22 Jan 2025
Being a Filipino living in the UK entails paying multiple expenses, especially if it happens to be a regular money transfer to Philippines from the UK to support a family. While keeping tabs on your everyday expenses in the UK is an absolute must, you have to teach yourself smart habits in terms of money management that allow you to save a portion of your earnings every month. Here are five action plans that can help you save while keeping your remittances and other goals intact:
Be purposeful and reasonable in creating a budget—the very first groundwork of saving money. Begin by tracking income and expenses to understand where the slicing would be needed. Write down all your fixed expenses, starting with rent, groceries, and bills, and place limits on what discretionary spending you will allow yourself. You can also use several apps to manage finances and prevent overspending.
An emergency fund is a source that can assist a person in dealing with car repairs, medical emergencies, or unexpected job loss. Another option is to store part of your salary in the bank to handle the emergency fund properly without mixing it up with the family's regular money. Prepare an emergency fund of 3-6 months of your total living expenses. Keep the emergency fund in a regular savings account.
Have an emergency stash, and you can easily manage your remittances. A financial cushion lets you continue remitting money into your family's accounts back home; this way, you maintain regular remittances from the UK to Filipinos without breaking the flow in tough times.
A simple way to ensure savings is to automate the process. Automatically transfer money every month from your primary bank account to your savings account. Then, you won't feel anything missing from your account, and you won't have the urge to spend your money there.
Being a Filipino expat means periodic financial obligations, one of which is making an online money transfer to Philippines from the UK. Of course, you will be sure to explore ways to reduce the cost of such remittances as much as possible.
To most people, cutting what one does not really need can make a huge difference in spending. For instance, you may first find the amount you spend in a month and identify areas where you can cut some costs. You can consider home-cooked meals instead of eating out, public transportation instead of driving, or even cheaper options for having a good time.
Save on daily buys with discounts, cash-back programs, and rewards provided by most stores and financial institutions in the UK. Use loyalty cards from supermarkets, cashback credit cards, and online discount sites.
If your financial situation is that tight, and you cannot afford to save much money, then the best move would be to have another source of income. For instance, you could engage in a side hustle, generating extra income for savings in the UK. The gig economy is one such aspect that Filipinos can utilize. Freelancing, delivery work, teaching, or even an online business could work well for you. Sometimes, a few extra hours of weekly work will make a big difference in saving money.
Lastly, check on your financial situation from time to time. Indeed, financial needs and objectives change over time, so what worked for you a year ago would be less efficient today. Budget, savings, and remittance strategy reviews should be done quarterly. This way, you can still correct any spending so that it does not worsen, notice areas for development, and be sure that you will be on track toward your financial objectives.
There is plenty of room to save money every month, and doing that while supporting your family regarding the offshore part is the most deluded one. Making smart financial decisions like making a plan, creating a cushion fund, making the remittance process efficient, cutting down on expenses, grabbing offers, and earning more money can help you build an all-time structure of your finances.
These habits do not only increase your savings but even allow you to send money to Philippines from UK regularly and look after your family members without disturbing your monetary position. Through a combination of effective strategy and ongoing effort, you will enjoy financial freedom while avoiding worry and providing for your family. “
Compare for low fees and good exchange rates. To cut remittance costs, pick services with promotions and lower charges for regular transmitters.
Use money transfer services that give instant transfers, fast processing times, low fees, and competitive exchange rates.
It's recommended that you save 3-6 months of living expenses in your emergency fund. This helps cover unexpected costs while ensuring that you can maintain regular remittances back home.
Yes, many UK banks offer savings accounts and budgeting apps. Apps like Monzo and Starling and budgeting tools like Yolt or Emma can help you save and manage funds effectively.
Compare providers regularly to determine which one offers the lowest fees and the best exchange rates to send money online to Philippines. Some services also offer rewards or reduced costs for frequent use.
