There are a lot of reasons why a person would pull up stakes and work abroad, but it would primarily be because of money. It doesn’t mean that you’re sorely lacking, it just means that you have a higher goal financially. It would make sense, then, to take good care of your hard-earned cash. Here are our:
Top Five Tips to Save Money When Working Abroad
Prioritize Bulking Up Your Emergency Fund
It’s natural to get swayed into upping up the ante when it comes to spending, because, hey, you earned it. Remember your goals, though, and save up. Having an emergency fund will open up a lot of options for you. It’s easier to make decisions when you’re not under any financial pressure.
Stay Away From Temptation
When you’re working abroad, you will find yourself with a lot of time. You may find yourself spending money just to relieve boredom – this would be a surefire way to go back home without any savings. Take this opportunity to invest in yourself by learning additional skills, or better yet, get a hobby that would earn you extra money on the side.
Chances are great that there will be a whole load of overseas contract workers in the company that you work for. You will save more if you get roommates/flatmates and if you split expenses with them. Buying in bulk would actually be cheaper and would not be a problem since you will be sharing them with your friends.
Write Down Your Expenses
Sticking to your budget is effortless if it’s documented. You can’t make excuses that you never buy anything if you write down everything that you buy in a given month. You may not think that that $4.00 latte you gulp every morning will not amount to much. If you added it up over the course of a month, you paid $120.00 for something that you could have had for just $10.00 or less.
Learn to Say No
When you get a windfall, you will suddenly have a lot of friends. It’s the same with people working abroad. You’ll find yourself having twice the amount of relatives, and four times the amount of friends. The cousin whom you haven’t seen since your Mom gave birth to you will hit you up for money. That “friend” who you can’t recall ever seeing may remind you of your shared good times and then ask you for a donation to his favorite charity. Learn to say no and practice it. You’re working hard for your future, not theirs.