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Top tips for saving money when you live abroad

When you’re abroad, it can be easy to forget about your finances – but it’s always important to make sure you receive best value for money wherever you are! Here are some tips for keeping your costs down

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Moving abroad can be an expensive time, but with the right strategies you can make your money go far
Moving abroad can be an expensive time, but with the right strategies you can make your money go far 

At OverseasGuidesCompany.com, we know how important it is to keep living costs down and a close eye on all finances – and our readers regularly let us know their own strategies for saving money when living overseas, or travelling abroad frequently.

Our top tips include:

Keep an eye on the exchange rate

If you are living abroad and plan to send money from your home country to your new one, it’s vital to keep an eye on the currency markets. If, for example, you are transferring your pension payments over from the UK to your new country, or sending back your salary to your family in the UK, it’s prudent for you to be aware of all the fluctuations of the currency market, and trends of the new country. This is where building a relationship with a currency exchange specialist, such as SmartCurrencyExchange.com, is important. Their expert traders can discuss your choices with you – helping you to minimise your risk and maximise your funds.

Shop around for everything!

Like the UK, different items and services will often cost vastly different prices depending on where you purchase them from. It’s a good idea to assess this sort of thing upon arrival. In Europe in particular, local markets are popular – and these offer great value on some food products. For bigger products, or bulk buying, it can be wise to go to two or three different supermarkets. It’s not just food though – it’s a good idea to compare prices on everything else too; rent, for example, can be vastly different for identical apartments, or tariffs from different mobile phone providers.

Don’t buy imported goods

When you are homesick after spending considerable time overseas, the idea of food from home can stave off the blues for a little bit. But if you continue to buy the products you miss on a regular basis, you will find you are pouring money down the drain thanks to the insanely inflated prices. Of course, sometimes that bottle of Heinz Tomato Ketchup will help – but thinking of this as a treat, rather than a day-to-day purchase, will certainly save your money! Buying local products may help you feel more at home as well.

Book your travel in advance

If you need to travel regularly, particularly to long-haul destinations, it’s a good idea to plan trips as far in advance as you can. This way you can take advantage of any cheap fares that may well be available.

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