Your saving habits mean that much to your loved ones abroad

Did you know that managing your budget wisely is one of the smartest and most thoughtful ways to show love and appreciation for a family member who works overseas?

Daily work routine can be draining for an overseas Filipino but seeing the family enjoy every possible comfort is sometimes enough source of relief amidst all the exhaustion. When overseas Filipinos see that their families spend a bit too much, they tend to feel the lack of appreciation for all their hard work. 

When you save portions of the received money and spend it thoughtfully, you prove to be  trustworthy and reliable. Your money saving habits are a sign  that your loved one’s hard work is valued and you’re not leaving them alone in sacrificing to provide for a better life for your family.

If you want to start showing more love for the family member who works abroad, here are a few things that you can consider:

Allocate portion of the money you receive to your savings...immediately

The old formula of saving only lets you set aside what's left of what you spend on living. But when you save at least 10% of what you receive and spend the rest afterwards, you can be sure to have more savings after some time. This habit also lets you have more control on the amount you spend for your daily needs.

Save for something

When you have something in mind as to where your savings can go, you have more motivation to hit your savings target earlier than you’ve initially planned. It would be a sweet gesture to save for something that your family member from abroad would want to buy in the future. Imagine how happy they will be when they realize that the dream is waiting back home.

  

Track your expenses

You may not be fond of keeping receipts but it is about time to start organizing them. Taking note of your personal and household expenses lets you find out how you overspend or underspend on certain items. Tracking your expenses helps determine where you can cut to save more or allocate funds to other items.

Keep your money safe

People forget that keeping their money safe is just as important as spending wisely. Nobody wants to see the fruit of their hard work go down the drain so it matters to know how you can secure your financial transactions. 

Thanks to money transfer services like MoneyGram, those who work in far-flung places can be sure that their money will reach its intended recipients. With more than 350,000 locations in 200 countries and territories, MoneyGram also facilitates easier remittances for Filipino families all over the world.

In the Philippines, MoneyGram has partnered with agents like SM, BDO, Metrobank, Cebuana Lhuillier, M. Lhuillier, Allied Bank, and Smart Money, so that recipients can pick up their money at the most convenient location.

By employing these starter tips on managing finances, the family of an overseas Filipino is sure to keep their finances secure and their loved one proud of their practices towards achieving financial freedom.