14 Aug 2023
Don’t you think savings and investments to save your future financially lie at the root of every money transfer to Bangladesh, besides fulfilling other needs of life as an expatriate?
Moving out of Bangladesh to find better employment opportunities is because you cannot find sustainable and reasonable means of earning in your native country. In such a scenario, the kinds of jobs and work you have do not enable you to save for your future and make investments. Because your earnings are pretty much exhausted in fulfilling the needs of life, leaving little margin for you to attend to other financial matters such as savings and investments.
Arab News quoted Bangladesh’s Bureau of Manpower Employment and Training as saying that about 10 million Bangladeshi migrants are residing in different countries. They have been making a significant financial contribution to the country’s economy through the remittances they send back.
A World Bank report said that the volume of inward remittances to Bangladesh in 2022 was $21.5 billion.
Given the huge financial contribution of Bangladeshi migrants, the government is planning to send one million more migrants to work in different countries to a) expand the country’s diaspora population and b) add to the quantum of inward remittances.
But only working abroad and earning money is not – should never be – enough. You must ensure to save and try to invest money so that you have another income stream besides a job. Right?
Because they say that if you only have a job, then you are just a step away from poverty. Therefore, savings and investments are of critical importance, while you are still earning in a foreign country as a Bangladeshi migrant.
This blog will explain savings and shed light on the advantages of investments, that you must plan as a consequence of your job abroad in which you earn a living and send money to Bangladesh to financially aid your families back home.
Let’s look at the advantages of savings.
To begin with, savings are important to attend to financial emergencies, and the earlier you start saving the better.
Listed below are some of the prime benefits of savings.
Life is full of uncertainties. You never know what the future may bring for you tomorrow. You can lose your job suddenly due to any reason. So, you must have something to fall back on and provide for those financially dependent on you during the time you find another job.
In case you encounter such a scenario, here’s the detail of Job And Work Programmes Abroad.
With savings, you can achieve two objectives simultaneously. One is to attain financial independence because you no longer turn to others for financial help if needed as you have the necessary backup. And two, you can pay off your debt gradually and get financial relief.
It is a less talked about aspect of savings but one whose importance cannot be overemphasised. Savings provide you with a cushion to spend quality time with your family in vacationing which is important to instil in you renewed energy and freshness to perform better and take on the challenges of life.
The most critical benefit of savings is that it enables you to invest your money and generate, as mentioned earlier, another income stream. Whether in business or property, investments are the result of savings.
Let’s look at the advantages of investment.
Remember that investments have the potential to help you earn strong dividends both in the short and long term.
Below are some of the prime advantages of making investments.
Investing money allows it to grow because it comes into circulation instead of being concentrated. Investing in bonds, property, and deposits provides you with certain financial dividends.
Let’s face it! Your health and job will not always remain as good as they are currently. Your health can deteriorate and you will not be able to work when you grow old. Savings can offer you much-needed financial support then.
Savings that you will do as a result of your online money transfer to Bangladesh can help you reach your financial goals, both short- and long-term. Otherwise, you will be stuck in fulfilling the basic needs of life only.
With savings at your disposal, you have several investment options open to you. You can invest in a business, property, or any other venture but remember that investment is subject to the economic conditions of your country, supporting environment, and so on.
Your investment will give you higher returns than the capital you have invested. but make sure to consider the following few points while investing to get higher returns.
It is critically important to consider the following points before investing.
Considering these points will secure your investment more and as a result will offer more dividends than expected.
The following are a few popular and trusted investment options. But remember that you have to exercise care and caution while choosing an option to invest in.
These are some of the options for investments but remember that each option has its own set of risks and challenges.
You can save money if you choose ACE Money Transfer to send money to Bangladesh online because the company will charge you a low fee and offer live and market-competitive exchange rates. Because otherwise, you run the risk of slashing your money by a big margin due to fees, and exchange rates.
Frequently Asked Questions (FAQs)
What Bangladeshis work abroad?
Bangladeshis travel to developed countries to find jobs with better economic prospects because they cannot find such jobs in their native country which leads to poverty and financial stress.
What does it mean to save money?
Saving money means essentially allocating a certain amount from your salary every month that you cannot use for regular expenses. You can do it by creating an emergency fund, or a savings account.
What are the benefits of investing money?
The benefits of investing money include growing your wealth, earning high returns, saving for rainy days, and support for old age.
What are some important considerations before investing money?
You must understand your investment goals, know the risks involved, understand your strength and capacity to tolerate the risks, understand the timeline of your investment, understand the economic condition of your country, and not get carried away by media hype about a certain option and chance for investment, and know about financial fraud in your area of interest for investment.
What are some trusted investment options?
Some of the most trusted and popular investment options include mutual funds, real estate, savings accounts, fixed deposits, insurance plans, and the stock market.
Resources
(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)
(Personal remittances, received (current US$) - Bangladesh | Data (worldbank.org)
