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Stretch Your Remittance Money with These 5 Tips

5 Tips for Saving Money and Making Your Money Last Longer

If you happen to be living abroad, it is likely that you are receiving remittance money every now and then. This is usually a good thing, but the trouble comes in when you start spending it all due to fact you don’t have to place it in the bank. This means that your loved one’s money could simply go to waste if you are not careful.

Stretch Your Remittance Money with These Easy-to-Do Tips

1. Have a savings mindset
‘Saving up’ starts with having a saving’s mindset. This is the only way you will reserve the funds you receive for future use, particularly for emergencies or unexpected circumstances.

2. Put your money in the bank
Once you’re ready to start saving your money, it’s critical that you open a savings account. In certain banks, minimum balances could be as low as $50. At first, you might feel as though your money isn’t growing at the rate you want it to, but with time, you will discover that you are actually capable of setting up a viable fund for yourself. Just remember that a little here and a little there tends to go a long way.

3. Live within your means
Everyone tends to feel like shopping whenever they have a little bit of extra money in their pocket. However, it doesn’t mean that he or she should. Remittance money is hard earned, so it’s important that you make the most of it. It’s not just a simple a money transfer. Buy only the essentials and reduce expenditure on certain luxuries until you can afford it, i.e. saved up for it.

4. Write down your financial goals
In today’s world, it doesn’t matter how young you are, you should set your financial goals from your first paycheck. For instance, if you intend to purchase an item for $100, the smart thing to do would be to start saving a small amount each day, say $3.50 each day.  At the end of the month this will total about $105, which means you will be able to buy what you wanted. In addition to the material aspect, you will find that it’s quite fulfilling when you save up and actually attain the item you wanted.

5. Write down your expenditures
Creating an expenditures list is not that hard; you just have to do it. It’s as simple as picking up one of your notebooks and writing down what you spend money on. The trick is to make a list of what you have spent, and how you’ve spent it. This will give you an idea as to how you are using your money and which changes need to be made. Try decreasing your expenditures and trying to save more than you have the month before.

With these tips in mind, you’ll be able to stretch your remittance money longer than you could have ever imagined.

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