How do you send money to Philippines or your home country from abroad? In this article, we will talk about the ways to save money from salary. Normally, the salaried class finds it hard to spend one of their routine months (emergencies, accidents or big events not included) in a financially viable manner. Many people choose to travel abroad for better opportunities and end up finding work in countries like Senegal. There the family supports the person concerned financially through online money transfers to Senegal carried out by some credible and reputable online money transfer companies such as ACE till they find work.
Despite all this, the salaried class struggles to do savings with the fixed amount they get every month as salary. Let’s see how you can save money from your salary.
Budget your salary in advance: Most Filipino expatriates living in foreign countries have to send money to Philippines online to support their families. Now that you have a consistent income, you must plan your salary well before you receive it. Budget your salary for a month. It is up to your convenience if you note the budget down on a notebook or use some mobile or computer apps.
Direct deposit:- It does not happen normally but you can request your employer to send a certain percentage of your salary to another account you have opened to save money directly. This practice will help you save money directly without having to undergo the exercise of manually saving money.
Track expenses:- Keep an eye on how much you spend and on what. This will help you realize where your money is going, and a review of your expenses at the end of every day can help streamline your expenses. There are many apps that help you track your expenses. You can use these apps.
Reduce three major expenses:- Three major areas housing, food, and commuting consume major chunks of your salary. Living in an average house and eating home-cooked meals can help you save money. As for commuting, using public transport can be of help instead of using your own vehicle.
Compare service providers:- Normally, people subscribe to a service and keep using it without drawing comparisons between other companies offering the same services. An example of insurance will suffice to clear the point. Evaluating your current services and drawing comparisons can help you reduce your expenses if you end up switching your service providers. Same as people use banks for money transfer to Philippines and other countries without research for the best way for the transaction.
Check utility usage:- Keep an eye on your plugs and sockets. A plugged-in charger which is not connected to a phone can increase your electricity bill. Turn on the fan in your room for ventilation before turning on the air conditioner in summer. It can help you with your utility usage.
Hard access to money:- Make sure that you do not have easy access to your money. And the less convenient your access is, the harder it will be for you to spend it right away. And each time you want to access your money, you will think and plan, which is usually exhausting.
Avoid online shopping:- Online shopping is easier these days. Make it difficult for you to opt for online shopping. Because online shopping can be more impulse buying than necessity-based buying.
Low-cost entertainment:- There are many entertainment venues that can lead you to spend more such as Netflix, Hulu and Spotify etc. Try to find cheaper alternatives to slash the bill you pay for these. The best option is to look for outdoor activities which keep you healthy and financially secure compared to the digital entertainment venues.
Spend on yourself:- You must realize that spending on yourself to be the best of you is an investment that is bound to pay off in the years ahead as you grow old. So, keep spending on yourself.
Conclusion:- Following all of these tips can help you save your money from salary. And if you analyze closely, you will realize that none of these tips is difficult to follow. You only need to spare a few moments to think about these but the benefits are immense and futuristic. Through online money transfer to Philippines or another country, you save your time and money.