11 Jan 2024
In most cases, if it were not for securing one’s financial future, the last thing people from developing countries like the Gambia would consider would be migrating to another country.
They cannot manage savings for rainy days with the limited means of earning they already have; therefore, the Gambians travel to developed countries to find financially well-meaning jobs, earn a living, and send money to Gambia to extend financial support to their families back home.
A USAID report said that the Gambia is a small West African country surrounded by Senegal. It has a small population of just over 2 million, about 10th of whom work abroad as migrants. One of the core reasons for migrating is that these Gambians find it challenging to lead a financially stable life within their given means of earning in their native country.
Several factors, including rising inflation, unemployment, poverty, etc., all together make it difficult for people to put food on the table, let alone afford other life essentials like quality education and saving money for the future.
Because whatever they earn after the intense effort is consumed in fulfilling the basics of life like food, medicine, utilities, etc.
Therefore, some of these people travel to other countries so they can earn better than they can in their native country. It helps them a) come out of poverty, b) maintain a financially decent living and c) save money to invest in different ways for the future of the family.
But do you know what is important to manage savings? Is a handsome earning only enough for making savings leading to investments?
What else will it take to enable you to save for future investments, if not a job abroad?
This blog will answer all these questions and guide you about investing to secure your future financially.
First, let’s take a look at the Gambian economy and the inward remittances to understand the people’s financial woes and why they immigrate.
Remember that the remittances to developing countries are economic lifesavers, and despite this fact, the volume of remittances is so low.
This fragile economy forces the Gambians to find work abroad and financially support their families back home through a secure money transfer to Gambia regularly.
Let’s now discuss together the essential steps required for financial security and investment in the future.
No matter how much you earn and where, if you do not consider the following critically important tips, you will never be able to make savings to invest in the future.
If you know how much you spend on what, it will keep your spending in check. Several apps can help you track your spending and not pay for subscriptions that you forget you have just a few weeks after subscribing to them.
Always keep your living standard below what your income can easily accommodate. With your living cost lagging behind your income, you will always have excess cash that you could use for any purpose, including financial emergencies.
Borrowing for a sound purpose, like buying a house, starting a business, etc., can help you achieve your financial goals easily and fast enough. But borrowing to finance a certain lifestyle will burden you far more than your capacity and financial strength.
It is exhausting to set long-term goals and then try to achieve those, given the uncertainties of life. Rather, set a series of short-term and realistic goals achieving which are within your reach. Make sure to save money for any of these short-term goals each time you send money to Gambia online.
Earning a handsome amount every month will be of little use if you are not financially literate. Becoming financially literate and knowledgeable will help you throughout your life.
Learn everything about better financial management as an expatriate by clicking here.
At a young age, retirement seems a lifetime away, preparing for which is the last thing on your mind. But this is the right time to prepare for retirement because a slight delay in the preparations will be financially too costly.
Always take calculated risks like getting another job with a low salary but more upside potential, moving to a new city with several job opportunities, investing in high-return stocks, etc.
Making mistakes in taking risks is natural, but with a calculated risk, the effects of mistakes will be minimal.
The biggest assets you have are your skills, knowledge, and experience. So, keep investing in yourself and constantly upgrade your skills by making smart career choices. It will help you in many ways.
Never live as if the present is all you have in life. You must find the right balance between what you spend today and what you will likely spend tomorrow. It is critical to achieving financial security in the future.
These tips are integral to savings which are integral for making investments in the future in any way you want.
As a Gambian migrant, ACE Money Transfer can help you save money in your online money transfer to Gambia by charging a low fee and offering live and competitive currency exchange rates, both of which will help you save and send more to your family back home.
Gambian immigrants have various investment options, including savings accounts, real estate, stocks, bonds, and retirement accounts. The guide explores these options to help you make informed decisions.
The guide may provide insights into investment opportunities in The Gambia, such as real estate, agriculture, or small business ventures. It may also explain how to navigate the process of remotely managing and investing in such opportunities.
The guide may address risks such as market volatility, currency fluctuations, and regulatory changes. It should offer advice on diversification, conducting thorough research, and seeking professional financial guidance to minimize risks.
The guide may introduce financial instruments and accounts, such as diaspora bonds or remittance-focused investment platforms, designed to cater to the financial goals and circumstances of Gambian immigrants.
The guide may provide strategies for finding a balance between personal financial goals and fulfilling responsibilities to family and community in The Gambia. It may suggest approaches like remittances, impact investments, or philanthropic initiatives.
