17 Sep 2024
Living as an expat in a foreign country can be daunting when it comes to managing expenses on a daily or monthly basis. Often, people have trouble finding ways to spend less and save more while maintaining a good-quality lifestyle. Not to mention that many Bangladeshi expats also have the responsibility to send money to Bangladesh from Australia so they can support their families back home. If one is stuck amidst surviving in a relatively expensive foreign country, it becomes far too complicated to send money back home. This is why Bangladeshis must find some noteworthy hacks to protect their wallets from running dry.
Living in Australia as a Bangladeshi expatriate can be both rewarding and challenging, especially when it comes to managing finances. With the high cost of living, it's crucial to adopt effective strategies to save money while ensuring you can send remittances back home. By implementing smart financial practices, you can maximize your savings and make your hard-earned money go further. This blog will walk you through some effective money-saving hacks that will change your spending habits for the better. So, let’s dive right into it!
Budgeting is not something to be done in your head. Those numbers can easily get overlooked, and before you know it, you’ll be out of money. Consequently, you must keep track of your cashflows. How you do it depends on you, but it is far more convenient to use a budgeting app such as WeMoney, Buddy or Goodbudget (recommended by Forbes).
If you don’t want to do that, create an Excel sheet with income categories, expense categories, dates, amounts spent, and methods of payment. Although this might be more time-consuming, it demands effort on your part. Keeping a budget will help you keep track of your spending habits along with your scheduled payments. This comes in handy for Bangladeshis who send money online to Bangladesh from Australia regularly.
You must mind where you live. Living in an area far from work to avoid high rent will cost you more in the long run. This includes the cost of car fuel and the stress of driving. It is better to live closer to work and look for places with shared accommodation to cut down on rent expenses. Many Bangladeshis live in shared accommodation in Australia as it helps reduce expenses. This is because most of them want to save up to send money to Bangladesh from Australia.
Other than this, you could find a place in a suburb so that your travel time to work is not more than 45 minutes and the rent is cheaper.
Spending too much on clothes, groceries and other things will quickly dry up your wallet. Always look for alternatives that are much cheaper. For instance, Aldi and Costco are less expensive alternatives to high-end grocery stores. Without much compromise on quality, you can save a lot by buying cheaper products and avail membership discounts. Also, buying grocery items in bulk can be cheaper and it is recommended if the groceries are for a small family instead of an individual.
The same goes for clothing. Instead of buying from big brands, try stores like Rivers or Dimmeys. Australia also has dozens of 1 dollar shops where you can find some daily-use products. Lastly, always be on the lookout for sales. You will find that supermarkets usually have a lot of sales where you can stock up on some much-needed essentials without them costing you a fortune.
This goes for all utilities, from electricity and gas to the internet. Staying loyal to one service provider will not get you many bonus points, so negotiate with them for lower charges. They are likely to reduce charges, and if not, then you can always move towards other service providers offering better payment plans. It is advisable to reassess all of your service providers every year to make sure you are getting the best market rate. Another tip is to shop around and compare the prices of various service providers online before you opt for the one that suits you best.
This is especially important for Bangladeshi expatriates since most of them money transfer from Australia to Bangladesh regularly. Since this is a regular payment and a priority, it is wise to choose the best Money transfer service for the job. A lot of the time, people end up paying hidden fees and unsuitable exchange rates which can eat up the amount being sent.
ACE Money Transfer is a reliable and cost-effective money transfer service as it provides its customers with real-time competitive exchange rates and a quick service. Not only is it easy to send remittances through ACE but also secure, because your data is always protected by the company. The entire process has become more convenient with the ACE Mobile application that lets you send and keep track of your remittance payments on the go!
Bangladeshis can easily save up more and spend less in Australia using a couple of money-saving hacks like using budgeting mobile apps, negotiating with service providers, shopping at cheaper stores, and sharing accommodation to cut on rent. This way life will get easier for expatriates who regularly make an online money transfer from Australia to Bangladesh as they can save up and send more remittances back home.
You can use budgeting apps like WeMoney, Buddy or Goodbudget (recommended by Forbes) to track your expenses, set budgets, and manage your finances effectively.
Opt for public transport or carpooling to reduce fuel and parking expenses. Using concession cards or weekly passes can also help cut costs.
Stores like Costco and Aldi offer bulk items at discounted rates, making them ideal for saving on groceries in Australia.
Sharing accommodation with roommates or choosing to live in suburbs further from city centers can help lower rent and utility costs.
Use remittance services like ACE Money Transfer, which offers competitive exchange rates and low transfer fees, to save money when sending remittances.
ACE Money Transfer provides low fees, competitive rates, and a user-friendly platform, ensuring you save more when sending money to Bangladesh.
