Best money practices and money saving tips after you relocate.
Money rules the world, it really does and there is nothing you would want to achieve in this world that you wouldn’t need money for. One of those things that are quite a money-demanding endeavour is relocating to another country and not just relocating but thriving there and trying to make the best out of a new environment and survive.
The financial aspect of moving to a new country is one that can be draining and stressful. There are so many things to consider and also the cost of so many things to consider in a new country. You have to consider things like rent, groceries, cost of living, the exchange rates between the country you’re moving from and the country you’re moving to, your lifestyle, taxes and so much more. It is best that you from the start make the best money practices for yourself.
Best Money Practices And Money Saving Tips You Should Know Before Relocating
Learn all about the new country’s taxesÂ
Even though you are leaving one country behind you are still subject to certain tax laws so you need to understand whether you be getting taxed double by your own country and the new country you are moving to. You could talk to your financial advisor who can help you and show you ways that you can save money on your taxes.
Do your shopping locallyÂ
You should do your research and figure out the local shops around you where you can get good deals and save money. An interview I had with a Nigerian living in Ghana confirmed this and talks about how it’s cheaper to buy food items from the local markets than buying them at the supermarket. If you’re shopping for local products then it’s cheaper for you to find a local market or small produce stores around you or close to you where you can buy all of these. Apart from the fact that you are saving a ton of money, you will also be patronising and supporting the local businesses in your new home country.
Cook at home
Some countries might be cheap, yes but a lot of times it is cheaper and will save you a lot of money to cook at home. Instead of going out to go spend money you can choose to cook your meals at home, go grocery shopping and also you can try meal prepping which will definitely save you a lot of money. Once you settle down and start socializing, you can also have friends over, make food or have something delivered home for your guests. This is one of the best money saving tips and best money practices that will save you a ton of money.Â
To your laundry at home and clean your apartments
Some apartment buildings provide a washer and dryer for each apartment or provide a general washer and dryer for everyone in the apartment. The most important thing here is that you are doing your laundry at home and saving yourself the money you’ll spend on dry cleaning or going to a laundromat. You can also choose to clean your apartment yourself instead of paying a cleaning agency to do it which is one of the best money practices you should try.
Pay for insuranceÂ
I am a big proponent of getting insurance when you are travelling because it saves you from unexpected expenses that might come on while you travel. Some countries actually make health insurance a requirement for people moving to the country. Taking out insurance coverage has the potential to save you thousands of dollars. Top tier money saving tip for anyone travelling. Some people don’t see the importance of insurance, be it health, travel insurance and so much more. You need to make better financial decisions that will save you from problems by actually investing in good insurance. There is more on travelled insurance in this article
Open a local bank accountÂ
It is not a smart choice to continue using a bank account from your home country when you have relocated. The exchange rate would be back-breaking so to help you better manage your daily and monthly transactions, you will need to open a local bank account in your new country and work with that. This also protects you from international bank charges
Go Thrift shopping
One of the many ways to save money in a new country is to go thrift shopping and local shopping. You should find out about the local thrift market and buy things that you would need to help you settle down better. You can check out the thrift shops for large items like furniture and also clothing items that will be at a much lesser price than you would buy brand new. You can also check out the Facebook marketplace in your neighbourhood and find good deals for yourself.
Find good deals for entertainment
To live a well-balanced life, you would need to at least go out once in a while, socialize and explore your new city places like the art galleries, museums and other entertainment. The secret to making the best of this is to figure out the free entry days or discount days to these places and set out on those days to experience as much as you can about the new culture and history of your new home. A good example is how the local mall close to me has a cinema that has about 50% discount on Wednesdays.
Make use of public transportÂ
If you were moving to Lagos, the public transport like the yellow buses and BRT definitely cost less than car hire like Ubers, Bolt, Rida and so on. Most countries would have affordable and accessible means of transportation. before choosing to buy a car or using car hire services, you should make use of public transport and save yourself a lot of money. Apart from the way this saves you money it also gives you the chance to explore your city, and get to know the city better, knowing the right route.