Helpers Got Tips on Managing Savings Through HelperChoice Academy

The instructor explains the basics of finance management to HelperChoice Academy students

“What are your dreams and your goals?”

This is the first question the instructor asked domestic helpers who attended the HelperChoice Academy’s first “Money Wise Migrants” workshop on 29 April 2018. Most domestic helpers come to work in Hong Kong in order to contribute more to their families, but many of them have their own dreams: provide a good education for their children, buy a house, have their own business in their home country… And they already knew that getting loans is not the solution. During this workshop, the Academy students learned how to make savings to ensure a better future for them and their families,  prepare their homecoming and make their dreams come true.

The instructor explains the basics of finance management to HelperChoice Academy students

This finance management workshop was conducted by Enrich HK, a Hong Kong charity promoting the economic empowerment of migrant domestic workers. In the workshop, the instructor explained that the first step to making savings is to analyse monthly spending: “How much do you spend for food? For transportation? For phone? For clothes? How much do you send to your families? How much remains for savings?” She explained how to increase the amount available for savings by making the difference between the “needs” and the “wants”: “You can’t give out your needs, but do you really need to buy this new dress?”

 

The second step is to prioritise targets: “Among the goals that we have, we can’t realise all at the same time”. She gave some examples of how much money is needed to realize a project and the corresponding monthly savings:  HKD 1000 per month during 4 years for children education, HKD 400 per month during 2 years for business capital, HKD 1000 per month during 8 years for a house, etc. “When we decide our goals, we need to be smart to make sure it is achievable”. To be achievable, the goals must be shared with the families: they have to be involved and to support.

Students are happy with the HelperChoice Academy finance management workshop

All the attendees agree to say that this workshop was very useful to help them to know how to manage and budget savings for the future. They will recommend this workshop to other migrant domestic workers so “they will learn how to save and plan for achieving their dreams and future planning so that they will not stay long working far from their family”!

 

Do you want to learn more via HelperChoice Academy, a tailor-made training program for domestic helpers to upskill themselves? Check out the class schedule and program details on our Academy webpage.