Money Management Tips from Accross the Globe

Have you ever wondered how other countries manage their money? Chances are you haven’t given it very much thought at all, but knowing how other cultures do things can give us some pretty good insights into how we should be looking after our finance if we want to make our money lives easier and stay out of debt.

If you’re interested in finding out more about money management across the globe, check out these money management tips from places near and far:

China: Save Half Your Income

If you’re from the UK or the USA and you aren’t filthy rich, you probably can’t conceive of saving 50 percent of your salary each month, but if you were brought up in China, such a notion would have been drummed into you from an early age.

India: Deduct Your Pension from Your Salary

This is common across the globe, but in India in particular, it is normal for employees to have a small sum deducted from their salary and paid into an employee provident fund for their retirement, at the source. They then link their aadhaar cards to this fund, so that they can be paid automatically without all the usual pension hassles when they retire. If you’re wondering what an aadhaar card is, check this web link for more information, and if you want to know more about the Provident scheme, take a look at this page. But, what you should take away from this money management tip is that having money immediately deducted from your salary makes it easier to save for your future.

Asia: Bartering

In most parts of Asia, you will find the natives love to barter on everything from food to kitchen utensils. It’s completely normal to them, and it enables them to save on the everyday essentials. If you want to get your finances under control, you should take a leaf out of the continent’s book and start being brave enough to barter too.

Germany: Avoid Credit

Although people in Germany do take out loans and use credit cards, if you talk to them, you will find that they have a serious aversion to credit, preferring to save up until they have the money to buy. They reserve credit for the important stuff like mortgages. Check out this site if you’re interested to know more about Germany’s aversion to credit. Take a look at their €500 notes too – proof if it was needed that, in Germany, cash is king.

Guatemala: Talk About Money with Your Family

In this country, many of us are hesitant to discuss our finances with anyone, even those people who are closest to us. This isn’t the case in Guatemala where family bonds are extremely strong and it’s completely normal to ask one’s family for financial advice before making a purchase, not only to determine if it’s a good idea, but also because, due to the close knit communities there, it’s highly likely that someone in the family knows someone who can offer a discount.

Try some of these worldwide tips, and I have no doubt you’ll be thinking about, and treating your finances a bit differently (for the better) in the future.