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Top 10 Ways for Gambian Expatriates to Save Money Every Month

Top 10 Ways for Gambian Expatriates to Save Money Every Month

28 Nov 2023


Looking for tactics to supercharge your savings and turn them into passive income? This blog explores the top ten money-saving tips that will allow you to send money to Gambia with ease while increasing your monthly savings!

Saving money is an important step towards financial security and accomplishing long-term goals. You can lay a firm basis for your future by using smart money-saving tactics. These practical ideas can help you maximise your savings while living abroad, from smart budgeting approaches to savvy buying recommendations and optimising your remittance services with ACE Money Transfer. So, let's get started!

Saving Stats of the Average Population

  • A normal person in the United Kingdom has £17,365 in savings.
  • 34% of adults have no savings or have less than £1000 saved in a savings account.
  • 61% of UK adults save money at least once a month for unforeseen situations.
  • Almost two-thirds (65%) feel they would be unable to survive three months without borrowing money.
  • Savings accounts are the most popular way for UK adults to save money, with more than half (57%) using them.

Keep Track of Your Expenses

Before you can start saving money, you should first understand your spending habits. Keep track of your monthly expenditures, which should include bills, groceries, transportation, and entertainment. This will help you identify places where you can cut back and save more money.

Build a Budget

Once you've determined your spending, it's time to build a budget. Based on your priorities, allocate precise amounts to different spending categories. Make sure your budget provides for savings. You can stay within your means and meet your savings objectives by setting limitations and tracking your spending against the budget.

Prioritise Savings 

By setting away a portion of your monthly income as a fixed expense. Set up a recurring transfer to a designated savings account to automate your savings. You won't be tempted to spend the money you want to save this way. It can also increase the frequency of sending money to Gambia for your family.
 

Cost-Cutting and Savvy Spending Strategies

Here are some cost-cutting and savvy spending strategies: 

Eat Out as Little as Possible

Eating out can quickly add up and deplete your finances. Instead, prepare meals at home and bring a lunch to work. To save money on food, plan your meals ahead of time, make shopping lists, and buy products in bulk.

Use Public Transportation or Carpool

Transportation costs can add up quickly without you realizing it, especially if you rely on taxis or private vehicles for your daily commute. Choose low-cost commuting options such as public transit or carpooling with coworkers or friends. This can drastically lower your fuel and maintenance costs.

Shop Wisely

Compare prices, use coupons, and take advantage of discounts and specials when shopping for groceries and everyday things. Consider purchasing generic or store-brand products, which are frequently less expensive than branded products while providing comparable quality. Buy non-perishable things in bulk to save money in the long run.

Reduce Unneeded Subscriptions

Take a look at your subscriptions, which may include streaming services, gym memberships, or magazine subscriptions. Cancel any that you no longer use or require. Choose free alternatives or stick to one or two subscriptions that you truly value.

Adopt Energy-Saving Habits

Reduced energy use benefits the environment while also saving you money on utility bills. To maximise energy efficiency, turn off lights when leaving a room, disconnect electronics when not in use, and adjust your thermostat. To further cut your energy expenditures, consider investing in energy-saving equipment and LED light bulbs.

Rent or Share Housing

Housing costs can consume a large percentage of your monthly budget. Consider sharing housing with other expats to split rent and utility bills. If you're renting, try negotiating a lower rent or looking for more affordable neighbourhoods that still match your needs.

Look into Low-Cost Entertainment Options

Entertainment does not have to be expensive. In your neighbourhood, look for free or low-cost leisure activities, community events, and cultural initiatives. Make use of nearby parks, libraries, and community centres. Look for free concerts, exhibitions, or film screenings. Participating in low-cost or free activities will save you money that you can utilize for your next online money transfer to the Gambia.

Avoid Banking Charges

Avoid bank fees, such as ATM withdrawal charges and foreign transaction fees. Look for banks or financial institutions that provide fee-free or low-cost services to expats. To avoid high transaction fees and currency conversion costs, consider opening a local bank account in the Gambia.

Hustle for Discounts and Deals

When making large purchases, don't be hesitant to bargain or ask for discounts. Many vendors may give you a discount if you are a repeat customer or pay in cash. Use sales, promotions, and seasonal discounts to get the most bang for your buck.

Calculate Your Spending Per Year

Do you spend $20 every week on snacks at your office vending machine? Every year, you subtract $1,000 from your total funds for soda and snacks. This habit can cause a loss of a significant sum in the long run.
 

How ACE Money Transfer Helps You Save More Money?

ACE Money Transfer is not just a reliable remittance partner, it also plays a significant role in helping you save more of your hard-earned money. Let's explore how ACE Money Transfer's services and features contribute to maximizing your savings.

Competitive Exchange Rates

ACE Money Transfer offers competitive exchange rates, ensuring that you get the best value for your money when sending funds to Gambia. By providing favourable rates, ACE enables you to save on currency conversion and allows your recipients to receive more money in their local currency.

Low Transfer Fees

High transfer fees can eat into your savings. With ACE Money Transfer, you benefit from low transfer fees, which means more of your money goes towards supporting your loved ones in Gambia. By minimizing transaction costs, ACE allows you to save more on each transfer.

Learn more about how you can save money on remittance fees when sending money to the Gambia.

Efficient Online Platform

ACE Money Transfer provides a user-friendly online platform and mobile app that streamlines the money transfer process. This convenience saves you time and effort, allowing you to focus on your financial goals. You can initiate transfers at your convenience, track your transactions, and access your transfer history with ease.

Quick and Secure Transfers

ACE Money Transfer prioritizes the prompt and secure delivery of your funds. The robust network and partnerships ensure fast and reliable transfers to the Gambia. You can trust that your money will reach your recipients safely and efficiently without any interruptions.

Final Thoughts

Saving money is an effective method to ensure your financial future and achieve your objectives. You can maximise your savings while living abroad by applying smart budgeting practises, embracing cost-cutting strategies, and optimising your remittance services with ACE Money Transfer. Start adopting these top ten money-saving methods today and witness your financial situation improve.

Sign up on ACE Money Transfer for free to enjoy a no-fee first money transfer to Gambia.
 

FAQs

Q: What features will help me save money when sending remittances to Gambia?

Compare different remittance companies for competitive exchange rates and low transfer fees.

Q: Are there any hidden fees involved in sending money to Gambia?

ACE Money Transfer ensures transparency with transparent pricing structures, so you won't be hit with any surprises later.

Q: Is it possible to track my money transfers to the Gambia?

Yes, ACE Money Transfer offers tracking services, allowing you to check the status of your transactions in real time.

Q: How can I reduce the expense of currency conversion?

You can cut currency conversion costs by using a remittance service that offers favourable exchange rates, such as ACE Money Transfer.

Q: Can I schedule recurring transfers for regular savings?

A: Yes, many banks and financial institutions allow you to set up recurring transfers, making it convenient to save money consistently every month.


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