If you have moved from one country to the United States, you may still send money home to family in your former country. Unfortunately, inflation has hit the United States hard, and money does not go as far as it used to. This can make it challenging to not only support yourself, but to also send money back home to your loved ones depending on your financial support. Here are a few tips that can help you to save money so you still have money to send back home to your friends and family.
Shop Weekly Grocery Ads
Thanks to inflation, the amount of money you are currently spending on buying groceries has likely increased drastically over the past one to two years. However, you can save a lot of money on your groceries by simply shopping the weekly grocery ads. Take a look at your local grocery ads and see what fruits, vegetables, and meats are on sale. Plan your weekly meal plan around the sale items. Additionally, stock up if something is a really good price. And always, avoid letting food go to waste. Reducing your grocery budget is a great way to save some money to send back home.
Find Ways to Lower Your Bills
Another option that can help you to save money so you have money to send back home to your family and friends is to find ways to lower your bills. There are many bills that you may be able to reduce in price. For example, you may be surprised to learn that you can get car insurance for less money than you pay now simply by getting new auto insurance quotes. The Internet, cable, and satellite television companies may be able to offer you a promotion if you call and ask about reducing your costs. Finding ways to lower your bills can help you to save money so you have more money to send back home.
Look For Less Expensive Money Transfer Options
Sending money to your loved ones can be pricey. The average transfer fee is about six percent of the amount of money you are sending home. This can add up quickly and take away from the amount that you can send home. If you are sending money home regularly, you will want to take the time to look for less expensive money transfer options. Transferring once a quarter instead of monthly may help to save on fees, as can finding a cheaper wire or transfer option.
Cancel Subscription Services You Do Not Use
The last thing that you should consider doing to help you save money so you have more money to send back home to family members is to cancel subscription services that you are not using. Most people have multiple subscription services, including TV subscription services and music subscription services. These services typically charge you anywhere from $5 up to $20 per month. Unfortunately, though, many people have subscription services that they do not use or use often. You can save money every month by canceling subscription services that you do not use. While it may not seem like a lot of money, you likely already know that small amounts of money can go a long way for your family members living in a different country.
It is estimated that individuals in the United States send nearly $75 billion dollars to their loved ones in low and middle-income countries. Unfortunately, between the COVID-19 crisis and the subsequent rising inflation, many people are struggling to find the money so that they can send money home to family that are overseas. However, there are many things that you can do to save money that can help you afford to send money back to those who may be relying on you, including shopping weekly grocery ads, finding ways to lower your current bills, looking for less expensive money transfer options and canceling subscriptions you do not use.