24 Nov 2022
No matter which country you belong to and which one you are headed to as an expatriate, you aim to earn a decent living and make enough savings so that you and your family lead a financially sound life in the latter years of life.
This rule squarely befits Indian expatriates who travel to developed countries like Canada, which is one of the most developed nations worldwide. Several Indian expatriates make it to Canada for employment opportunities to earn a living and send money to India to provide financial support to their families and those financially dependent on them.
Monthly savings are always critical for expatriates who have left their native lands only for improved quality of life and their families financial stability. Keep reading to learn more about making enough monthly savings while living and working in Canada.
This blog will shed light on how, as an Indian expatriate, you can make enough savings while living in Canada. Before directly discussing the tips for savings, let’s learn why Canada has been one of the most fascinating destinations for people worldwide.
Listed below are the reasons that make Canada a preferred expatriate destination.
These are a few reasons that make Canada a preferred expatriate destination.
Let’s now look at India's economy to understand why its people travel to foreign countries for better employment opportunities.
These figures show that the Indian economy is faring better relatively. Still, the bigger challenge is her burgeoning population which is straining the country’s resources and pushing more people into poverty by creating unemployment.
Therefore, Indian expatriates travel to Canada to find employment opportunities, and most send money to India online to support their families financially.
As mentioned earlier, your top priority in a foreign land is to save money if you have gone there for work. You may not care much about savings if you have gone abroad to study as your family finances you.
But this is not the case with those seeking jobs in a foreign land such as Canada.
However, you have to consider the following tips to optimise savings while living in Canada as an Indian expatriate.
You have a general idea about your expenses. But keeping a record of your expenses for a month or so and then going through those expenses can be eye-opening. It can help you stop spending in areas you must avoid.
As a second step, you must create a budget. A budget is a plan for your expenses for the future based on your current income and expenses. It helps you draw lines on your spending and income and appropriate your expenses where they are needed most.
Make sure to pay for your regular expenses. Many people delay payments, particularly on groceries, and decide to pay at once at the end of the month. In doing so, you risk disturbing your budget and financial plan.
Make sure to enlist the items you want to buy instead of going to the malls randomly. It will save you from impulsive buying. Studies have shown that shopping with a pre-created item list saves a lot of money.
Never treat shopping as entertainment. Going to a shopping mall just for fun and whiling away will lead you to spend on things you would never consider otherwise. So, always take shopping seriously.
Put in some extra effort on weekends and cook in bulk. Freeze the food until the coming weekend. It will save you money on dining outs and also resist the temptation to order food from outside midweek.
Make sure to open a separate savings account and contribute to it regularly. People think they can save money with one checking account they regularly use, but this hardly helps. A separate savings account is helpful in this regard.
House maintenance can cost you dearly. For example, getting a leaking tap fixed by a professional plumber will cost you some money. But you can save this money if you have the necessary tools to do the needful.
Find a service provider that helps you transfer funds back to India from Canada with a low fee and offers live and competitive currency exchange rates to allow you to initiate a transaction when rates are in your favour.
ACE Money Transfer essentially offers low fees, live and favourable currency exchange rates with around 390,000 pickup locations in over 100 countries, and much more from just one window. Choose it’s trusted services whenever you need to make an instant and secure online money transfer to India from across the UK, Europe, Canada, Australia, Switzerland, etc.