28 Oct 2024
Did you know? There are now more than 40,000 Bangladeshis living in Australia, and they are highly beneficial to Australians and those in Bangladesh because they regularly offer financial support by making a money transfer from Australia to Bangladesh. But life in a foreign land comes with financial problems. For instance, the cost of living in Australia is relatively high, making the country rank among the fifteen most costly countries in the world today. This blog is useful for any Bangladeshi expatriate who aims to navigate this environment successfully and make financial decisions that will allow him or her to help family members and friends in Bangladesh.
Here, you will be introduced to some of the practical means to help your budget so that you fit in the Australian financial market and build your future. Now, let’s get into controlling your spending, making the best choices with your money, and constantly remitting money home without overspending.
The cost of living in Australia depends on where one intends to reside. If you reside in Sydney or Melbourne, you would expect to spend a range of AUD 2,500 to 4,000 per month on shelter bills, electricity, water, food, and other necessities. While larger cities are likely to see you use a lot of it, in smaller towns or rural regions, you may use a lot less.
The key expenses to consider are:
Housing costs alone may end up occupying 30%–40% of your monthly earnings. To give an example, renting a one-bedroom apartment in Sydney would be going for AUD 500 per week.
Spend AUD 300–500 on grocery shopping based on your activity level, and make sure to save maximum to send money from Australia to Bangladesh to support your families.
The fare for public transport differs, but a monthly pass to ride public transport is about AUD 150 in the main cities.
If you are a Bangladeshi expatriate, remittance is perhaps one of the things you would like to do most. Nevertheless, the exchange rate can change in either a positive or negative way, and it determines how much actual money you can save or send. Over the last few years, the exchange rate between the AUD and BDT has fluctuated greatly which has affected the value of your money when sending remittances. Another wise method is to keep checking the exchange rates and transfer money during the most advantageous time. With ACE Money Transfer, there are good rates to be had and fewer service fees; thus, more of your money gets through to your loved ones.
The things that people add to the expenses basket are, at times, out of a blind spot, such as healthcare, insurance, and taxes. Australian healthcare is not cheap, especially if you are not covered by an insurance plan, and a simple doctor's appointment can set you back AUD 70–100. One of the mentioned expenses is well, but it is always important to have some sort of emergency fund to cover such expenses. Taxes can take a big bite out of your income and can cut down the amount that you intend to send money to Bangladesh from Australia, so being aware of your tax responsibilities is vital.
The following tips should be under consideration when drafting for budget as an expat:
The first rule in managing our financial affairs starts with what is known as developing a budget which is a reflection of income and expenditure. Fixed costs include rent, electricity and water bills, food expenses, etc, while variable costs include movies, eating out, etc. Start by partnering a percentage of your income for the fixed costs before spending on the flexible ones. Using any of the budgeting applications, such as Pocketbook or You Need a Budget (YNAB), can go a long way in making this a lot easier. They assist you when it comes to tracking your spending and helping you to keep to your budget.
So if you want to save more, one strategy is to avoid spending money and as much as possible, watch out for areas where you can cut down your spending.
When you are an expatriate from Bangladesh, you have or may have long-term plans to purchase a house, take care of your loved ones, or go for education. Get into saving for these goals as early as possible to maximize the compounding of your money. One suggestion is to create an AVS or automatic savings program, of which you have a part of your salary put into a high-interest savings account to make sure you send money online to Bangladesh from Australia as much as possible to support your family.
For example, if you can save $200 monthly, then it translates to $2400 annually or enough money for an investment or an emergency kitty. However, putting money away for a Term Deposit or another secure savings tool is also a good way to get rich slowly.
Several government structures are available for you as an expatriate during your stay in Australia. For instance, imagine that you can receive tax rebates or healthcare subsidies according to the type of your visa. Furthermore, special offers in access to the public transport services, students use soft wares, and also groceries. Taking the time and effort to ascertain these and then utilizing them can assist you in saving a great deal of money in a particular month.
The most essential tip is the ability to cut unnecessary expenses. Though one can have the desire to go out for a meal or go for entertainment, such expenses prove costly. If one had a weekly friend's dinner, which costs $50, the annual cost would be AUD 2,600, and this, to me, is so much money that can be choked on savings or investment. Learn and reduce these “holes in the wallet” by eating out less, socializing through free activities, and minimizing spending on streaming services.
Australia has quite several options available to shop sensitively or shop cheaply to save more for online money transfer from Australia to Bangladesh. You may use the Flybuys or Everyday Rewards loyalty programs so that you accumulate points and then use those that you have accumulated to gain discounts.
Plus, visit stores during promotions for purchasing such items as electronics, clothes, or any other household goods during the so-called Black Friday or Boxing Day. Another good strategy is to use student or expat discounts – if you have any of these cards, do not hesitate to present them.
Not only is the money transferred to Bangladesh, but it does not have to burn your pocket. It helps you move your money with low charges and obtain reasonable rates, meaning more money will get to your family. ACE money transfer provides a fast and reliable means of sending money quickly and cheaply. Also, thanks to their mobile application, they allow you to transfer money from any location without any additional running around.
Money matters, i.e., managing your expenses and send money to Bangladesh online from Australia might appear as a daunting task when living in Australia as a Bangladeshi expatriate. However, it's really easy, especially when you are willing to work smart and develop strategies to manage your finances. Whether it is cutting down on unnecessary spending, being wise when purchasing essential goods and services, or being wise while sending money home, these tips will assist in balancing the budget and thus help one meet one's long-term financial plan.
Are you tired of constantly having your finances controlled by someone else? Begin by developing a budget as early as now. As you plan to send money home, you can do it through ACE Money Transfer. Most of our fees are lower compared to our competitors', and our charges are amongst the most competitive in the market today. It will not result in a hole in your pocket. The future is worth the savings now. Sign up today!
It costs about $2500 to 4000$ a month, depending on the city where the rental is located.
There is a Pocketbook and YNAB for tracking expenses and income that would help you create a budget.
You can also check out tax credits, health care subsidies, and students’ discounts.
Reduced frequent eating out, entertainment, and using free markets and services as much as possible.
ACE Money Transfer is recommended to avoid high fees and get competitive exchange rates and transfer speed.
