Saving as a family isn't just about balancing a spreadsheet. When your family is spread across two countries, family savings take on an extra layer of complexity: you have to maintain your home here while continuing to take care of the one there. And although it may seem like an impossible balancing act, with a little organization, you can make it work without every month-end becoming a stressful chore.
We'll show you how to organize your family's savings with simple habits, concrete examples, and a bit of a collective perspective—because when a family saves, it also supports the community.
What does "family savings" mean when your family lives in two different countries?
For many immigrant families, household savings aren’t measured just by what’s left in the bank account at the end of the month, but by what they manage to set aside for both sides. Planning a budget for a family living under one roof is not the same as doing so when part of that budget goes to another country every month. That’s why the first step isn’t a money-saving trick—it’s a different perspective: thinking of the household as something that everyone supports, no matter where they are.
Before you start saving, take a look at the complete breakdown of your expenses
It's hard to save what you can't see. Before setting a goal, it's a good idea to keep track of your spending for a month:
- Fixed household expenses (rent, utilities, transportation).
- What you send to your family on a regular basis.
- Variable expenses (food, entertainment, unexpected expenses).
If part of the amount you send is in a different currency, don’t focus solely on the exchange rate for that day. What’s important is to consider the total cost of the transfer. This may include the transfer fee, the markup on the exchange rate, and, in some cases, other charges. The World Bank takes all these factors into account when measuring the true cost of a remittance.
Before deciding how much to send, compare how much money actually comes out of your pocket and how much the other person ends up receiving, rather than just looking at the exchange rate shown on the screen. If you want to better understand how currency conversion works, you can check out this guide on How to exchange dollars for bolivars.
How to Save as a Family: Habits That Add Up Without Being Overwhelming
Saving as a family works better as a shared habit than as an individual sacrifice. Here are some habits that don't require you to go to extremes:
- Set a small, specific goal (not «save more,» but «save 20€ this week»).
- Cook at home for a couple more days and compare prices before buying.
- Involve the little ones: make sure they understand what you're saving for, too.
- Let's review together, once a month, what worked and what didn't.
If you want more practical ideas for everyday life, here you go More Tips for Saving Money that you can start putting into practice this very week.
3 Examples of Ways to Save Money as a Family That You Can Try This Week
- The 52-Week Challenge, Adapted: Instead of a fixed amount, each week you save whatever is left over from a specific expense (for example, groceries).
- The Family Trust Fund: a piggy bank or joint account where everyone contributes a small amount, no matter how much.
- The 24-Hour Rule: Before making a non-essential purchase, wait a full day. Often, the urge to buy goes away on its own, and whatever you don't spend that day can go straight into your savings.
When sending money is also part of the family budget
For many families, the monthly remittance isn’t a bonus—it’s a fixed, priority expense, just as real as rent or the electric bill. That’s why it’s best to treat it that way in your budget—not as something «left over» at the end, but as an expense you plan for from the start, along with your other fixed costs. That way, you can decide with some leeway how much send money to your family in Venezuela every month, without throwing off the rest of your accounts.
Saving and sending money are not the same thing: saving is the portion of your income that you manage to set aside; sending money is money that comes out of your budget to support someone else’s. They are two separate categories, but both have a place and should be part of the same financial plan. And if some weeks it’s hard to manage both at the same time, that’s okay: the longing to be far away It is also part of the same journey.
At Curiara, we help manage the portion of your family budget that goes toward sending money abroad. Our goal is to ensure that, when you decide how much to send, you clearly understand how much comes out of your pocket and how much the other person actually receives. This way, you can plan both your savings and your money transfers more easily and transparently.
Sources Consulted
- Bankinter: How to Improve Your Family's Savings
- elDiario.es: What Is the Kakebo Method for Saving Money and How to Apply It to Your Household Budget, Martín Frías
- elDiario.es: The 52-Week Challenge: How It Works and What It Teaches Us About Saving, by Martín Frías