How to save money when living abroad
Living overseas is an amazing experience but it can also be an expensive adventure if you’re not careful. We have some helpful tips and ideas which can help you not go bankrupt when living in a foreign country.
Ready? Then let’s begin…
Set a budget and stick to it
No matter the country you live in (you could also still be living at home), if you want to save money you should think of a monthly budget. Divide it into all the kinds of expenses you pay for on a regular basis: bills, food, transportation, household items, school supplies (if applicable), and so on.
The problem is not putting together the budget, but sticking to it. Here are some tips on how you can cut back on your expenses:
- Make a gift instead of buying one (this includes handmade gifts but also services that you are willing to offer: babysitting for a day, walking a friend’s dog, giving your spouse a massage, buying groceries for a neighbour… The sky’s the limit to how generous you can be!)
- Cook more, eat out less (it’s not only less expensive, but also healthier)
- Walk more or use a bike to commute (you get to exercise, so you’ll be healthier and in a better shape).
Find a roommate
If you will be living alone or only with your better half, you might consider looking for someone to share the apartment with or moving in with a friend. Splitting the rent and/or bills and other housing expenses can be so alleviating for your budget!
You will also get to make new friends and socialise more, which is yet another healthy habit. Hey, saving money is healthy!
Buy second hand
Clothes, furniture, books, toys… Vintage is always in! When you need to buy something, it doesn’t always have to be new. You can find loads of pretty clothes or charming furniture in local second-hand shops. Used toys are also a bargain because children only play with their toys for a while before they outgrow them.
When it comes to books, everybody knows they are more precious than new ones. So, buying the things that you need second-hand is a bargain in more ways than one!
Send money wisely
In many cases, people who live abroad send money to their family in their home country. This is also part of the reason why they want to save money. However, money sending services can have hidden fees or extra commissions. Do some research before settling to one service.
What you should know is that traditional banks and walk-in service centres are typically the most expensive. You need to find a trustworthy money transfer service that charges you no absurd costs. Currency brokers like us offer you a friendly, bespoke service and advantageous exchange rates with low transaction fees.
Call home without the high costs
When you live in a foreign country, perhaps the biggest challenge is keeping in touch with your loved ones. You don’t want to miss anything that happens back home, but you also don’t want to spend a fortune on phone calls. Huge international charges don’t only hurt your relationship with your family and friends, but also your budget.
However, there are certain telecom companies that specialise in long distance communication and can offer really affordable rates for high-quality international calls. One service that can help is KeepCalling, who offer a range of services meant to help you keep in touch with everyone back home. Perhaps most importantly, you can make international calls and top up mobiles anywhere in the world at the lowest possible rates.