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Money Matters: Save Money Abroad
When you put your mind to it, it is relatively easy to save money in your own country.
You know the ins and outs of daily life and can force yourself to economize where
necessary because you are aware of cheaper alternatives.
In a foreign country this becomes more difficult and many expats find themselves
spending more than they need to.
The good news is that with a little work and cultural awareness you can find ways to
save. While they ideas below may sound intuitive, they do take work to implement and
the payoff in the end can be more than you realize.
The biggest money saver: Do Without the Perks - You don't have to live like a king to feel like one
Just because eating out, having a maid or nanny, having your car washed is less
expensive abroad, it still isn't free.
These are wonderful perks to life in a less expensive country, but try and find ways to
minimize what you spend (even-gasp-clean your own apartment) and rein in your
tendency to live the life of a king by letting everyone do everything for you.
On the flip side, you might also find a few things you were used to at home are now
extremely expensive in your new country. In that case, reconsider whether you really
need that gym membership or satellite TV.
If you can live without some of the unnecessary niceties your compatriots may be
enjoying you will find you are able to save a good chunk of change at year's end.
Socialize Smart -A night on the town at expat locales can be pricey
Socializing with other expats tends to be an expat's highest expense when living abroad.
First, expats tend to socialize more often since they don't have their family and
hometown friends for company. And, since going out is often relatively inexpensive
compared to home, they tend to go out more rather than stay in.
Somehow local businesspeople in most countries have figured this out so you'll often
find one or two places frequented by expats, in which English is spoken and the cost of
the food and drink is quite a bit more costly than other places.
Tip: aside from standardly cheap fast-food places like McDonalds, if the locale is a U.S. or U.K. brand franchise
(like the Hilton or "T.G.I. Fridays") it is likely on the pricy side.
As an alternative, visit somewhere local nationals frequent or have get-togethers at home,
including game nights, costume parties, poker nights, or book clubs.
Also, take advantage of parties put on by the various Embassies-Octoberfest at the
German Embassy, July 4th at the U.S. Embassy, Guy Fawkes Day at the British Embassy.
To get to know expats from all ages, walks of life, and employers, join the local "hash
house harriers", a group that bills themselves as a "drinking group with a running
problem".
You can find a hash house running group in most major cities; just search the internet for
"hash house harriers _ (your city)__" or "__(your city) H3".
Shop Around -Beware of businesspeople that know you are an expat
When first moving abroad one is so inundated with setting up a whole new life, it is easy
to succumb to the tendency to take the first internet provider/mobile phone
service/bottled water supplier that comes your way.
Unfortunately the first ones you find have often gone out of their way to be the first
available to rich expats and are hardly ever the cheapest.
To the extent possible, especially if you have a friend who speaks the local language,
shop around and compare the market.
Look for alternatives that you can live with; use your mobile phone in lieu of a landline,
use Skype via the internet to make free calls back home.
Once you are settled in and start doing your day-to-day shopping for clothes, food, etc.,
the same rule applies - stay away from stores carrying the brand name items you know
and love, as imports they will likely be exorbitantly expensive.
Instead, find out where the locals shop and go there. In most countries open air markets
or bazaars usually have great deals.
In most such markets bargaining is the common practice. Learn to do it well or bring
along a local to bargain for you, or be prepared to pay twice as much as everyone else for
the same item!
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