17 Sep 2024
Relocating for better employment opportunities has been common throughout every era. Many Pakistanis move to the developed nation of the United Kingdom to give a better life to their families back in Pakistan. Being expatriates, you often have to make money transfer to Pakistan from UK. Census 2021 reveals that more than 1.6 million Pakistanis make up the second-largest ethnic minority and British Asian sub-group in the United Kingdom.
Even though the earnings are higher there, the cost of living is equally high. Therefore, it becomes essential to plan your budget wisely to send enough money to your home. This article covers 10 beneficial saving tips that every expat needs while living in the UK.
There could be endless reasons for savings, depending on the circumstances. Most people are unable to make consistent savings because the reason is not apparent to them. How can you work toward a goal without understanding the motivation behind this? First, your purpose behind a complicated task of saving should be transparent to you.
A well-defined purpose will help you stay motivated and committed to your saving goal in the long run. Do not forget why you are living away from your family. Remember that you have to send money online to Pakistan to your family.
Savings isn’t just about managing daily expenses; it’s about preparing for unexpected expenses like job loss or health emergencies etc. A well-planned savings strategy can not only provide well for your family back home but also secure your future. As an expat in such an expensive country, saving becomes crucial. Do not get fascinated by the luxurious life of the UK. It is not wise to compromise on permanent peace of mind over temporary one.
Savings brings peace of mind. It helps you avoid financial stress and stay secure during unexpected events. By saving consistently, you keep the freedom to make smart choices for your future. This proactive approach can make your present life worth living and help you reach your long-term goals.
Here are the ways that you can adopt to save money as a Pakistani expat in the UK.
The first step to saving money is to know where it’s being spent. A detailed budget helps you track income and expenses. It makes sure you’re not overspending. List everything- rent, utilities, groceries, transport, etc. When listed, do not go above this. Sticking to your budget list is the key to prevent overspending.
Also, a detailed list can help you spot where to cut back. Know the difference between necessities and luxuries. Tracking every penny seems tough, but it’s a game-changer in the long run. Many people are shocked to see how much they waste on unnecessary things. Cutting those out can boost your savings fast. There are many budgeting apps and tools to make tracking easier and more effective. Every little bit adds up! Never forget that you have to send money to Pakistan to fulfill your family’s needs.
Keep a strict check on your spending habits. If you stick to the budget list, buy yourself something you like. This reward will act as a motivation for you. With this rewarding habit, you can save consistently.
Smart shopping in the UK can help you save big. Although most shopping malls are expensive, some stores provide you with quality products at economical rates. Compare the prices of different stores and buy from the cheapest one. Never miss sales, discounts, and special offers in supermarkets and retail stores. You can maximize your savings with cashback and loyalty cards. They add up quickly!
Sometimes, online shopping proves to be the best option. Some popular platforms like Amazon, eBay, etc., have amazing deals, especially during seasonal sales. You just need to compare prices to make informed choices for affordable shopping. Planning your shopping around these sales can save you a lot over time. Every penny counts!
Why pay full price when you can find quality items for less? Most expats live in a rented apartment or room, so it is not wise to buy brand-new furniture or other things for the temporary residence. There are many thrift shops and charity stores in the UK where you can buy slightly used products at very low prices. From furniture to clothing and even electronics, you can find all sorts of quality items that fit your needs without disturbing your budget.
In the UK, the cost of hiring professionals like plumbers, electricians, etc., for even minor repairs can be quite high. Make smart choices to save big. Tackle small fixes on your own. Learn a few basic DIY skills. Fixing things yourself can help you avoid those sky-high service charges. It’s not just about saving money; managing things yourself is also a satisfaction. But remember, it’s okay to call in a professional when the job is too big to handle alone.
Homemade food is always the best. Cooking at home can prevent you not only from serious health issues but also from excessive spending. You can save a lot by this habit. Learn this basic skill for your wallet and body.
Try to reduce your travel expenses. Making smart choices can boost your savings. It's a small sacrifice that pays off while you're far from your family. When you buy a new car or hire a taxi, you add a heavy burden to your budget because they cost too much in the UK. Public transport is a much cheaper alternative. It not only saves you money but also reduces the hassle of parking and maintenance. Go for such wise decisions as you have to send money to support your family.
Rent is the major expense for expatriates in the UK. Being a human, it is fascinating and tempting to live in a posh area. But affordable housing can help you save a big amount in the long run. Compare the accommodation expenses in different areas. Go for a less expensive area and try to have multiple roommates to split the rent. Also, keep in mind the location of your workplace while selecting a residence, as a longer distance can add to travel expenses.
Wherever you live, utility bills are one of the major expenses. You can save money by reducing your utility bills. A question would have popped into your mind, “Can we reduce our utility bills? How?” Small efforts can save you big. Turn off lights and other electronic devices when not in use. You can also use energy-saving gadgets to cut down your utility bill. Energy-efficient devices are a one-time investment, but in the long term, they can save a lot from your income.
If you really want to stick to your budget and save your income to send money back home, withdraw the needed cash from the bank and leave your card at home when going out. This will kill the habit of overspending without keeping it in check.
If you choose a reasonable remittance service, you can save big. Traditional banks often charge high fees for global money transfers. If you want to send money to Pakistan from UK, choose the remittance service with low fees and high exchange rates. Some online platforms like ACE money transfer provide reliable money transfer services with low fees and competitive exchange rates. Plus, online services are faster and more convenient than traditional bank transfers.
By implementing these strategies, you can significantly boost your savings as a Pakistani expat living in the UK. The key is to adopt a savings mindset and make it a consistent habit. Remember, every penny you save today can make a big difference in your family's life back in Pakistan.
ACE Money Transfer is the best option due to its low fees, competitive exchange rates, and fast transfers.
Yes, buying second-hand can save you a lot of money. You can get quality items at thrift stores, charity shops, or online marketplaces.
List all your monthly expenses and income. Track your spending by using budgeting apps. Reward yourself if you stick to your budget for the whole month.
To save money on groceries in the UK, plan your meals and create a grocery list to avoid impulse purchases. Buy in bulk when items are on sale, and cook at home to reduce dining-out expenses. Look for discounts and coupons, compare prices between stores, and consider generic brands. Avoid pre-packaged meals, which are often more expensive and less healthy. By following these tips, you can significantly reduce your grocery budget and save more money.
