Because of the country’s gradually developing tourism, banking jobs in Myanmar are becoming more and more sought after. The onslaught of tourists means that there is an increase in demand for currency exchange as foreigners rush the bank to have their money exchanged for Kyat – Myanmar’s local currency – so that they can easily buy local food, services, and souvenirs. In spite of this, if you are one of the foreigners vacationing in Myanmar, make sure to spend your money wisely. If you have the limited budget for your trip, you have to be mindful of your spending.
Aside from allocating your money effectively while on vacation in a foreign country, being a smart spender will also advantageous in dividing your budget to cover your daily living expenses. Here are some tips on how you can maximize your money to:
1. Know Your Priorities
Most of the time, people’s budgets revolve around food, housing expenses, and transportation. Create a list of things that you need to buy and rank them based on their cost. Do you need to buy a new laptop? Do you plan on going to a concert with your best friends or your special someone? Make sure to add these expenses to your list. Afterwards, deliberate the importance of each item and figure out which things are not as necessary to you at the moment. This will help you allocate your money effectively so that you have enough budget to spend on important things.
2. Give Yourself a Deadline
Nothing can pressure someone as much as a deadline can. Setting a deadline will encourage you to become more determined to achieve your goal. This means that you should give yourself enough time to save the money needed to buy yourself a new gadget or for a road trip with friends. Depending on your salary and the cost of the item that you want to buy, make realistic deadlines. Do not give yourself ample amount of time to save enough money for a trip to Myanmar…unless your surname is Gates and your father’s name is Bill. In that case, you might not need to save money at all.
3. Sell Some Stuff
Do you have some books you haven’t read in ages? Maybe you have clothes that are just hanging in your closet unused? Consider selling these things to earn additional money. It’s like killing two birds with one stone – you get to clear up your house of things that you are no longer using while earning money at the same time!
4. Keep Track of Your Expenses
Keep a notebook or journal where you can write down your expenses. List down in advance the things you need to spend money on for the rest of the week. Afterwards, write down what that actual amount that you spent on each item and compare it with your list to see if you’re overspending or not. In the beginning of each week, write down the amount of money that you expect to save and at the end of every week, check to see if you met your goal. Don’t be disappointed if you don’t meet your target; after all, there is always room for improvement.
5. Reward Yourself
It’s just like what people say about going on a diet: everything in moderation. Don’t deprive yourself of the simple pleasures in life. If you achieved your goal and want to celebrate, go ahead and buy yourself a bar of chocolate or a cone of ice cream that you can snack on while watching your favorite movie. Denying yourself of material pleasures may cause you to be pessimistic about money and make the people around you label you as cheap instead of thrifty. Remember, you worked hard for your money so don’t be afraid to set aside some for things that can bring you happiness.
You work hard in order to earn the money that you use on your expenses. This is why spending money wisely is something that you should practice regardless of the setting. It will help you allocate and spend your money effectively.