Top money tips for 2018

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.

 

Set money goals

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.

 

Research living costs and find was to save

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.

 

Find a reliable money transfer service

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?

  • Focus on fees: Remember, if you’re sending money home to family for food, rent, clothing or whatever else your family needs, you don’t want to pay the equivalent of a day’s groceries in fees every time. Transfer charges can erode your offshore income faster than you can say ‘Where’d all the money go?’ so shop around. bux offers the lowest money transfer fees in the market, every day, so sending money home with bux can save you money.
  • Focus on who offers more than the lowest fees: For example, you might need to recharge your wife’s, husband's or mother’s pre-paid mobile or purchase international calling credit to call home. Having one place to do this can save you on load and FX fees. bux offers both these services, this means you can load your bux wallet, send money home and recharge a pre-paid mobile all from the one app, saving you time and money.
  • Focus on the options for receiving money: When you send money overseas there are often different fees for how your beneficiary receives their funds. bux offers a range of receive options and timeframes meaning you can select the option that not only suits you but fits your budget each time you need to send money.

 

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