16 Aug 2024
A combined report by the German Statistics Agency ‘DESTATIS’ and the German Federal Agency for Employment ‘BundesagenturfurArbeit’ revealed that around 16,000 Gambians live and work in Germany. They earn a living and send money to Gambia online from Germany and offer financial support back home.
When you are living in Germany, you incur expenses. You cannot live without spending money. But as a Gambian migrant in Germany, you must keep in mind that you need to save money so that when you retire and return, you have a sufficient financial backup to fall back on. This blog walks you through the easy tips to budget your expenses and save money.
Although the robust German economy is most likely to offer you a job with a reasonably handsome income, it does not mean that earning more should lead to spending lavishly. Remember that working in Germany is a once-in-a-lifetime opportunity. Managing your finances wisely is crucial to ensure long-term stability and comfort. Start by creating a budget that aligns with your income and expenses, setting aside savings for future goals and emergencies. Use Germany's financial products, such as savings accounts and investment opportunities, to grow wealth.
Additionally, be mindful of your spending habits and avoid unnecessary luxury expenses. This prudent financial approach will help you maximize your earnings and enjoy a comfortable lifestyle in Germany while securing your financial future.
Therefore, as the famous expression goes, you should make hay while the sun shines. It means that you should earn as much as you can and do everything within your capacity and control to save as much as possible. The following tips, however, will help you save money while living in Germany as a Gambian migrant.
The first step to saving money in Germany as a Gambian migrant is to record and track your expenses. While your income largely remains fixed, your expenses keep fluctuating. Therefore, make sure to record every penny that you spend and write it down with you. You can do it manually or by using specific tools and apps that help you record and track your expenses. Also, make sure to keep visiting your expense records.
When you send money online to Gambia from Germany you must do so with financial care. Choose a service provider for the purpose that not only charges you a low fee but also offers you live and market-competitive currency exchange rates that will likely compensate you for the fees and thus help you save money. It is important because online money transfers are repetitive and incur costs.
When you set financial goals, you get a financial direction to follow. Therefore, you need to set financial goals that are both long-term and short-term. But while setting financial goals, you must ensure that your goals are Specific, Measurable, Attainable, Realistic, and Time-Bound. It will keep you sharply focused.
In Germany, you will find many places to live. Some are cheap, and some are expensive. But before choosing a living place, look at your situation. Take certain factors into consideration. Ask yourself:
· Do I want to live alone?
· Do I need to share an apartment?
· Is it near where I work or study?
· Is it near the public transport hubs?
Try to find realistic answers to these questions. If you find a cheap place to live but it is located far away from where you work, the commuting cost will be high. If you live away from, for example, a bus stop, it will still be financially complicated for you. Moreover, the utilities must be negotiated properly with the owners and the service providers. The more you negotiate, the higher the chances to get a cost-effective deal.
Germany is pretty particular about its taxation system. You must understand the tax system in Germany and seek professional advice if the need arises. This will help you avoid more or double taxation, which is confirmed if you do not understand your tax obligations. Do not forget to understand how taxes are applied to a money transfer from Germany to Gambia.
Doing groceries is a regular and routine activity. Therefore, make sure to never do grocery from just one shop. Rather, sift the market, move around and ascertain rates of the stuff you want to purchase from different stores. You will surely find cheap prices. The difference may not be huge but the frequency of doing groceries will make a financial impact.
It is easy to go out and have your last meal of the day. You avoid cooking because you are exhausted. But eating out can be heavy on your pocket if not on your palate! Therefore, firstly, avoid eating out, but if eating out is inevitable, then make sure to visit eateries late at night. Several restaurants in Germany slash their prices at night to offer cheap meals to the customers and avoid waste.
One of the best and most effective tips to save money while living in Germany is to create a budget and live on it. A budget helps you take your current income and expenses into account and set financial boundaries around your expenses.
When you live on a budget, you are careful about your expenses and each time you tend to move closer to the boundaries, the alarm bells begin to ring. It pushes you back to the centre of your budget in terms of spending. Learn HERE all you must about creating an effective budget.
A walk in any German city will be pretty tempting to purchase things you just do not need. Therefore, make sure to resist temptations and avoid impulsive buying. Think about whether what you are buying is really needed or if it is only the impulse that is forcing you to make the purchase.
In Germany, most people, both locals and foreigners, use cycles to commute or walk around. If you can do it with walking and cycling, then nothing like it. But if using vehicles is an inevitability, then use public transport. Germany’s public transport is cheap, effective and efficient, all at once.
You can save a lot of money if you understand the difference between needs and wants. One of the reasons why you overspend is that you spend on wants more than your needs. Understand the difference and spend money only on needs and never on wants.
Choose a cost-effective way and the right remittance transfer service provider to send money to Gambia from Germany. It is integral to saving money as every money transfer incurs costs. You are earning a living in Germany to offer financial support back home. Right? So, in addition to following the tips explained above, you need to save money on your international money transfers.
Therefore, you must choose a service provider that charges you a low fee and in addition to that offers you live and market-competitive currency exchange rates. These live currency exchange rates will compensate you for the fee you pay for your money transfers. Moreover, the wide and virtual operational presence of certain service providers eliminates the need to commute which is an additional financial burden.
Budgeting is the process of keeping track of income and expenses and recording every expense you incur. It also refers to setting financial boundaries around your income and expenses. A budget also helps you set long-term and short-term SMART financial goals and keeps you focused on these financial goals.
Budgeting is the key to leading a financially healthy and viable life. It prevents you from overspending on things you least need. It keeps you sharply focused on your financial goals and objectives. A budget helps you save money for your rainy days and your life post-retirement when you return and also teaches you financial restraint.
You can save money easily while living in Germany if you create a budget and live on it, use public transport, negotiate utilities, search and choose a neighborhood carefully, differentiate between needs and wants, avoid temptations and resist impulsive buying, shop around before doing groceries, send money online with care, and so on.
The difference between needs and wants is constantly yawning. If you do not understand the difference, you are most likely to waste money. Your life is impossible without needs. Wants are closer to desires, without which you can still live normally. For example, a normal job is your need, but a C-class job is what you want, not need, and so on.
Saving money on your international money transfers is essential because when you transfer funds, you pay service charges to your service provider. The transactions are repetitive. Therefore, find a service provider that not only charges you a low fee but also offers you live currency exchange rates that can compensate you for the fees you pay.
Resource(s)
· Gambians in Germany
(644 asylum applications by Gambians in Germany - The Point)
