Adapting your habits and lifestyle to a new culture during your expat life is challenging already as it is. However, be prepared that it may also be hard for your wallet to comply with the new costs. In order to help with your smooth transition from one economy to another while moving abroad, we have composed a list of the five most essential tips on how to save money as an expat.
Understand the local currency
The change of currency can be a hindrance for your savings, especially during the first couple of months in your host country. It is very easy to get carried away when you are in the shops or paying the bills, even when you think that you know the equivalence to your home country's currency. However, numbers are tricky (we think), and amounts that may sound small, you may be surprised to know that are not so when transferred to your familiar currency from back home. The best way to deal with this issue and help your wallet is to understand the exact exchange rate, follow the news so you are aware of drops and highs of the currency, and if unsure use the calculator.
Dare to make changes
You are an expat in a new country, which may mean that you may have to make some lifestyle changes if you wish to save money during your stay. For example, if you used to do a lot of online shopping back home but you are now living in a country where free shipping doesn't exist, better consider conventional shopping methods or limit your orders. Or if you used to pay for the services of a personal trainer, which are now three times more costly, why not undertake a different — and free — type of exercise such as running? See it as an opportunity to test your adaptation skills and also try something new, which you may end up loving anyway.
Eat local
We definitely agree with you: the Italian and Japanese cuisines are delicious, and you could eat homemade pasta and fresh sushi for the rest of your life. However, if you don't live in Italy or Japan, you might be paying a lot of money for this ambience to be sustained outside its home. Instead of focusing on international dishes and familiar flavours, explore the local cuisine, which will also give you a glimpse into the local culture and the people. Soon, you will be even able to point out which is your favourite local restaurant and have a chat in the local language with the waiters.
Share a car
We usually recommend you use the public transport not only to save money but also for environmental purposes. However, if you live in a country where driving is essential due to lack of efficient public transport and cycling lanes, consider renting or buying a car with a fellow expat or colleague. Then, you can make the necessary arrangements to leave at the same time for work, as well as to drive back home together. For weekends and nights out, you can either be flexible and understanding of each other's needs, or you can set up a calendar, which shows who gets to use the car and when. Occasionally, you may have to compromise, but at the end of the day, when you see the difference in your savings account, it's all worth it.
Use your talents
Whether you want to decorate your new house and make it homey, or you have to take care of a leakage or need help with cleaning your flat and doing your laundry, we repeat DIY unless impossible. With websites such as Pinterest, there are a million ideas you can get inspired from, from ways to organise your books to crafted coffee tables, without spending a fortune in ready-made houseware. Plus, you will be unique in your style!
Do you save money as an expat? What methods do you use to save? Please leave us your comments below.
