People move abroad for a million different reasons, and whether you’re planning a retirement abroad or you’re about to embark on your studying journey overseas, it might be one of the most expensive things you’ll ever do if you don’t know how to save money during this stage of your life.
We know all too well just how important it is for you to keep the cost of living down to a minimum, and luckily we have a few tips and tricks of our own, which we’ll share with you in this post, on how you can life a good live abroad while still saving money!
Top Ways to Save While Living Abroad
#1 Observe the Exchange Rate
If you’re planning on frequently sending money back home to relatives from your new country of residence, it’s pretty crucial that you monitor the exchange rate. Make sure you’re aware of the fluctuations in the currency market if you want to minimize the risks and maximize your funds.
#2 Browse Around
This is standard practice no matter where you are in the world: things cost more (or less) depending on where you purchase them. Make sure you check out the local markets before you opt for purchasing all of your foods from the grocery stores. Compare prices on everything you plan on purchasing in order to help you save.
#3 Avoid the Imports
We know you’re probably dying for that little sweet treat you saw at the expat shop down the street, but if you’re going to be smart with your finances while living abroad, its best to avoid the temptation of purchasing imported goods.
#4 Make (and stick to) a Budget
Budgeting will always be essential if you’re trying to save money, so you should definitely incorporate it into your new life abroad. Make sure you’re allocating some funds for leisure activities but don’t skimp on things such as food and rent. Go ahead and download a budgeting app if you need a helping hand to keep you in check!
#5 Plan Meals
While holidays are often associated with fancy dining every night for dinner, it’s definitely not what you’re going to do if you move abroad on a more permanent basis. The reason why is very simple: it’s bloody expensive! Instead of relying on takeout or instant meals, go ahead and submerge yourself in the culture of the country you’re living in and get acquainted with their food. Ensure that you’re cooking your own meals at home and that you’re purchasing local food items with which you’ll create tantalizing dishes at home!
#6 Consider Your Method of Transport
You don’t have to blow your budget and purchase a car as soon as you get to your destination, contrary to what most expats tend to do. The reality is that most countries have very good infrastructure systems and offer public transport systems that work the way they were designed to. You can probably get around town by grabbing your backpack and exploring, or even taking the taxi. Some countries are big on the whole bicycling scene, so make sure you weigh up the different transportation options in order to help you save as much as possible.
#7 Adjust Your Lifestyle
If you’re able to live a simple lifestyle abroad as an expat, you’ll be well on your way towards saving a little every single day. You could try things such as living closer to where you work, so that you save on the cost of transport. Just because you’ll be living in another country doesn’t mean you have to take old habits along with you. Making small changes in your everyday life can be richly rewarding!
The 7 tips that we’ve shown you in this post may help you cut down the costs of your new life abroad. We sincerely hope that you have enjoyed reading our tricks, and that you’ve already started thinking about how you’ll incorporate them into your plans for moving abroad. All that’s left to do now is finalize those plans and set off on the adventure of your life!
About The Author
I’m Dan, and I’m the Editor in Chief of True North Athletics. I’m also an avid adventurer, digital nomad and traveler. I enjoy all types of outdoor sports, a good golf tan, and spontaneous weekend trips. I currently live in Brazil where I can be found frequently hiking the rain forest around my city!