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Stretching Your Taka: Financial Tips for Bangladeshis in Ireland

03 May 2024


If you are working and earning a living in Ireland as a Bangladeshi and frequently send money to Bangladesh from Ireland to offer financial aid back home, you must aim to multiply your income and earnings.

Wait, wait…

Do not think that the reference is made to doing multiple and odd jobs!

You can multiply your income and earnings with whatever job you have, regardless of the quantum of your earnings.

Yes! You are getting it now. But savings, as you rightly guessed, are a part of the answer. Have you ever wondered what leads to savings?

Well, it is only a set of small and simple steps that you have to take to ensure you multiply your income and be able to save.

Let’s take these small and simple steps together.

Essential Steps to Multiplying Your Income Abroad

A report by SpringerLink stated that around million Bangladeshis are working in foreign countries to earn a living because they cannot find sustainable jobs in their native country.

But if you ask any of them about their financial health, the most likely symmetrical answer will be that they have around average financial health. It implies that both categories of below average and above average are included in the answer.

But, on the other hand, some of them may tell you that they are enjoying financial excellence.

The reason?

Because they have already started taking the steps explained below which you must also emulate to enjoy financial excellence.

Choose Your Online Money Transfer Service Provider Carefully

You send money online to Bangladesh from Ireland to offer financial support. Right? So, is this activity regular and recurring or once in a while? Well, the answer is obvious.

Now since it is established that sending money online is a recurring activity, it must incur costs, right?

Therefore, when it comes to choosing a remittance transfer service provider, make sure to choose one that charges you a low fee and offers you live and market-competitive currency exchange rates. The money you save thus by paying low fees on your online money transfers and by getting live and competitive currency exchange rates can help you multiply your earnings which can then lead you to save money.

This is the first step as a Bangladeshi migrant in Ireland to multiply your income.

Understand the Financial Culture of Your Host Country

Always remember that you must know and understand the financial culture of the country you are working in. You also need to understand the financial habits of the natives. It will help you:

·       Immerse in the local financial culture which is critically important because you are working abroad and have to adopt the habits of the locals in certain areas with particular emphasis on financials

·       Manage your financials better if you adopt local financial habits

·       Observe the locals financially and see how they manage their finances and learn from them

Imagine that you are living in a foreign country with a different financial culture with the locals having different financial habits, and you try to practically do there financial things you are accustomed to in your motherland.

The result can be something that you will never like!

Open a Bank Account Immediately After Arrival

Another simple step to increase your financial health and money is to open a bank account as soon as you arrive in a foreign country. Remember that in developed countries the trend to use cash is diminishing fast and people, therefore, are more inclined towards digital monetary management.

For this purpose, opening a bank account comes naturally.

A bank account helps you manage your money efficiently and allows you easy and quick access to your funds while your funds are out of your reach!

Think of it this way.

When you use your ATM card, you enjoy swift and easy access to your funds but the question is: is the need pressing enough to warrant undertaking the risk of going to an ATM for cash withdrawal?

Create a Budget and Live on It

You can easily multiply your income and manage substantial savings if you create a budget. Remember that creating a budget is easy and simple but when it comes to living on it, you might face alot of challenges and difficulties.

A budget guides you to manage your money more effectively and efficiently by forcing you to shun some of the bad financial habits you have developed over time.

Thoroughly Investigate and Understand the Cost of Living

You earn a fairly better income but still caring little about your cost of living can be financially harmful. Therefore, when you are travelling to a foreign country, for example, Ireland, make sure to thoroughly understand and investigate the cost of living.

Your cost of living abroad covers your rent, utilities, healthcare costs, commuting, food, laundry, monthly grocery, and so on.

So, make sure to find the best places to live and the best deals in utility packages, healthcare, insurance, commuting in public transport, and so on.

Build an Emergency Funds and Contribute to It Regularly

Create an emergency fund and contribute to it regularly or ask your family back home in Bangladesh to create one. Bind the recipients of your funds to allocate a certain portion of your financial aid that you send back in every money transfer from Ireland to Bangladesh to this emergency fund that they have created.

Find Multiple Investment Opportunities

Never put all your eggs in one basket when it comes to investing your money. Make sure to find multiple investment opportunities for investments, which are now easier than before given that the world has become a global village.

If nothing else, make sure to open a couple of savings accounts in different banks and contribute to those accounts regularly without fail.

But whatever investment options you choose, never forget to thoroughly probe the pros and cons of every investment option you have shortlisted.

Always Seek Professional Financial Advice

No matter how much the quantum of earnings is and regardless of your financial acumen, never hesitate to seek professional financial advice. A professional financial advisor will draw your attention to certain areas in the financial realm that are highly technical like taxation and stand beyond your financial transcending.

If you follow these simple and easy steps as a Bangladeshi migrant living and working in Ireland, you can easily multiply your wealth and be able to invest to lead a financially comfortable life post-retirement.

ACE Money Transfer is Your Reliable Partner in Multiplying Your Money

One of the key areas to multiply your income is when you make online money transfer from Ireland to Bangladesh to offer financial support back home.

If you choose ACE Money Transfer for this purpose, you can easily multiply your income. The reason? The firm offers you live and market-competitive currency exchange rates which will compensate you for the little amount you pay as fees which is only applicable if the amount you are transferring reaches a certain limit below which you can enjoy fee-free transfers.

Don’t you think it is worth it given that the process of sending funds online is recurring, making you incur repetitive costs?

FAQs

How can I multiply my income?

When you are living and working in a foreign country such as Ireland you can have several chances to multiply your income. Most typically you can do so by doing several odd jobs at the same time. But the other way is to follow a few simple financial tips to achieve the same goal.

Why do I need to multiply my income?

You need to multiply your income because a) through income multiplication you can be able to make savings which will help you make investments and b) you can earn a higher income in a relatively short time.

What steps do I need to take to multiply my income?

You need to understand the financial landscape of your host country, choose your remittance transfer service provider with care and open a bank account. You can also create an emergency fund and contribute to it regularly, create a budget and live on it and thoroughly understand the cost of living. You can also find multiple investment opportunities, seek professional financial advice, and so on.

How can ACE Money Transfer help me multiply my income?

Some of the online money transfer service providers like ACE Money Transfer can help you with saving money and income multiplication by charging you low fees. They also tend to offer live and market-competitive currency exchange rates and saving you and the recipient from the hazards of travelling to send or collect funds.

What helps me with my income multiplication when I send money online?

Some of the critically important areas that can potentially help you with savings and multiplying your income are 

· fees, 

· currency exchange rates and 

·  the hazards of travelling and commuting to a service provider which is mostly the case with the banks should you choose them for your online money transfers.

 

Resource(s)

·      Bangladeshi Diaspora

(Bangladeshi Diaspora: Cultural Practices and Development Linkages | SpringerLink)


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