Are you a Gambian overseas worker looking for helpful tips for monthly savings? The people of Gambia suffer from acute poverty but still manage whatever meagre resources they have to travel to other countries for better job opportunities to earn a living. As an expat worker, your ultimate goal is to support your family through a money transfer to Gambia from overseas. Monthly savings can help you achieve the goal, but how can you do it easily?

The Gambia’s economic turmoil has resulted in high unemployment levels, pushing most of its population into deeper poverty. It makes life difficult for the people, who then look for ways to travel to developing countries where they find better employment opportunities promising a decent income and a financially viable life based on it.

As they travel abroad for jobs, Gambian expatriates do all in their capacity to ensure savings as much as they can to decrease the financial burden they carry with them.

This blog will shed light on how Gambian expatriates can increase their financial health through more savings while living abroad.

A look at the Gambian economy is necessary to understand their financial woes.

• The Gambia is the world’s 167th largest economy, with a nominal Gross Domestic Product (GDP) of $1.773 billion.
• It is the 160th largest economy worldwide, with a Purchasing Power Parity (PPP) of $6.448 billion.
• It has a nominal GDP per capita income of $755, ranking 171st worldwide.
• Its PPP per capita income is $2,745, ranking 157th worldwide.

These statistics show that the financial suffering of Gambians is deep. Therefore, Gambian people travel to developed countries for better financial prospects.

Why is the need to save money so pressing for me as a Gambian expatriate?

For the simple reason that no matter how hard you try in your native country, you will struggle to make ends meet.

In such a scenario, if you find an opportunity in a foreign country, you must ensure savings during your stay abroad. Because no matter how long you stay in a different country as an expatriate, you will ultimately return to your motherland, implying that you should make hay while the sun shines!

Bear in mind that if you do not care for savings during your stay abroad, your need to work in a foreign country will remain as dire at the end of your stay as it was in the beginning. This need, needless to say, is to earn and send money to Gambia for financial support. 

What tips can I follow to save money as a Gambian expatriate?

The following money-saving tips will help you save money during your stay abroad as an expatriate.

Research and compare living costs in advance.

While you plan to travel to a foreign country, you must research the living costs in the destination country in advance. Your focus should be on food, accommodation and commuting, etc. It will allow you to manage your budget accordingly. Simple internet surfing will be sufficient in this regard.

Set up an emergency fund

Emergencies never knock before they come! Therefore, make sure you have set up an emergency fund that can be a separate savings bank account and contribute to it monthly. It will help you in case an emergency arises for you or your family back home.

Create a budget and stick to it

Many software helps you create a budget and draw lines for your income and expenses. Using such software will help you spend with caution and remain within the financial limits you have set for yourself.

Track your expenses

Various software helps you track your income and expenses. Using those will ensure you do not indulge in extravagance. Besides, tracking your expenses will help you realise what areas you should spend money on and how.

Compare prices and markets.

Never shop from renowned shopping malls. A little research will reveal that there are many malls and shops where you can get the necessary stuff at a relatively lower price with the same quality.

Understand and know your taxes

Taxation is a complicated matter. Even in your native country, you must seek technical advice from professional tax consultants if needed. In a foreign country, tax matters, however, can be even more complicated. So, try to understand these fully and keep updated with the local taxation policies.

Open a local bank account.

Opening a local bank account is beneficial in many ways, including smooth financial transactions and tax efficiency. You will pay relatively fewer service charges for using a local bank account than an international one.

Get health insurance

You can face health hazards anytime, anywhere. So, it is necessary for you to get your health insurance as soon as you land in a foreign country. It will save you money that you would spend otherwise on taking care of your health.

Cook at home

Cooking at home is another way to save money abroad. Ordering food from outside or dining out may appear convenient, but its financial toll is too heavy for you to bear as an expatriate.

Send money to Gambia using credible channels.

Several online money transfer companies offer you live currency exchange rates allowing you to initiate a transaction when these rates move in your favour in exchange for a low fee. Look for such companies to save money in this particular area.

ACE Money Transfer – a fine blend of remittance transfer and savings

Online money transfer to Gambia with ACE Money Transfer offers several benefits, including speed, safety, competitive and live exchange rates, 24/7 service access, around 390,000 pickup locations in over 100 countries, and much more from one stop, and in exchange for a low fee, that saves you a lot of money.