There are a whole host of reasons why someone may want to move abroad - whether it’s to enhance their CV or even as part of their retirement. However, before you pack up and settle into your new home, it is a good idea to think about how you are going to manage your money abroad. After all, a recent study by the Money Advice Service showed that 4 in 10 adults have less than £100 saved in total so living abroad might be one of the most expensive things that you do.
As one of the leaders in money saving technology and software, PIWoP are dedicated to helping their customers get the most for their money as well as helping them to save in the long-run. The team at PiWop developed a revolutionary price tracker app which helps individuals keep an eye on the price of the products they want and alerts them when it’s available at the price they want to pay.
Now we’re sharing our very best money saving tips so you can save money when you take the leap to live abroad.
Monitor The Exchange Rate
If you are thinking of sending some money back to your family and friends, it’s vital that you are aware of fluctuations in the currency market. The last thing you want to be doing is to be sending money back home and not getting the right exchange rate. A money saving tip is to watch out for times where the demand for a currency will increase, as most likely the exchange rate will also increase at this point too.
Be Cautious When Purchasing Products
When living in a new country and culture, it can be exciting to go and explore the shops and restaurants for the local products. However, don’t rush into making any serious decisions like buying appliances or furniture for your new home. It’s best to look around for the best prices on the products you want to buy. As a non-native, you may end up paying more money than you need to on the home essentials.
Consider Transport Costs
It’s easy when living abroad to just jump into a taxi and let the driver take you to your desired destination. However, over time these taxi rides will really add up. You should consider your method of transport and try exploring on foot to reduce your transport costs. Another idea is to buddy up with your new friends and get them to help you figure out the public transport as often you can get deals for travelling together.
If you think that a price drop alert tool like PIWoP, could help you save money when you are abroad, then you can find out more online at https://piwop.com/