The potential benefits of moving to a foreign country are possibly endless. Arguably most important, the prospect of traveling and living in a new country will expand your knowledge incredibly. You can quickly learn about the different languages, cultures, as well as histories as you explore the new cities within the country. By relocating to a foreign land, you’ll likely expand your social circle, relationships, and friendship tremendously. Moving to a new country also means you will be developing your career network since you’ll be creating useful professional connections with a whole host of international organizations. Such coveted global links could play a significant role in your future career development abroad.
However, despite all the anticipated benefits associated with living abroad, there are always financial challenges that every individual will encounter. Anyone living abroad will tell you that nothing hurts more than checking on your bank account and seeing how little you saved that month. Thankfully, living abroad does not have to be stressful or result in living paycheck-to-paycheck. In fact, just like anywhere else, there are a number of things you can do to reduce your financial expenses and save substantially while staying abroad. Let’s discuss in greater detail the top practical ways of saving money while living in a foreign land:
Pay attention to your banking services.
There are varying financial implications when you are living overseas. Arguably, managing how you transfer money from one country to another is the toughest of all. This implies that you’ll have to conduct some research and opt for the best transfer services available. On most occasions, you’ll find that the walk-in service centers, as well as the traditional lending institutions, are the most expensive to work with.
Online banking services have relatively lower overheads as compared to traditional banks. It would be an excellent idea to identify a trustworthy money transfer service that will allow you to save a significant amount of cash. You may also need to open a new bank account in the new country you are planning to live in since this will enable you to own a debit card perhaps, pay your monthly bills and enjoy a variety of associated benefits. Depending on what work you are pursuing abroad, many recruiters as well as companies will help you to set up your banking account.
Accountability: Stick to your budget.
In this regard, you should decide to spend a specified amount of money each week or month, be disciplined and don’t exceed it unless there is an emergency. Creating a monthly budget describing your revenue and expenses is the first step towards prudently managing your finances. However, this does not entirely imply that you’ll have to restrict yourself that much! Create a budget that is flexible enough – This means that you’ll have to allocate some cash for entertainment and leisure while also keeping the budget aimed at the so-called “higher necessities.”
However, it is imperative to note that creating a budget is only half the battle. You’ll have to stick to it at all costs. Thankfully, there are lots of budgeting apps out there which you can install on your smartphone and use to enhance your accountability.
Accommodation arrangements
Whether you are traveling abroad as a professional or a student, you may want to consider living with a friend. A significantly large number of individuals residing abroad choose to live together as roommates to help save some money on rent. For students, staying with a fellow learner means saving potentially expensive room as well as the board expenses. Even though buddying up is not intended for all of us, it is a cost-effective move that will make your staying abroad relatively comfortable and is, therefore, worth giving a try.
Feed yourself on the cheap!
Depending on where you’re living in the world, eating out can be an expensive adventure, and this means that cooking your own food can help you save money. Of course, before you start cooking your own food, you must ensure that you have access to the essential kitchen equipment and understand what is reasonably affordable within the locality to feed on a budget. You may find that buying your produce and meats from the streets or markets can be much cheaper than shopping at supermarkets. You should equally purchase lots of fresh food products as well as the non-perishables and keep them in your house. This will potentially prevent frequent cravings as well as the need to feed on quick and convenient manufactured food products which are somehow dangerous for your health.
Explore your transportation options
The prospect of using trains, buses, bikes as well as walking will not only help you to save money but, will equally help reduce your carbon footprint as well. Travelling to a new land will involve exploration activities – riding a bicycle, using public transportation and trekking are all great options for getting to your various destinations within your new locality. Be sure to befriend a local, who may have some tips regarding the public transportation in the area or can help direct you in helpful ride-sharing and bike-sharing apps.
Find free events and activities within the city!
In most parts of the world right now, large cities, universities, as well as clubs are all known to offer a broad range of free events. These events provide an excellent environment to meet new people. Oftentimes, those people have similar values and can help direct you to more cheap/free activities that you can do together in the area. Rather than attending those costly live events, just keep an eye out for advertisements to free fitness classes, free barbecues, live music shows and other enjoyable activities and save money.
The bottom line
If you are an individual who is seeking to save money while living in a foreign country, we have provided you with six proven, practical and efficient ways of how to make this a reality. Good luck on your adventure abroad and may you continue to make financially sound decisions, wherever the journey takes you!