While we want to enjoy the money we earned from working, it is also important to save a portion of it for the rainy days. We’ll never know how long our opportunity to work abroad is going to last, so it’s best to save while we still can.
There are ways to make sure that all our efforts will not go to waste. Wise spending is the key, so we can save some amount every month.
How to “Fatten Up” the Piggy Bank
Yes, it is easy to buy all the things we see in the store. But saving up is more important. As expats, here are some ideas on how to shop wisely so we’ll have some money left for saving:
- On housing
If your company provides you with free accommodation, then you’ll be able to save a lot. But if you are the one paying for your apartment, you might want to consider ways to lower your expenses. One, you can look for a cheaper apartment. Or second, you can share the apartment with someone. If it’s also possible, you should get affordable housing that is near your workplace so you’ll also save on your transportation.
2. On transportation
You will save a lot if your employer will provide a company shuttle. But if this is not part of your benefits, you’ll need to look for an affordable means of transportation. Earlier, I’ve mentioned that if you live near your workplace, you can just walk to save on travel expenses. Or you can carpool with your other co-workers so you can split the travel cost. You can also save a lot if you take the bus or the Metro train. Look up the bus schedule so you’ll know when you can get a ride. Taking the Metro train is also convenient because its stations are located in strategic places.
3. On food
The most effective way to save money on food is to prepare your own meals at home. Reduce or lessen eating out. If you no longer have the energy to cook daily, try cooking a large batch so you can reheat it at mealtime.
When buying food, it is cheaper to go to the market rather than the supermarket. Or if you prefer to go to the supermarket, why not go to the sale section first? You’ll find items that you need, but a lower cost. Also, consider buying in bulk so you do not run out of supplies. This works best for non-perishable items.
4. On clothing
To save on clothing expenses, some buy clothes during a sale. In Qatar, stores usually go on sale after Ramadan or during the changing of the season. You can watch out for these announcements, so you can stock up on some clothes. It is also a good idea to purchase inexpensive brands.
With all these money-saving tips, you could end up with some savings. Why not invest these savings wisely? If you know a financial advisor, you can get an insurance plan with savings. Or you can invest in real estate. If you are able to manage your money, you were able to gain something from your life as an expat.