She Strengthens

Money Matters: Lessons Learned from Growing Up in Sri Lanka

A Humble Beginning

Growing up in Sri Lanka, I knew what it meant to live with limited financial resources. My dad’s struggles with addiction and my mom’s work-from-home gigs to make ends meet were a harsh reality. But despite the challenges, we persevered. Today, I value my independence and freedom, which is why I choose to work from home.

Breaking Barriers

I was fortunate to pursue higher education abroad, becoming the first in my family to graduate from college. Although it came with loans and debt, it was a crucial step towards financial independence. My experience differs from the typical student loan system, and I’m eager to share my unique perspective on money management.

Four Key Takeaways

Savings Strategies

In Sri Lanka, savings opportunities are limited. I rely on traditional savings accounts and fixed deposits, which are similar to time deposits in other countries. While there may be other options available, I’ve yet to explore them.

Investment Insights

Investments are a crucial aspect of money management. In Sri Lanka, we have the Employee Provident Fund (EPF) and Employer Trust Fund (ETF), similar to 401(k)s, but only applicable to those with permanent jobs. As a freelancer, I don’t have access to these benefits, so I’m building my own savings and investing in a retirement insurance policy.

The Power of “No”

It’s essential to prioritize your spending habits and say “no” to unnecessary expenses. By doing so, you can maintain a healthy budget and achieve your financial goals. Remember, it’s okay to have fewer friends and more money in the bank.

The Benefits of Family Ties

In Sri Lankan culture, living with parents is common, even for unmarried adults. I’m fortunate to have a supportive family that allows me to maintain my independence while still living at home. This arrangement has its advantages, especially when it comes to saving money.

A Unique Perspective

These lessons are specific to my South Asian upbringing, but they can be applied universally. By adopting these principles, I’m able to travel, pursue my passions, and maintain a fulfilling lifestyle.