Sending money home is one of the most common financial habits among Africans living abroad or working across borders. Whether helping your parents in Nigeria, covering your cousin’s school fees in Ghana, or supporting a younger sibling in Kenya, these remittances often happen every month and are usually non-negotiable.
The problem is that many people find little or nothing left for themselves after sending money home. Over time, that can mean no emergency fund, no investment capital, and no cushion if their financial situation changes.
But it doesn’t have to be that way.
You can support your family while still building your financial security. The idea is to be intentional about your transfers, budget, and financial security using apps and tools that can help you. And if you use a finance app like Accrue, you can make it even easier to send money and save simultaneously.
What is the Real Cost of Sending Money?
Before saving, you need to know what’s eating into your transfers. Many services charge high fees, and you lose money due to unfavourable exchange rates, slow delivery times, and hidden charges.
These charges might be small, but they add up over time. Even a difference of 1% in fees each month means you could be spending far more over a year than you realise. That’s why you have to start tracking exactly what leaves your account each month and what your family receives, so you have a clearer picture of how much you can save.
How to Save While You Spend
The goal is straightforward: continue to support your family while managing your finances effectively.
1. Separate Your Remittance Money from Your Spending
When your remittance money stays in the same account as your daily spending, it’s easy to dip into it for little expenses. Then, when it’s time to send, you may need to draw on your savings. The best way to handle this is to
a) Track every monthly expense so you know your average spending pattern.
b) Decide in advance how much you’ll send each month.
c) Move that amount into a separate account once you get paid.
How Accrue helps: You can deposit the amount into your Accrue account, keeping it safe and separate until you’re ready to transfer. This prevents accidental spending and keeps your budget clear.
2. Pay Yourself First
You must have heard the quote often; it’s a way to build discipline and ensure you reach your financial goals. One of the most effective savings habits is setting aside your savings before you send money home.
If you wait to save what’s “left over,” nothing often won’t be left. The best way is to decide on a percentage, even as little as 5–10% of your income, that goes into your savings before anything else.
Treat this as a non-negotiable bill to yourself. Many apps help you automate payment on a certain day and time weekly or monthly, so you don’t have to consider saving.
3. Send money on a Schedule
Random transfers often lead to sending more than you planned. For example, you may pay transaction fees each time if you send three small amounts in a month instead of one larger amount. You can choose to send money on a schedule when you pick a specific day each month to send money, and let your family know your schedule so they can plan around it.
With the Accrue Vault feature, you can keep your money in your Accrue account until your set transfer date, which is ready to send in one go.
4. Take Advantage of Currency Timing
Exchange rates fluctuate, and a small shift can make a noticeable difference in your family’s income. Watch rates and send when the currency is favourable.
If possible, hold funds in a stable currency until the right moment.
5. Find Smarter Ways to Cut Costs Without Feeling the Pinch
Saving more doesn’t have to mean giving up everything you enjoy. Often, it’s about making small, clever changes that free up money without lowering your quality of life.
For example, you can share rides through Carpool with colleagues or friends, going the same way, taking public transport, loading your buspass with monthly money instead of always booking solo trips, or switching to family or group plans. For streaming services or software, joining a family plan can cut the cost per person in half or more. Look for yearly payment discounts. Many subscriptions offer a lower rate if you pay for the year upfront, sometimes giving you 12 months for the price of 10.
The money you free up from these changes can go straight into your savings or toward your remittance budget, so you can help yourself and your loved ones simultaneously.
6. Set a Clear Budget for Giving
Without a fixed limit, it’s easy to say “yes” to every request from home. Over time, this can put pressure on your finances. Firmly decide the maximum you’ll send monthly and communicate this clearly with your family so expectations are set.
7. Let Your Money Work While You Wait
Don’t let funds idle if you hold them for weeks before sending. Use accounts or services that allow your balance to grow, even in the short term.
How Accrue helps: Accrue can pay returns on your stored balance depending on your account type. This way, your money earns a little extra before it’s sent, helping you save without extra effort.
8. Build a Long-Term Emergency Fund
If you have no savings, you might have to borrow if an unexpected cost arises, like medical bills, sudden travel, or job loss. That debt can make it harder to keep sending money home and meet your needs.
A common guideline is to have enough to cover three to six months of essential living expenses.
Here’s how to figure out your target:
- Calculate your monthly essentials — rent, utilities, groceries, transport, basic healthcare. Let’s say that adds up to $500.
- Multiply by three or six — in this case, your emergency fund goal would be $1,500–$3,000.
This fund should be easily accessible in case of real emergencies.
Now, it’s true, if you’re sending money home every month, saving this much might not feel realistic immediately. And that’s okay. The key is to start, even if it’s just $10 or $20 a month. Over time, those small deposits build a cushion that can protect you and your ability to keep helping your family.
Conclusion
Sending money home monthly is a good way to care for your family and stay connected. But it doesn’t have to come at the cost of your financial security. When you separate funds from your spending, pay yourself first, batch transfers, watch exchange rates, and track everything in one place, you can consistently save while supporting your loved ones.
Accrue makes this easier by giving you a secure place to store funds, earn returns while you wait, and keep your spending and savings goals side by side.
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