Financial Management

Financial Management

Date Posted: 14/07/2020

 

Proper financial management and financial stability mean that a domestic worker can avoid being distracted from financial stress while working in Hong Kong, supporting family members at home, and making savings plans for the future.

 

Many Hong Kong families hire foreign domestic workers to care for their children and older family members as well as manage the home. While reliable and competent home service can alleviate our concerns, it is also essential for us, as employers, to take care of our workers so that they do not feel stressed by their finances.

 

Domestic workers work abroad mainly to support their families at home and have excellent financial stability. A domestic worker who has poor money management and confronted continuously with financial problems risks malfunctioning in the workplace.

 

As an employer, your domestic helper is a member of your family and your employee. Employers can show their help by encouraging their workers to become smarter financially.

 

Help them become more aware of their financial commitments and developing a plan to finance them, promoting sound money management habits, avoiding spending, and developing a savings plan to take care of their future. Etc.

 

Your domestic helper should have the essential financial knowledge of the many free resources available, some of which are:

 

Ensure you can access your money wherever you are!

 

If there’s anything Hong Kong knows, it is about banks; it is not surprising that opening a bank account in HK is relatively stress-free. However, you need proof of address to create one, so it might not be smooth before you settle or at the start of your stay in the country.

 

 

If you do not yet have a permanent residence in Hong Kong, you can open a multi-currency virtual account with TransferWise in euros, pounds, US dollars, or Australian dollars. In addition to keeping your money in up to 28 different currencies, including the Hong Kong dollar.

 

So, if you want to transfer all your money at the same time, keep it in your borderless account until you have created a bank account in Hong Kong, which might be a good option for you.

 

When you’re ready to transfer money to your local Hong Kong account, you can do so with a low, advanced, transparent rate and a real market exchange rate, which you can find on Google. You don’t have to pay high international transaction fees every time.

 

You can also get a multi-currency debit card from TransferWise, used to pay for goods and services worldwide.

 

In general, it is a cheaper option than using a bank and is ideal for beginners.

 

Keep track of expenses.

 

I know, taking note and striking out your expenses can be stressful and a drag times, but your money can slowly slip away if you don’t keep a proper track record of it.

 

There are finance apps for free which help you track all of your daily spendings, and give you tips and tricks of where and how to save money; YNAB, gini, Fortune City and Planto are just some of the apps you can use.

 

Get a monthly bus / MTR pass.

 

Commuting cost indeed occupies some percentage of your monthly spending, just when you think you can’t cut the price any lower? MTR and KMB have offered a monthly pass to provide you with some savings.

 

 

Move Around Town On An Octopus

 

Get yourself an Octopus Card. Launched in 1997, it was the second public transport payment system in the world to use smart cards.

 

With your octopus card, you can get around the city by bus, tram, train, or ferry and even in some taxis. You can also use it to buy food, fast food, and cakes.

 

And it not only speeds things up: in many services, transit costs are cheaper with an Octopus card than without it.

 

Shopping at markets instead of grocery stores is also a great way of saving some extra money, and the food is also fresh!

 

Facebook Marketplace is a great place to look at the items you want. If you ever see something in a shop, always look at the Marketplace first before buying it. You could easily find something in excellent condition for a fraction of the price!

 

Using an octopus card, tracking your spendings and saving your money in as many places in possible will be great to clear your head. Financial management can seem very stressful, but once you are on top of it — it is so easy to maintain!

 

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