Moving abroad and becoming an expatriate takes a lot of effort. From the endless planning and packing to sorting out your finances. It will take a lot of hard work to make your dream come true and become an expat.
But moving to a new country can mean you are in for some surprises. Namely, it is easy to underestimate how much money it takes to be an expat. So, here are some easy ways you can save money when you are living abroad.
Create a Budget
Let’s start with one of the easiest things you can do. We are talking about creating a budget. While this idea is not a revelation, you will be surprised by how many people that do not track their spending. This can lead to handing out cash left, right and center. Therefore, begin by making a budget. Know what your income is and your savings, calculating what you can spend to live comfortably. You also want to write down all of your expenses so that you know what you have left to have some fun as an expat.
Do not forget that if you discover any unnecessary expenses, cut them out of your bills. This is going to allow you to save more or spend this money on something else that is more worthwhile for you and your lifestyle.
Think About a Pension
You may be wondering how a pension can save you money. Well, it can offer you a lot of tax benefits and mean that you have more money to spend later on in life. In particular, expats are going to benefit from qualifying recognised overseas pension schemes or QROPS pensions. They are going to avoid paying an overseas transfer charge or OTC, which can cost you up to 40 percent. Thus, you can enjoy more of your hard-earned cash.
Shop Around and Compare
No matter what you are buying, make sure that you shop around first. It can be tempting to purchase the first item you see. But if you want to save money, shop online and at different stores to find the best deal. This is going to be important for expats as you may jump at the first chance you see to buy something. Yet, a better deal might be right around the corner. You can even use price comparison websites to help you.
Adjust Your Lifestyle
Sometimes, you have to make sacrifices in life. If you are an expat that is looking to save money, this might mean adjusting your lifestyle. This is going to allow you to save paying out for unnecessary costs that might be eating away into your savings. This does not mean stopping every fun activity you enjoy. It just means making changes and compromising when you are living abroad. It can also mean that you have more money to do other activities you love. Some simple adjustments you can make include walking instead of driving, dining out less often and moving to a new neighborhood.