If you are working for your family’s future in a foreign country, we know it takes courage to move out of your comfort zone so you can earn a better income and creating a better life for your family by sending money home.
We also know that managing your finances are more critical than ever if you are splitting your income between two places. Here are some tips to help you make the most of your money while overseas.
You can make these short term and long term. Start with monthly income, and establish how much will you send home each month to support the family, how much do you need to maintain a decent lifestyle yourself, this will establish your baseline. Then set short term goals based on your needs in the next three months. This might be saving for school fees, books or a trip back home. Longer term, you may be using your work to fund a home or new business when you return. Then work out how much can you afford to set aside per month and how long will it take to achieve your goal. This will give you a realistic time frame for when you will achieve these goals.
What expenses is your employer be covering? How much rent do you pay? What are you spending on food? By looking at each of these expenses you might find ways to save small amounts of money each week and small savings can add up over a year to a large amount.
Do your research. Money transfer companies are not all created equal. In fact, some offer very basic and limited services. So, what should you look for?