12 Sep 2024
More than 500,000 Bangladeshis are employed in the UK, according to a report from the Bangladesh High Commission in London. They frequently send money to Bangladesh to offer financial support at home. They work abroad because they cannot find decent, long-term employment in their home country. The experience as an expat mainly involves making financial decisions. From grocery shopping to paying the bills and even buying your clothes. So how can you save money? There are many ways for Bangladeshi expats in the UK to save money, such as thrift stores, split-fare rail tickets, student discounts, and free or highly inexpensive supermarket giveaways.
ACE Money Transfer’s best recommendations for minimising living expenses while you're in the UK, taking advantage of everything the country offers, and creating lifelong experiences.
Being financially literate means being fully informed about your finances. It indicates that you know how to manage your finances and make wiser financial choices. If you can achieve financial independence, you can experience financial well-being even with a relatively low wage. It's one of the reasons why many people with less money appear to be in a better financial situation than those who make more money. Financial literacy helps a person significantly go a long way.
Additionally, sound financial knowledge helps decision-making while making an online money transfer to Bangladesh. Examine the easy methods that will assist you in developing financial literacy. But what exactly should you do to gain financial literacy?
Start with a checking account and then open a savings account to begin opening one. Make a monthly contribution before you spend it.
Understand the factors that affect your credit score, such as duration of credit history, credit utilisation, and payment history. While transferring money to Bangladesh with a credit card, be mindful of the associated fees and procedures.
Pay off larger loans first in order to save money on interest and prevent debt growth.
To avoid serious financial losses, prepare for and learn how to deal with financial challenges.
Now that you have gathered the intricacies of the financial system of the UK, you should start saving for a better future for yourself and your family:
Profit from the savings that Bangladeshi expatriates in the UK are entitled to. Many locations provide discounts, including eateries, movie theatres, art galleries, fitness centres, high-street retailers, and internet sites. While some people freely advertise, don't be afraid to ask if you're unsure.
To take advantage of several discounts on various brands, consider obtaining a discount card such as the TOTUM card from the National Union of Students (NUS) or signing up for a free UNiDAYS membership.
There are many different supermarkets in most UK cities and towns, including big superstores where you can find practically anything. Smaller "metro" supermarkets and convenience stores are typically open until 11:00 PM or later if you need to pick up something late at night.
When shopping, Bangladeshi expats should exercise caution if they want to save money. A week's worth of goods can be purchased for as low as £20–30 in discount supermarkets like Morrisons, Lidl, or Aldi. Smaller local stores might seem costly. Plan your meals in advance, buy in bulk when it makes sense, and attempt to shop right before closing time to score discounts in the reduced department to keep your expenses down. Store brands also often provide excellent value.
To get high-quality cuisine without going over budget, use applications such as TooGoodToGo. For a fraction of the original price, you can get a "Magic Bag" full of unsold goods that are getting close to their expiration date. For instance, Costa Coffee offers a Magic Bag for £3, filled with food worth up to £10. You can even freeze these items to enjoy later. All these can save a hefty amount for you to send money to Bangladesh from UK to your loved ones.
Adopt home cooking for your meals to save hundreds or even thousands of pounds a year. Your expenses will be reduced right away by adopting this simple yet easy habit. Additionally, cooking is a valuable skill that will benefit you even if you're new to it. Not only does cooking at home reduce costs, but it also helps you have complete control over what you eat when you eat, and how your meals are made, all of which can be precisely customised to your dietary requirements and tastes. To get you started, there are a tons of simple, affordable recipes available online.
Making meals in large quantities, or batch cooking, is a wise method to save money and time. Batch cooking guarantees that you have meals ready when you need them, which is ideal if you're pressed for time or want to get the most out of your ingredients. You can reheat leftovers in the microwave at most offices, so you can use them for weekday lunches. To have more diversity in your meals with less work, you may also have to split the ingredients cost and cook with friends in shifts.
A quick, simple, and sustainable approach to save a lot of money on nearly anything you could need or want to buy during your stay in the UK is to shop secondhand for furniture, clothing, and household goods.
Charity stores offer a wide range of items, including books, at competitive prices. Nothing compares to a deal from a charity shop, whether it's from high street retailers or internet merchants. You receive what you want and make a financial contribution to the causes the charity is founded to help, so it's a win-win situation. In the UK, Oxfam, the British Heart Foundation, Cancer Research, Shelter, and Mind are a few of the most well-known charitable stores.
Students who are environmentally careful and frugal with their money often use Vinted and Depop to buy and sell used apparel and accessories. You may discover a wide range of used items on Gumtree, eBay, and Facebook Marketplace, including furniture, cooking utensils, and even kitchen sinks (though you probably won't need one).
You might be shocked to learn that there are websites in the UK where you can acquire high-quality, occasionally expensive, products for free, including food, clothing, plants, and other home items that people and businesses are giving away. Throughout the year, you can also donate your own goods to support your neighbourhood.
Olio, for instance, arranges for neighbours who would be happy to accept food that someone has to share but no longer needs or wants to give to. Food that is almost past its expiration date is advertised for free pickup from a number of local establishments, including bakeries, restaurants, and large supermarkets like Tesco. You can also add your own products to the list, such as any leftover food you might not be able to consume before spending a few days or more away from home. It will be gladly accepted by someone to relieve you of it.
When it comes to the free exchange of commodities, Freecycle is another winner; however, its focus is mostly on household goods, electronics, and clothes. You can proactively write about anything you want to present or receive, or you can join one or more local town groups and keep an eye out for anything you might be looking for. After that, other members can respond, and you can schedule a time and place for pickup.
Even though it doesn't have to be expensive, making money transfers to Bangladesh might be a frequent expense. By using reputable and reasonably priced remittance services like ACE Money Transfer, you may receive better exchange rates and save a lot of money on transfer costs. This implies that your family receives a more significant portion of your hard-earned money, enabling you to provide them with appropriate support while preserving more of your own money
Along with affordable costs and competitive rates, ACE Money Transfer offers a secure and effective service that gives you peace of mind.
Budget-friendly supermarkets like Lidl, Aldi, and Morrisons offer affordable grocery options. Shopping at these stores can significantly reduce your weekly food costs, helping you stick to your budget while maintaining a healthy diet.
Cooking at home allows you to control your expenses by purchasing ingredients in bulk and preparing meals tailored to your taste. It’s a cost-effective alternative to eating out and can save you hundreds of pounds yearly.
ACE Money Transfer offers competitive exchange rates and low fees, making it an affordable option for sending money back home. Using such services, you can maximise the amount of money your family receives while minimising your transfer costs.
Buying bulk can often lead to substantial savings, especially for non-perishable items. It also reduces the frequency of shopping trips, saving time and money. However, be mindful of expiration dates to avoid waste.
Yes, apps like TooGoodToGo can help you save money by offering discounted prices on unsold food items nearing their use-by dates. This is a great way to get quality food at a fraction of the cost while reducing food waste.
