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

expenses list

If you have a relative living abroad, chances are, you’re also getting remittance money every once in a while. The thing with receiving money through remittance is that you kind of get tempted to spend it all since you’re not forced to place it in the bank. The problem is that if this is the case, there’s really a tendency that your relative’s money will just go to waste—sayang naman if that happens.

So, ano ang dapat gawin? Now that remittance money is in your hands, you can try these easy-to-do money saving tips below so that you’ll be able to stretch the remittance money and use it well.

  1. Have a “saving” mindset
Savings in Mind
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Huwag puro gastos ang nasa isip. In order for you to save up, you have to have this “saving mindset” where you think about keeping some of the money you receive for future use—or for emergencies. It really all starts in the mind.

  1. Put the money in the bank
Money in the bank
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Next, open a savings account. In some banks, it could be as low as P250. Sure, it’s hard at first and you may feel like your money isn’t growing, but in time, you’ll see that you’re actually able to create a viable fund for yourself. A little always goes a long way.

  1. Live within your means
Shop what you need
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Sure, you want to shop each day—but are you really capable of shopping every single day? Remember that the remittance money that you received came from hard work. You may not see it, but the person abroad really worked hard just to send you money—so make sure that you make most of it.

Do you really need to have coffee at Starbucks every day, if you can make your own coffee? Or, do you really need to buy a new pair of shoes—even if you have 5 useful pairs? If you know you cannot afford something, huwag na ipilit. Buy only what you need, then designate a shopping/grocery day each week, or each month if you can.

  1. Set financial goals
set your financial goals
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No matter how young you are, it’s best if you can already create and keep track of your financial goals. You can start small. For example, your goal is to buy that P2000 bag that you need this month. Well, you could save a little each day. Say, P70. In a month, 70 will become P2100—which means you’ll finally be able to buy the bag. When that happens, you’ll feel even more fulfilled because you’ll realize that you exerted effort in saving that money! It’ll make you feel so much better!

  1. Create an expenditure list
expenses list
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It’s not that hard. You can just put your list in one of your extra notebooks. Each day, make a list of what you have spent. It’s an easy way of seeing how much money you’re using—and when you see that you’re using too much, you could at least tell yourself to stop—or control your spending.

Keep these tips in mind, and surely, you’ll get to stretch that remittance money! Good Luck!