ACE Money Transfer - Blog

How to Minimise Personal Expenses as an Overseas Worker? Top Budgeting Tips

How to Minimise Personal Expenses as an Overseas Worker? Top Budgeting Tips

30 Nov 2022


Do you know what is one of the biggest concerns you have as an expatriate? Well, initially, it may be to get the job you want. But that is only the start, mind you! As soon as you settle down, the major concern you face is the management of your finances, proper budgeting, and saving as much money as possible because you have the burden of supporting your family financially through regularly making an online money transfer back home.

In a bid to save money, the first thing you want to do is to slash your expenses. But if you do know how to do it properly, you will struggle to save money despite slashing your expenses.

This blog will guide you about budgeting and the exact techniques to cut down your expenses so that the purpose of doing so is served optimally.

What is the link between minimising personal expenses and saving more?

Most expatriates belong to poor countries and travel to developed countries to find better employment opportunities, earn a decent income, and support their families back home.

Given that they have already endured hard financial sufferings, they ensure to save every penny they can. But in a foreign land, it is more difficult than it seems, given the huge expenses, living costs, etc.

Monthly savings prove critical for expatriate workers since they have to manage their personal expenses and their family's households back home simultaneously. Residence, food, healthcare, and transportation, which are inevitable and fundamental necessities for life, are way too expensive in developed countries.

Besides, various festivals and events in the modern world often compel overseas workers to enjoy the luxuries of life that demand paying hefty sums.

So, savings can only be possible if the expatriates know how to cut down their expenses and manage to live with minimal spending.

A look at global expatriates and global remittances is important to understand the context.

  • UTE’s International Lounge reported that about 230 million expatriates currently live worldwide, up from 73 million in 1960.
  • They are about 3.1% of the total global population, and 49% of them are women.
  • Insider Intelligence reported that global remittances would likely reach $774 billion by the end of 2022 at a Year-over-Year (YoY) growth rate of 5.9%.

For such a huge number of expatriates scattered worldwide, it is necessary to make savings to ensure better financial support back home. Suppose you choose to send money online to your family through a credible service provider like ACE Money Transfer. In that case, you have more chances of savings that you can make through the lowest transfer fees, the highest exchange rates, and several enticing rewards.

What is a budget?

A financial plan for a specific period is known as a budget.

It is an estimation of expenses you will incur that you break down into different categories. Its purpose is to provide a roadmap that you should follow in your expenses over a stipulated time.

What techniques do I need to follow to slash my personal expenses to ensure savings?

Follow any of the tips from the bunch below and reap the benefits.

  • Write down all of your expenses, whether big or small, for a month and revise those. The difference will be manifest!
  • Buy a flask, make your coffee, and save money on coffee takeaways every morning.
  • Ride bikes to stay fit and save money instead of commuting on public transport or your car.
  • Check the less expensive alternatives first if you want to update your wardrobe. You can find the brands at a much lower price there.
  • Do not buy branded groceries. Always find unbranded items.
  • Make sure to spend a few extra minutes every evening, prepare lunch for the next day, and take it to the office with you.
  • Cook different dishes on the weekends in bulk and freeze them. You will not be, this way, tempted with takeaways midweek.
  • Compare your gas and electricity prices to get the best deal if you don't have one.
  • Try to slash your expenses on drinks and see how much you save at the end of each month.
  • Keep putting your cents and pennies into a jar and value every cent you have.
  • Check what you no longer need but have and sell it on platforms like eBay, etc.
  • Offer rides to others around you to share fuel expenses if you travel in your car alone.
  • Keep comparing your insurance policies to get the best deal for the least amount. But bear in mind that cheap does not necessarily offer the best.
  • Evaluate and compare your phone packages and see if other cost-effective deals are available.
  • Launder your clothes at home and buy the dry-cleaning kit at once.
  • Check your internet bills and see if you can share the internet with those around you if you live in an apartment.
  • Jog, walk, cycle, and lift weights at home to stay fit without paying for fitness at gyms.
  • Flick the switches as soon as you step out of your room to save on electricity.
  • Live a simple life and tell your family back home that you want to save so that they are taken into confidence and offer support.

Send money online through a service offering the best deals

Look for a service that offers you live and competitive currency exchange rates and charges a low fee for your transfer of remittances back home.

As an expatriate, your basic concern is to send more to your family – a purpose fulfilled through a service provider offering these two features even if transfer time is extended, etc.

ACE Money Transfer – offering all you look for in transferring remittances

A low fee and live and favourable currency exchange rates are what your money transfer through ACE Money Transfer begins with! Alongside, you get speed, safety, 24/7 service access and availability, around 390,000 pickup locations in over 100 countries, and much more from just one window, and to your satisfaction.


Tips

PREVNEXT
The Best Monthly Saving Tips for Overseas Gambian Workers - All You Need To Know
The Importance of Learning the Local Language in Europe for Filipino Expat Workers

Comments