29 Jan 2025
Arriving in Australia as an Egyptian migrant can feel like stepping into a world of endless possibilities, but it also brings the challenge of managing finances in an unfamiliar environment. With a different cost of living, new expenses, and the need to send money back home, creating a solid budget is crucial.
The cost of living in Australia is relatively high, deeming it one of the most expensive countries to live in, according to various crowdsourced databases. As an Egyptian expat, proactive planning and mindful financial choices are crucial if you also plan to save up for a money transfer from Australia to Egypt.
You will also witness a drastic change in the environment and culture, as well as a completely new financial landscape in Australia compared to Egypt. So, if you’re trying to sail smoothly through life in Australia without burning through your cash quickly, read these budgeting tips. In this guide, we’ll share practical budgeting tips to help you thrive financially in Australia while staying connected to your roots.
You can’t manage something you don’t fully understand so the first step is to always build a personal budget plan.
Doing calculations in your mind will only help a little, so write down the list of all of your income streams and expenses. This will help you get a clear picture of where exactly your money goes during the month. It will also help you immediately identify one or two expenses you could cut back on to save money.
One common expense among expats is the remittances they send. Read about how ACE offers affordable remittance transfers to Egypt here!
If you’re more tech-savvy, try popular budgeting mobile applications such as Pocketbook or MoneyBrilliant. These apps are designed to help you keep track of your expenses, and they are free to use. They might even suggest ways to save money.
If you’re looking for an overall cost-living figure in Australia, it is about 1600 Australian dollars for a single person, excluding rent. Considering this cost, you will need an efficient budget to regularly send money from Australia to Egypt.
Remember that your exact location matters. Rent for accommodation in major cities like Melbourne and Sydney is likely higher than in smaller cities or apartments outside city centers. So look for accommodation a little away from the hustle and bustle. Also, consider sharing your apartment with someone so you can save up on rent and find such opportunities at websites like flatmates.com.au.
Try shopping at more affordable supermarkets such as Woolworths, Coles, and Aldi. These supermarkets have affordable prices and usually offer discounts. Another good tip is to buy non-perishable goods in bulk to save money. If your work schedule is too busy to cook at home and much of your money gets spent on dining out, try weekly meal preps to save time and money.
Many Egyptians in Australia send money online to Egypt from Australia regularly, so money transfer costs are a significant part of the budget. So, when you choose a remittance channel, compare its upfront fees and exchange rates before finalizing it. You could choose a bank remittance transfer, but it might be costly. Consider using digital remittance solutions such as ACE Money Transfer, which offer lower fees and competitive conversion rates.
One essential thing to have in Australia as an expat is a transportation card. These cards are offered in most cities, like Myki in Melbourne and Opal in Sydney. They usually offer discounts on fares during certain periods, too.
By building your monthly budget and using these tips to save on accommodation, groceries, and transportation, you can save much more in a month than before. If you choose a digital remittance service provider, this will also help you easily save enough money for an online money transfer from Australia to Egypt. By carefully managing your expenses and following these strategies, you can achieve your savings goals faster, making it easier to support loved ones back home through hassle-free money transfers.
Consider shared accommodation or look for housing options outside the city center to reduce rent expenses.
Shopping at discount supermarkets like Aldi, Coles, and Woolworths and buying in bulk can help lower your grocery bill.
Yes, apps like Pocketbook and MoneyBrilliant can help track expenses, set budgets, and give insights into spending habits.
Using digital remittance platforms like ACE Money Transfer, which offers competitive fees and favorable exchange rates, can help you save on transfer costs.
Be mindful of energy use, invest in energy-efficient bulbs, limit heating during winter, and turn off appliances when not in use.
Using public transport cards like Opal in Sydney or Myki in Melbourne and considering cycling for short distances are cost-effective transportation options.
