Labor migration opens up opportunities for earning, but requires a serious approach to financial discipline.
Personal finance specialist Buajar Abdykadyrova emphasizes that without thoughtful budgeting, migration can become an endless trial.
“Financial discipline in the context of migration is more important than at home. In another country, you cannot, as at home, temporarily stay with relatives or friends without expenses. Therefore, it is important to establish strict financial boundaries,” she asserts.
It is extremely important for migrants to allocate their income correctly. For this, Buajar Abdykadyrova recommends following a four-step approach:
- 35% — to send money to relatives to fulfill their dreams;
- 10% — to create and replenish a "financial safety cushion," that is, savings for unforeseen expenses;
- 15% — to form personal savings, which are necessary for every adult, in addition to family reserves;
- 40% — for everyday expenses, such as housing, food, and clothing.
Often, migrants, despite many years of hard work, do not achieve their goals. This happens not due to a lack of earnings, but due to incorrect allocation of funds.
The infographic presents five main mistakes that labor migrants make, as well as tips on how to avoid them in order to return home with successful results:
Mistake #1
According to Buajar Abdykadyrova, going abroad for work without preparation is risky. It is important to understand in advance what job you will be doing abroad, what your salary will be, and how long it will take to save the necessary amount.
Mistake #2
A migrant must have a clear financial goal — they should know how much time it will take to save the required amount and what exactly it will be spent on. For example, if the goal is to save for a house or to start a business, it is necessary to agree with the family that the funds sent will be used specifically for this purpose and not spent at the discretion of relatives.
Mistake #3
Experts emphasize that expenses such as permits, taxes, and health insurance are mandatory. Ignoring them is not advisable. For example, the absence of an official work permit can lead to a fine that exceeds the cost of obtaining that permit. There are cases where migrants buy permits from acquaintances at a low price, only to find out later that they are fake, which can lead to deportation.
Mistake #4
Without clear budget planning, it is quite difficult to achieve the goal for which the migrant went abroad. Therefore, it is important to monitor not only how the family spends the sent funds but also to control one's own expenses. Where to start? Buajar Abdykadyrova advises recording all income and expenses for at least a month. This will help identify unnecessary expenses and hidden leaks from the budget.
Mistake #5
There are many stories online about migrants who ended up in prison due to trusting strangers who promised high pay for a few hours of work as a courier. Therefore, it is important to avoid easy money and check the legality of the proposed job.
