Would you consider saving money if you were to go to a foreign country as a student dependent on financial support coming from your family? Well, hardly. Because you would try to live every moment of your life as a student and not care for money; on the other hand, going to another country as an expatriate for a better job opportunity to earn a living and support your family financially through an instant online money transfer is a context in which you do all in your capacity to save each penny.

Since the purpose of travelling to another country is financial support, you will try not to take any step involving extra expenses and rather look for ways to save money.

This blog will highlight a few ways to save money while you live abroad.

A brief background about the need to save money as an expatriate

Going away from your family is a hard decision you make only when your circumstances demand it. A cursory glance at the expatriates worldwide will reveal that most of them belong to poor countries.

These expatriates have limited financial resources to live and maintain a decent life. Unemployment and poverty make it difficult for them to put food on their table, let alone fulfilling other needs.

These people, therefore, travel to foreign countries to find better employment opportunities and earn better to ensure their families lead a financially decent life.

A quick look at the global expatriates and the total global remittances for 2022 and 2023

• Insider Intelligence reported that global remittances would reach $774 billion by the end of 2022 at a Year-over-Year (YoY) growth rate of 5.9%.
• The same report forecast that global remittances will reach $810.79 by the end of 2023 at a YoY growth rate of 4.7%.
• UTE’s International Lounge reported that about 3.1% of the total global population is expatriates, which is 230 million, up from 73 million in 1960.
• About 49% of the total global expatriates are women.
• In terms of numbers, about 113 million expatriates are women.

Most of these expatriates hail from low- to middle-income countries (LMICs). They sometimes do double jobs to make sure they add more to their incomes and, in doing so, put several restrictions to curb their expenses to save more.

But you need not slash your expenses if you can have some tips that will be equally helpful in saving money. Besides these helpful tips, one of the most workable solutions is to send money online to your family back home using a trusted remittance partner like ACE Money Transfer. The firm offers the lowest transfer fees yet at the highest exchange rates and even several chances to win enticing prizes when you use its services for global money transfers.

Remember that you can modify the tips below according to your needs.

What necessary steps should I take to save money during my stay abroad as an expatriate?

Travelling for a longer duration pushes you to stick to a manageable budget as spending excessively will wear off, as is mostly the case in short-duration travelling. Consider the following, however, for saving your money abroad.

Create a budget and follow it

A budget sets limits for you to follow. Regardless of how much you earn and spend, if you stay within the limits a budget has set for you, you will save money. Make sure not to reach the upper spending limits under different heads of your budget.

Open a separate savings account.

Make sure to open a separate savings account and contribute to it every month. Never confuse this account with the checking account you use for your routine financial matters.

Open a local bank account.

Opening a local bank account in the country you have gone to is beneficial in several ways. Financial transactions become smooth, and the service charges are slashed in a local bank account compared to an international one.

Cook at home

Ordering food from outside is easy but costly. Try to cook food yourself. It will cut all unnecessary expenses you will incur on dining out or ordering food, such as delivery charges, etc.

Travel in public transport

Like ordering food, travelling in your conveyance is convenient but can squeeze you financially. Travelling by public transport is a better alternative to cut costs. A monthly pass can help you move around reasonably in financial terms.

Live simply

You can impress people around you with a luxurious lifestyle. But its cost in the later years of your life will be too big to bear. Therefore, make sure you lead as simple a life abroad as possible.

Get health insurance

You never know what time your health will deteriorate. It is, therefore, important to get healthcare insurance as soon as possible after reaching your destination. Otherwise, it will save a lot of money you will spend on taking care of your health.

Compare prices and sift markets.

In the presence of famous shopping malls, you miss out on the less-known malls where you can buy stuff at almost half the price with the same quality. So, make sure to find such markets and compare prices before buying.

Find discounts and wait for them.

Many shops offer discounts on certain occasions. If you can find those discounts right away, get those; otherwise, wait for them to be offered to save money.

Send money online with a company offering live currency exchange rates

Each time you plan to transfer money back home, make sure to find a company that offers live and competitive currency exchange rates and charges a low fee to cut costs and save money.

These simple tips can help you save money abroad as an expatriate.

ACE Money Transfer – your partner in saving money in remittance transfers

Sending money with ACE Money Transfer will help you save money by charging you a low fee and offering live and competitive currency exchange rates. So, join ACE family to send money abroad with the most benefits that you barely see in the market, including the most secure transactions, the highest exchange rates, the lowest transfer fee, and several incentives and rewards through different promotional offers.