Wisely managing a budget is about strong willpower and learning how to prioritise things. And doing this while living abroad is a whole other level of difficulty—like the final boss in a game. In this article, you’ll find some expat financial advice to keep your wallet full.
Retirement and pensions
We start our financial planning tips with the most long-term advice, but taking care of it now is essential. If you’ve already decided on your final destination and moved to your dream country, take this expat financial advice seriously.
To avoid having small pensions in several countries, explore pension schemes in your homeland and your current place of living. There may be an opportunity to move to an international pension scheme. If not, work on finding the best options to avoid losing money. Believe us, you'll thank your past self in several years after following these financial planning tips.
Budget planning
One of the top tips for expats is to stick to the budget that you’ve created. Follow these steps:
- Take a look at your current expenses and earnings, put them all in one table, and see how you can reduce spending and increase income.
Ideas to reduce costs of your living:
- Save on utility bills;
- Find budget travelling options to save your expat money;
- Ask locals and fellow expats how to spend less on transportation (reduced tickets), groceries (some shops have lower prices than others), mobile services and other necessary expenses. People who live there will give you the best expat-saving advice ever.
- Check your subscriptions. You may be surprised to find that you're still paying for services you haven't used for months.
After reviewing, create a detailed budget plan. There are many financial planning tips and budgeting apps that you can use. For example, save 10% of your monthly income.
Stick to the plan and adjust it according to your current situation. Follow expat saving advice and remember that most of the time you can survive without a cup of coffee from a local stylish coffee shop (tough truth).
Overseas money transfers
The expat finance situation is unique because most migrants constantly send money back home. To make your transfers as beneficial as possible, use Profee:
One of the top tips for expats of all times: Look for the great exchange rates. And find them on the Profee website! We offer unmatched exchange rates when sending funds to Africa thanks to our smart monitoring system (currently available countries are Ghana, Kenya, Namibia, Nigeria, Rwanda, South Africa, Tanzania, Tunisia, Uganda, and more to wait for).
Profee takes care of expats’ money and security—we're a licensed company that undergoes yearly certifications under PCI DSS security standards.
Depending on your final destination, you’ll get a special offer—promo rate, or 0% fees, or both—which will help you to follow expat savings advice and try out Profee without stress.
Unexpected situations
Other top tips for expats include having a safety net for urgent situations. Start with getting health insurance that will cover the costs of medical treatment for some illnesses and injuries.
And, of course, keep a certain amount of your expat finances untouchable.
Be creative
Be creative with how you save money to make it feel more like a game. This is our expat financial advice that may change your opinion about savings. You can try challenges like ‘no-spending weekend’, or DIY what you need. Include your family members and friends and turn it into a healthy competition.
This way, you’ll follow expats saving advice and still have some fun. Managing your expat finance plan shouldn’t be a burden.
Conclusion
Apply these top tips for expats to your daily life and enjoy the financial freedom that comes with it. Stick to the budget, explore more expat savings advice, be creative and send money back home with Profee to manage your budget wisely and secure a safe future.
