Just because you’re living in a different country doesn’t mean you can’t still be a part of your family’s budget! In fact, it’s essential to remain consistent in playing a role in your family budgeting while you’re working abroad since you want to know your hard-earned income is working to help your family. But, how do you maintain a budget when you’re so far away? A family card is one way to get your family’s budget on track.
The Family Card: A Prepaid Card for All Your Needs
Rewire has introduced the Family Card, a prepaid international family debit card that you can send back home. You can add funds to this card from your account and through the Rewire app, and the amount will be available instantly for your family to use. That means they can use this card in stores, online, or even withdraw cash from the ATM. The fees are waived for the first three months so you can test it out for free, and after that, there’s a nominal fee of €2.99 a month.
So, how can you use this Family Card as part of your budget as a migrant? Let’s take a look.
1. Charge your family’s bill payments to this card
If your family has any recurring payments, such as bills and utilities, they can use the Family Card to pay for them. That way all the bigger expenses are concentrated on one card, so you can rest assured that the important things are being paid on time.
2. Use it as an emergency fund
If you’re able to save for it, having an emergency fund is an important aspect of budgeting since it allows you to be flexible in case the unexpected happens. You can load some money onto this card every month, and if something happens to you or your family that requires a large sum of money, such as a medical emergency, they have funds to dip into right away.
3. Treat it as a savings account
Similar to how an emergency fund might work, you can designate your family card as a way to save money for something specific, such as a flight, a big family event, or a larger purchase like a car. This way, your family can avoid banking fees and still have one secure place to save up for a bigger purchase.
4. Set it as the card of choice for a category of expenses
When you create your budget, you’ll come up with a list of family discretionary and non-discretionary expenses. Non-discretionary expenses might include rent, utilities, groceries, and childcare, and discretionary ones are things like going out to restaurants, buying new clothes, or entertainment expenses. You can decide together with your family that this card would be used for either one. Your family can use it to cover their basic expenses, or, if you want to make sure they can still enjoy themselves while you’re abroad, it can be used as a “rainy day fund” when they want to treat themselves.
5. Control your kids’ budgets
Your spouse or older family members might not need the extra push to stick to a budget, but if you want to teach your kids good financial habits, you can use the Family Card to control their spending. Let them know they have a budget of a certain amount per month to spend on things like treats, toys, or events with friends, and they won’t be able to ask for more. This way you’ll know your kids have access to some pocket money but that they won’t be spending more than your family can handle.
Using Rewire’s Family Card to help you stick to a family budget is just one way to use this product. You can also use it to send money abroad instead of a traditional bank or online money transfer. However you decide to use the Family Card, it provides a great opportunity to provide your family with the financial flexibility that they need.