Ways to Save Money Living Abroad

It is always overwhelming when you move abroad: new places, new faces, and new expenses. You fall into a rabbit hole of spending if you are not clever about your expenses, Don’t worry; this happens with all of us and has happened with many TEFL students out there. Managing finances and managing freedom can be tricky but we have compiled this blog for you on the best ways you can use to save money living abroad.

1. Prioritize Your Spending

What are the things that bring a smile to your face? Do you like to go to an Instagrammable café for coffee and have a delicious brunch? Are you a moviegoer who wants to see all of the new releases? Are you someone who enjoys organising a group of friends to go out and explore the latest bars?

Whatever activity makes you the happiest, you should continue doing this. Just set a budget on how much you’re willing to splurge on this event per week and limit how many times you can do it so that you don’t break that budget.

Once you decide what it is that makes you happiest, get rid of the things that you thought were important to you but you can live without. These choices can be quite hard to make but can be easier when you’re living in a new environment and can have a new lifestyle that fits your money-saving goals.

2. Do as the Locals Do

If you want to save money while living abroad, try not to seek out home comforts and avoid the temptation to do as the other expats do. Foreigners often choose restaurants that cater to their Western palates, paying prices that are similar to those back home. If you want to save money while living in a foreign destination, then do as the locals do. Go for dinner at the local street restaurant where it might look grubbier than you’re used to but you will pay about a quarter the price for the same thing in the shopping centre.

Learn to Cook at Home

This tip is debatable depending on where you decide to live. In some Southeast Asian countries, it can be cheaper to eat out in the evening for dinner at the local restaurant rather than buying groceries to cook if you’re buying imported goods. Buy from the local shops the fruits and vegetables that are in season and grown in the country.

Avoid Temptation

When you move into your new place, the temptation to personalise it can be overwhelming. You’ve seen the local furniture shop down the street selling these cute chairs made of bamboo, or the cushions you’ve spotted on your way to work which are much more colourful than the drab ones already in your place. Resist the urge to make changes. You might only be there for a year and as long as everything works and is usable, then persisting with what’s been provided could end up saving you a lot of money.

If you end up loving your new life in the country you’ve decided to teach English abroad in and can see yourself settling in for a long time, then ignore this advice. It’s important to feel comfortable in your home if you want to make it a cosy home for yourself. Facebook community groups are a great place to buy used furniture for half the price.

Do Free Activities

Going for a walk along the beach to catch the sunset is an uplifting activity that you can do for free. A hike along a scenic nature trail doesn’t cost a penny and is good exercise. You don’t need to join a gym if you can do your yoga at home and jog through the park or on the side of the road. Some things in life don’t require you to open up your wallet.

Figure Out Transportation

When you’re living abroad, especially somewhere chaotic that’s too hot and humid to walk anywhere, the temptation to use taxis is a huge one. However, taking a taxi ride here and there to everywhere will quickly add up. Local apps such as Grab and GOJEK in Southeast Asia are usually cheaper methods than the standard taxi service.

By using public transportation methods such as the metro line or the local bus will save you a lot of money in getting around. If you’re comfortable enough to drive a scooter, this can be a cheap and popular method of getting around lots of countries in Southeast Asia. In Indonesia, a full tank of petrol in a scooter can cost just €3.

Record Your Expenditures

Little things that you buy here and there throughout the week could end up paying for your monthly accommodation once you add it all up. You might be astonished by the amount of money you unknowingly spend. You’ll pay for dinner on this night, lunch the next, and activity on another day and say, ‘It’s only €15, €5, €10, which is nothing compared to what you’d be spending back home.’ Until then you realize you’ve spent all of your money and even the cheap things feel expensive.

Record your daily expenditures and be cutthroat if you’re trying to save money with what you need in your life. Remember to prioritise and budget. Give yourself small allowances but don’t break your limits because if you do it once, you’ll do it again and again until you’ll be left wondering where all your money has gone.

Set Yourself Up

If you’re going to live somewhere long-term, then look into setting up a bank account in that country. This will save you on transfer fees. Also, sign up for travel-friendly bank cards such as Revolut that offer no withdrawal fees. A withdrawal fee might seem small but could add up to several hundred euros over the year.

You can read more about teaching abroad and living abroad here –

• Teach English online and abroad