACE Money Transfer. Its services are anchored in speed, safety, low service charges, and competitive currency exchange rates from one window. All of this will help you save and send more.


What do Indians travel abroad for work?

India is now the world’s most populous country. A majority of the Indians are living in poor conditions due to unemployment, leading to acute poverty. Indians, therefore, travel to developed countries like France to find sustainable jobs to earn a better income.

What is financial planning for the future? 

Financial planning is the process in which you take appropriate measures to ensure you stay protected from financial shocks you may have to face at times. Financial planning keeps you protected from financial emergencies, impacts of inflation, retirement or even job loss.  

What are the different types of financial planning?  

The different types of financial planning can help you invest in several areas. Financial planning types include tax planning, estate planning, retirement planning, and philanthropic planning. It further includes education funding planning, investment planning, and insurance planning.     

What are the benefits of financial planning?  

Financial planning offers several benefits such as preparing for emergencies, setting and reaching financial goals, better decision-making, saving money and avoiding waste. You need to have a better understanding of financials, improved living standards, and financial independence. 

What are the steps involved in financial planning?

Some steps involved in financial planning are creating a budget and living on it, tracking your income and expenses, saving for emergencies, and paying off debt. Also, there is a need to plan for retirement in advance, understand taxation, and make diverse investments.

Tips for Expatriates

Taxes and Nepalese Expats: Understanding Your Tax Obligations When Living in the UK
Banking Fundamentals for Expats: Options for Savings and Investments for Pakistanis in Italy


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