How often should I remit money?
Ultimately, the decision of how often to remit is up to you, based on what works best for you and your family. Remember that when you remit money, you will be charged cable fees and maybe other service fees every single time, which are an added expense. For example, if you remit the money once a month, you will be charged those fees monthly, but if you are remitting more regularly, you will end up paying a lot more over time only on cable fees.
Talk to your family about the best arrangement. Having a clear budget that you agree on together will help ensure that they are spending as planned and that they won’t run out of money before you send your next remittance. If you would like them to be a bit more disciplined, ask them to send you receipts for how the money is spent and be firm about sticking to your remittance date (i.e. not sending money earlier if they overspend). This allows them to also become responsible managers of your hard-earned finances - and teaches them financial literacy!
Always remember that you don’t have to send home all your money - instead, carefully consider their needs and budget accordingly, setting aside your own savings first. If the request is not a ‘need’, it’s okay to say ‘no’ to your family sometimes. After all, saving for the future means you can go home to be with them sooner!
Attend our Money and Family workshop to learn about how to talk to your family about money and involve them in working towards your goals.