Tips on saving money while you live abroad. Whether its because you want to send money home to pay for school debt, save some money for travel, or just live frugally, there are many great ways to save money while living abroad.
During your stay wherever you live abroad, you’ll likely find opportunities to travel. This is a great way to explore the world and make new friends, but plan carefully.
Plan your spending & options in case you need cash
First of all, be realistic about your budget and what you can do or plan to do. This will go a long way toward helping you stretch those dollars especially when working with a limited budget.
If you’re going away for an extended trip, or even a few weeks, have a credit card available that won’t charge you extra fees for using it overseas. This can add up quickly especially if you’re in need of extra cash. You might also investigate cards that charge lower fees for getting cash advances.
Don’t over-extend yourself – it’s always nice to splurge occasionally on that nice dinner or bottle of wine, but your funds will run out quickly, especially if you’re trying to save to pay off school loans or put some money away for when you return from your travels. Spend wisely.
Plan your stays carefully
Look for roommates. This is a great way to get settled in a new country and live overseas on a budget. Often times you’ll find neighborhoods near schools/universities where less expensive apartments are available, along with lots of students looking to share a place.
When you do travel while you’re abroad, it’s always a good idea to consider your accommodations and make plans for every stop on your trip. Once you’ve settled in your current spot, look ahead, contact your next stay, and make sure you have a place, plans are confirmed, and there are going to be no surprises that could end up costing a bunch.
Look for deals on used furniture and appliances
Don’t go overboard on furnishings or appliances – look for cheap alternatives to buying new. If you’re only going to be in a country for a few months, or even a year or two, it doesn’t make sense to buy a bunch of new stuff for your place that you may end up selling well before you’ve gotten your value out of it. There are lots of groups on Facebook, as well as the Facebook marketplace, that offer deals. Even checking out craigslist in many places will yield some great buys which will help you furnish your apartment or home on a budget.
Rent a room with a refrigerator/microwave or kitchen area.
Although some people might not like to cook that much, cooking at home can help reduce the amount of money you spend. This goes back to budgeting. Stock up on some local produce, shop where the locals shop, and don’t over-spend on eating out.
For more ideas about saving money while living and working abroad click here.