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The Art of Frugal Living: Financial Tips for Filipinos in Germany

The Art of Frugal Living: Financial Tips for Filipinos in Germany

10 Jun 2024

More than 12 million Filipinos live outside the Philippines, most of whom contribute to the well-being of their loved ones back home and their country’s economy through sending money. The Philippines stands among the top low-to-middle-income countries whose foreign reserves mostly rely on remittances. Recent statistics show that it received over $33.5 billion in 2023 in remittances. But have you ever thought about what type of life circumstances these Filipino expats have to experience in foreign countries?


Like overseas Filipinos living in several other foreign countries, many live and work in Germany, which is one of the top destinations for global expats. Typically, these expats find themselves with no savings at the end of each month and struggle to send money to Philippines from Germany. As a Filipino expat, the dream of relocating to Germany is always exciting as it brings new life and career opportunities. However, the financial reality can be rough as many Filipinos in Germany often face financial constraints due to rising expenses. This issue can only be addressed if you master the art of frugal living.


Contrary to popular belief, frugal living does not mean lowering your standard of living. Instead, by embracing frugality, you can maintain a high quality of life for yourself and support your family back home with savings. This article will provide valuable tips on living within your means so that you can provide financial support to your family in the Philippines. So, read on to discover how to maximize your savings and make the most of your expat life in Germany!

Efficient Tips to Live Frugal as a Filipino Expat in Germany

Amidst the excitement of living as a Filipino expat in Germany, the significance of saving money must not be overlooked. For Filipinos, frugal living is vital for a comfortable and secure lifestyle in unfamiliar surroundings. Here are key tips for living frugally without compromising your lifestyle:


Cook Meals at Home

Dining out regularly can strain your budget. Whereas, embracing local cuisine and learning to cook favorite meals can significantly reduce expenses for Filipino expats living in Germany. This way you won’t feel homesick very often and can make valuable money transfers from Germany to Philippines.


Shop from Local Markets

By exploring local markets and supermarkets, Filipino expats can discover affordable and diverse offerings and make every shopping trip a rewarding and budget-friendly experience.


Therefore, shopping at local markets and supermarkets is a smart move to save money for Filipino expats. These options typically provide better value compared to high-end stores which allows expats to stretch their budget further while still obtaining high-quality products. 


Budget-Friendly Entertainment

When you relocate to Germany, you might see expensive entertainment options. However, as a Filipino expat, discovering your new environment can be budget-friendly. Seek out cost-effective or free local events, museums, parks, and cultural attractions. You can also engage in community activities to build connections with expats and locals alike.


Smart Travel Options

Given Germany's scenic landscapes, cycling and walking are not only cost-effective but also popular choices among locals. This smart travel promotes a healthier and environmentally conscious lifestyle.


So, opt for public transportation or cycling instead of frequent taxi or rideshare use to save on transportation costs. This not only helps you save money and send money online to Philippines from Germany but also promotes a greener environment. 


Proactive Financial Management

To manage your finances and decide where to cut off, regularly review your finances. Dedicate time every few months to assess your financial goals and track your progress. Modify your budget and savings strategy as necessary to ensure you stay on course. 

Moreover, acknowledge and celebrate the milestones you reach along the way to motivate yourself to continue your financial journey with confidence and purpose.


Building an Emergency Fund

When you live abroad, you have to prepare for life's uncertainties by establishing an emergency fund. So, aim to save an amount equivalent to three to six months' worth of living expenses. This fund provides support during unexpected situations like medical emergencies, job loss, or natural disasters. 


While many OFWs may prioritize sending money to their families abroad, it's essential to also prioritize saving for emergencies to ensure financial stability and resilience. This habit of saving for unforeseen circumstances helps Filipino expats fortify their financial well-being and gain peace of mind in the face of the unexpected.

Read More:  6 Ways to Better Manage Your Finances as an Overseas Filipino Worker.

Save Money While Transferring Funds from Germany to the Philippines

Navigating through high transfer fees and unfavorable exchange rates while sending money to the Philippines might drain out your bank account. To streamline this process, you need to find a trustworthy local bank that caters to expats with services. Here’s how you can optimize your banking and save money while transferring funds.


Look for Expat-Friendly Banks

Conduct thorough research to identify reputable local banks that specifically cater to Filipino expats by providing multi-currency accounts and minimal foreign transaction fees. This proactive approach ensures that you can effectively manage your finances while minimizing the costs associated with currency exchanges and international transactions. 


By seeking out banks with expat-friendly services, you can optimize your financial experience and confidently navigate the challenges of managing your funds.


Manage Currency Smartly

Choose a bank that offers multi-currency accounts to reduce currency conversion fees. Also, staying vigilant about currency fluctuations enables you to send money to the Philippines at favorable times. 

This way, Filipino expats in Germany can enhance their financial flexibility and make strategic decisions when making money transfers. 


Look for Online Banking Solutions

Select a bank with comprehensive online and mobile banking facilities to ensure effortless financial management like ACE Money Transfer. These services grant you the ability to swiftly send money online from Germany as a Filipino expat. 


Prioritizing banks with robust digital platforms empowers expats to efficiently oversee their finances. It also facilitates convenient and secure transactions regardless of their geographical location. 


Effortless Money Transfers with ACE Money Transfer

Sending money to the Philippines can be challenging due to high fees and unfavorable rates. However, ACE Money Transfer lets you easily send funds to your loved ones at competitive rates with minimal fees. 


Their intuitive online platform offers secure and speedy transactions, giving you peace of mind while handling your finances as a Filipino expat in Germany. ACE Money Transfer also simplifies the process by making it convenient and reliable to transfer money without unnecessary financial burdens.

ACE Money Transfer — The Way Forward

Thriving financially as a Filipino expat in Germany may seem challenging. But if you learn to live frugally and leverage ACE Money Transfer, you can enhance your financial well-being while enjoying your expat journey. 


ACE Money Transfer is a trusted remittance company offering reliable and secure global money transfer services to expats worldwide. By choosing ACE Money Transfer, you can effortlessly send money to your loved ones and ensure that your hard-earned funds reach them swiftly and at the most favorable rates. So, opt for ACE today to seamlessly make online money transfers from Germany to Philippines and stay connected to your roots.


How can I save money while living as a Filipino expat in Germany?

By cooking Filipino meals at home, shopping from local markets, opting for budget-friendly entertainment, choosing smart travel options, engaging in proactive financial management, and building an emergency fund, you can effectively save money and maintain a comfortable lifestyle in Germany.


What are the tips for managing finances and transferring funds from Germany to the Philippines?

Look for expat-friendly banks that offer multi-currency accounts, manage currency smartly, and prioritize online banking solutions to make effortless money transfers. Additionally, using a trusted remittance company like ACE Money Transfer can help in sending money to the Philippines at competitive rates with minimal fees.


What is the importance of living frugally as a Filipino expat in Germany?

Living frugally allows you to maintain a high quality of life, save money, and support your family back home in the Philippines. It also helps in managing financial constraints while making the most of your expat life in Germany.


Why should Filipino expats prioritize building an emergency fund?

Building an emergency fund is crucial for preparing for life's uncertainties such as medical emergencies, job loss, or natural disasters. It provides financial stability and resilience, ensuring peace of mind in the face of the unexpected.

Why choose ACE Money Transfer for sending money from Germany to the Philippines?

ACE Money Transfer offers reliable and secure global money transfer services, allowing Filipino expats to send money to their loved ones swiftly and at the most favorable rates. It simplifies the process and ensures that hard-earned funds reach their destination without unnecessary financial burdens. 

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