Top 10 Money-Saving Tips While living Abroad
Table of Contents[Show]
- How to Save Money while Living Abroad
- 1. Pay off your debts
- 2. Cost of living
- 3. Plan your meals (There are free lunches if you make it)
- 4. Plan your travel to find the best option (Economically
- 5. Borrow rather than buying
- 6. Bargain, It’s your right!
- 7. Get a side hustle
- 8. Understand international taxes
- 9. Get A Bike or Walk
- 10. Count your Benefits
- Ways to Earn Extra Money while Living Abroad
Planning to move abroad or moving abroad is a huge responsibility. When you decide to settle abroad or stay there for some time, you must plan your life. Living abroad can be stressful if you do not plan your finances properly. It is common knowledge that before you move abroad, you must do some necessary research to understand the pension plans, employee benefits, housing, and other essential things to make life easier.
However, when you get there, it is imperative to save some money too. Life abroad can be expensive. Want to save your pocket before it’s too late? Read this article till the end to save some extra bucks while staying abroad.
Let us provide you with some information on the monthly living costs of the most popular immigration destinations. However, because living costs vary depending on where you live, these figures are only a rough guide to the costs of living in the following locations:
Average Monthly Cost of Living for One person (in $)
How to Save Money while Living Abroad
Living abroad has its own set of advantages and disadvantages. Living in a foreign country can offer you a high-quality lifestyle and lucrative opportunities to improve your prospects, but living in another country is also marred by a lot of trouble. These problems include cultural shock, homesickness, financial mismanagement, etc. But with proper guidance and optimization, you can improve your life in a foreign country.
As a young professional or student, you can often feel lost when it comes to saving money while staying in a foreign country. Here are 10 tips to save money while living abroad.
1. Pay off your debts
Having unpaid debts can be crucial when you are planning on moving abroad. When you have unpaid debt, your living expenses can double while living in a foreign country. So, to avoid spending extra money on unpaid debt, try to pay off all your debts before you book your flight to move to a foreign country.
2. Start investing before going abroad
It is essential to have a good bank balance to back you up while abroad. So before you plan your move, make sure you have enough money saved. Start an investment plan to make your immigration process smooth.
The financial planning, however, does not end here. The moment you start living in a different country, your first move must be to open a local savings account to save a bit of money in the process of sending all your money back to your native land.
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3. Plan your meals (There are free lunches if you make it)
One of the biggest disadvantages of living abroad is the food and drink. Food and drink can land you in deep water. To avoid going bankrupt while buying your meals three times a day, planning your meals is the best option.
There are free lunches if you make them. So, just get a little bit handy in the kitchen and prepare your meals. You can find millions of tutorials online, and in this way, you can also put your new-found culinary skills during the pandemic to some good use.
This self-help attitude can also save you a lot of money in maintaining your household appliances. Try to mend your household appliances by yourself; don’t call the plumber for just a clogged toilet; clean it yourself and save some money.
4. Plan your travel to find the best option (Economically)
When you are living in another country, you cannot just shut yourself down to save money while living in a foreign country. So, to have a plan or travel to different places, you need to be a bit of an economic planner. Plan your flights and long journeys based on the best offers from travel companies. See what works best for you, and plan accordingly.
Free is beautiful; find things you can do for free around the place you are living. Go on a museum visit on the free visit days, or if you are living in Paris, go scuba diving under the Eiffel Tower, or participate in the lantern festivals, because they are free.
5. Borrow rather than buying
If you are planning on saving some extra bucks while living in a foreign country, you must try to cut down on your essential expenses. If you are a student and you need books for college, use the local library or your college library to borrow your course books rather than buy them firsthand.
You can thrift them from your seniors as well. Thrifting is the process of buying used goods at a reduced value and using them. You can also thrift clothes and other items for your house to save some money on buying clothes or home decor.
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6. Bargain, It’s your right!
Don’t be afraid to bargain a little. Buying a thing for the least amount of money is your right. So bargain for everything you want to buy. Feel free to browse and compare the prices from different sellers, and then buy the one that is cheapest according to you.
Cut down on buying things from departmental stores and opt for buying from farmers' markets, flea markets, garage sells, etc.
7. Get a side hustle
There are no better ways to save money other than earning more money. You can get a side hustle to earn more money than your day job and have some extra cash on hand. Side hustles are extremely beneficial for people looking to earn extra income for financial freedom and to support their expenses while living in a foreign country.
8. Understand international taxes
Understanding international taxes and revenues can help you make a proper budget. If you have a good idea about taxes, you can also make strategies to save some taxes as well. Saving your taxes is your right, so educate yourself to utilize this right.
9. Get A Bike or Walk
While you are living outside your native country, it is important to get used to the roads and the place. This can help you save money as well. Trust the public transport, but this will not sustain you for longer, so try to walk to places. This will help you get familiar with the place, as well as make friends. If it is not possible to walk everywhere you go, get a bike and start rolling.
10. Count your Benefits
Every country has specific benefits for ex-pats, as ex-pats help a country grow economically and socially. So, if you are moving to a new country, get in touch with an immigration lawyer to understand the benefits the country can offer you. You can also connect with other ex-pats to get a better understanding of the benefits and plan your expenses accordingly.
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Ways to Earn Extra Money while Living Abroad
Getting a side hustle is very helpful when you are living outside your country. It not only helps you earn some extra money, but it can also help you build a strong and diverse network. So if you are planning to move to a new country and thinking about what side hustles to take up, here are some options for you.
1. Pet Sit or House Sit
Pet or house-sitting is a great side hustle if you are a student studying in a foreign country. This job offers you great flexibility to carry out your work while looking after someone’s pet or house. You can also try dog walking if you are good with animals.
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2. Provide Freelance services (If you are eligible)
For working professionals abroad, freelancing is the best option to earn some extra money. Some countries do not allow professionals to work freelance along with a full-time job, so check before you venture into the freelance land to see if you are eligible to do it or not.
3. Write a Blog, or Make a Vlog
Using your social media to earn money is great. If you already have a steady social media presence, you can utilize it by writing a blog, making a vlog, and uploading Youtube videos to make some money.
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4. Participate in Surveys: Easy Money!
Surveyors pay people to participate in surveys. You can participate in as many surveys as you want and earn a little extra money to sustain yourself in a foreign country.
Living far from your country is tough. It gets even tougher when you struggle financially. So, to avoid being broke abroad, you can follow these tips. However, if you need assistance in understanding the immigration process, immigration benefits, and so on, GetGIS has your back.
GetGIS can help you with all things immigration, from job assistance to immigration rules, regulations, and immigration benefits. GetGIS has it all covered for you. Get in touch with GetGIS to make your immigration process smooth. Click here to book your free consultation with GetGIS today.