Why Learn about financial literacy?

​With proper understanding about managing your finances, we can help domestic helpers and our fellow women avoid the below traps: 

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• Debt accumulation: Poor financial management will lead to the accumulation of debt. Without proper budgeting and spending control, we may overspend or rely on credit cards or loans to cover their expenses. This will result in a cycle of debt and stress in daily life.

• Insufficient savings: Failing to save or save adequately leave us vulnerable in times of emergencies or unexpected expenses. Without an emergency fund, we may struggle to cover medical bills, loss of income, or other unforeseen circumstances.

• Inability to meet financial obligations: If financials are mismanaged, we may struggle to meet their financial obligations such as house rent, bills, or remittances to their family. This will lead to late payments, penalties, or strained relationships with landlords or creditors. 

• Exploitation and vulnerability: people who are not financially savvy may be more susceptible to exploitation or money scams. They may fall prey to predatory lending practices, money fraud, or other forms of financial exploitation.

• Stress and mental health issues: Financial difficulties will contribute to significant stress and negatively impact mental health in daily life. Constant worries can lead to anxiety, depression, or feelings of helplessness. This will also affect work performance and overall well-being.

• Limited financial independence: Without proper financial management, we may have limited control over their own finances. This will hinder their ability to achieve personal goals, make independent decisions, or plan for their future in life.

• Strained relationships: Financial mismanagement can strain relationships, both within the house and with family members back home. It will lead to conflicts, misunderstandings, or a sense of burden, impacting the overall dynamics and well-being of all parties involved.