14 Nov 2024
Did you know that there are more than 2.16 million OFWs who regularly send money to Philippines from Italy and boost the country’s economy? You are at the right spot if you live in Italy and are asking how to reduce the cost of living and remittance transactions.
Here are the top 10 easy strategies to boost your savings.
You should pay off any remaining sums on your current bills before you begin saving. A debt becomes bigger the longer you delay paying it off. This is because interest, the cost of borrowing money, keeps accruing. Any money you save might be destroyed by the interest that accrues if you put off paying your bills.
If you want to save money quickly, keep the money you plan to save and the money you spend on everyday expenses apart. This means creating a special savings account can be a good idea.
Read more: 5 Money-Saving Tips for OFWs in the UK
You might consider automating your monthly savings contributions if your income is fixed. To do this, you should program a monthly automatic transfer from your daily spending account to your savings account. By automating your savings to pay for everyday costs, you further reduce the likelihood of using your savings.
While discussing it, you might also want to consider automating your bill payments. Paying them before the due date can help you avoid further costs because companies often impose late fees if you don't pay them on time. You can also automate your monthly money transfer from Italy to Philippines for ease.
The best way to quickly save money is to put a spending cap on your credit or debit cards. This prevents you from exceeding budget and motivates you to review your daily expenses beforehand.
One of the easiest methods to start saving a sizable amount of money every month is to reduce your rent. Living with a roommate is one of the simplest ways to change your present situation of living alone. This instantly cuts your rent in half, and you'll spend only a third of what you're paying now if you decide to live with two more roommates.
If you wish to increase your monthly savings significantly, consider starting a side business. This may include taking a few nighttime shifts at a restaurant or bar after your office job, landing a few freelance jobs, working as a virtual assistant, or even watching pets.
Many businesses view subscriptions as a lucrative opportunity. Even if clients use their service infrequently, they are more likely to hesitate to quit after signing up for it.
Attempting to fix anything that breaks you is another appropriate way to save money. Thanks to YouTube and the internet, almost anything can now be fixed online. It's usually less expensive to fix things yourself rather than hiring someone else to do them, whether it's leaking pipes or the zipper on your trousers.
You'll be shocked at how much you can save over several months if you can reduce the amount you spend on groceries each week. Preparing your meals in advance is one of the most excellent methods. This lowers your risk of going over budget because you can determine how much you'll spend before shopping. The money you save by cutting down your monthly groceries can be utilized in your online money transfer from Italy to Philippines for your loved ones.
ACE Money Transfer knows the difficulties of sending money to your loved ones. Many encounter difficulties such as exorbitant fees, sluggish transfer speeds, and poor exchange rates. ACE Money Transfer addresses these by providing the following facilities.
The competitive and transparent price structure of ACE Money Transfer sets it apart from other firms. There won't be any surprises because ACE will ask for all up-front expenses. This level of transparency guarantees that you are receiving the most for your money compared to other alternatives, making it a more cost-effective choice.
The currency exchange rate is another crucial component of international money transfers. A poor exchange rate might drastically reduce the total amount your receiver receives. Thanks to ACE Money Transfer's market-competitive exchange rates, a significant amount of your money will be sent to your family members.
If you follow these tips religiously, you will no longer worry about savings. Let ACE Money Transfer handle all your remittance-related hustle. Sign up for free today and send money online to Philippines from Italy most conveniently and affordably.
Services like ACE Money Transfer can help you save on fees and get better exchange rates.
Conserving energy, such as using energy-efficient appliances and turning off lights when not in use, can help you save on utilities.
Consider using public transportation or cycling instead of driving to reduce fuel and parking costs.
Renting can often be cheaper in the short term, especially in a high-cost city.
Cooking at home and packing meals for work instead of dining out can significantly reduce food expenses.
