OverseasGuidesCompany.com knows how important it is to ensure you have enough money to enjoy and maintain your new life abroad, making the most of the income that you have – whether this is from employment, investment or a pension.
Through years of experience speaking to those buying, moving to or living overseas, Elaine Ferguson, Head of the OverseasGuidesCompany.com’s resource centre, has been able to put together her top tips for saving money when living abroad.
- Think about all the bills, taxes and anything else that you will have to pay on a regular basis in advance. In some countries you may find that these are due at different intervals – monthly, bi-monthly, or quarterly for example. It can be a good idea, at least for the first twelve months, to keep a spreadsheet or note down another way exactly what payments are due and when; this will help to ensure swift payment. This is especially important for expenses such as taxes, where hefty penalty fees could be imposed for late payment.
- If your property runs on a gas tank or similar, you may find it prudent to top up supplies during the summer months. You will usually find that there is a discount applied due to the lack of sales when the weather is warmer.
- You may find that your electrical tariff is ‘cost banded’, meaning that electricity is cheaper at certain times – in the evening, for example, or on Sundays or Bank Holidays. By limiting, as much as you can, your use of electrical products to these times, you will be able to keep your bills as low as possible.
- In Europe it can be common for towns and larger villages to host a weekly market of some kind – and these will usually offer better value for money on fresh produce than the supermarkets. In many places you will often find that as you get to know the stall and market holders, you may well even be able to achieve greater discounts.
- If you plan to fund your lifestyle using funds from the UK, such as pension payments or rental income from a UK property, one of the major areas where you can save money is on the exchanging of your sterling for another currency. This can be a risky transaction, given the constantly fluctuating markets, so we recommend using a currency specialist, who can generally offer savings of up to four percent on exchange rates. If you are regularly sending money internationally, you can take advantage of a product called a ‘forward contract’, which allows you to fix the exchange rate on your transfers for up to one year – this takes away the risk of dealing with a volatile exchange rate and allows you to plan your budget with price certainty.
