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10 Money Saving Tips for Expats

10 Money Saving Tips for Expats

09 Jun 2021


Relocating can be exciting with an array of new opportunities. But on the flip side, reality can hit hard. It would be best to come to grips with a new culture, a new language, and a new way of life. Money is common to stress faced by expats. But the sooner you start to make simple changes to your lifestyle, the sooner you can enjoy the perks of settling and exploring your new surroundings. To enjoy your new expat life, follow our tips, live within your means, and you will be able to support your family back home. Read on for our 10 money saving tips to help you get off to a flying start.

1. Open a savings account 

We start with ‘stating the obvious’ but opening a bank account couldn’t be simpler. It takes minutes and can often be done online from the comfort of your own home via a video call. Once it is up and running, you can set up a Direct Debit to automatically transfer funds from your Current Account into your savings. Simple! If you prefer to build your savings in your homeland, then download the ACE Money Transfer App to swiftly transfer into an account of your choice.

2. Change energy providers

You can save yourself approximately £300 a year by simply spending around 10-20 minutes looking for the best deal or tariff for your gas and electricity. Check out comparison websites and let them do all the hard work and provide you with a smooth transfer between energy suppliers.

3. Bulk buy

Many household items cost less when you bulk buy. Suppose you stick to purchasing only what you need. This is an effective way to save money in the long run. Look for offers at local retailers, including Costco and even online on Amazon.

4. Support your family

Make your hard-earned cash go that little bit further and transfer money to your loved ones using ACE Money Transfer. They offer the best rates in the money transfer industry, and with regular offers and competitions for their customers, it’s no wonder they are the obvious choice.

5. Loyalty pays

Consider signing up for loyalty cards with retailers. Tesco Clubcard and Sainsbury's Nectar Cards are great places to start. Collect points on your weekly grocery shop, fuel and fashion buys. These points can then be converted to money off vouchers. They can be redeemed in a store or with reward partners for discounted days out, meals, and even gym memberships.

6. Meal plans

This saves not only money but also time! Being more prepared, you can reduce overspending at the grocery store, hence reducing food waste. In addition, by meal planning, you can save time by not deciding what to cook and helping you avoid takeaway meals.

7. Meet other expats

They are not only an excellent go-to resource but a great way to meet new people. Ask about the best places for cheap days out and even local discounts and offers. Remember, there are also plenty of online forums where you can obtain tips and advice.

8. Keep a record of your spending

It is always a good idea to get into a habit of knowing where your money is going. Use apps like Money Dashboard and Mint to help track your spending. This will help you better understand your spending habits and give you more control of your finances.

9. Coupon galore/cashback

Check online for money off coupons or vouchers. Many websites are bulging with discount codes and printable coupons to use in restaurants for technology and days out. Making online purchases is great when you use websites that offer cash back to their members.

10- Thirty (30) days rule

Now, this is a rule we can all get to like! So, next time you have the urge to impulse buy something unnecessary, why not transfer that amount into your savings account for…...yes….. 30 days!

If after 30 days your heart still desires it, go ahead and treat yourself. Otherwise, keep that amount sitting in your savings. As well as the above tips, be sure to shop around for your mortgage, choose the right one that suits you, and ensure that your repayments are low.

It is also often worth purchasing a railcard to get ⅓ off train tickets when you add it to your booking. A few journeys, and the railcard pays for itself! Remember to familiarise yourself with your consumer rights and about how the law can protect you. There is lots of information on government websites.

Now that you are a little more in the know, the next step is the fun part. Being an expat!


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