16 Oct 2024
You are well aware of the fact that while transitioning to a new culture as a Nepalese migrant in Poland, you are not only changing your way of life. But, you are changing the method of managing your money such as making an online money transfer from Poland to Nepal. While Poland is considerably cheaper than many countries in Europe, occasional expenditure proof suggests that prices can easily build up if one is not cautious.
Interested in making more money, minimizing your financial pressure, and increasing the amount that you can remit back home? Here are some tips on how to handle your finances most effectively and get the maximum out of your money in Poland.
The price of living in Poland may also depend on the following aspects; the location, personal lifestyle, and number of people staying in the house. Data received from Numbeo.com show that the price level in Poland is still about 40% lower compared with the level in Germany, or the United Kingdom, for instance. However, for Nepalese migrants, it is necessary to segregate the essential costs to work out the entire expense.
Shelter is one of the most significant cost components for any migrant across the globe. The cost of rent varies across regions in Poland, and it is evident that rent prices vary across the area. For example, renting a one-bedroom apartment in central Warsaw will cost around PLN 3,000 (Approximately 700 USD) while a similar apartment will cost as low as PLN1500 (Approximately 350 USD) in Wroclaw or Lublin.
Saving Tip
So one can allow for shared accommodations or look at the possibilities in the outskirts areas where they are relatively cheaper. You can look for cheap accommodation businesses that are usually located on OLX and Gumtree and save more to send money to Nepal from Poland. In the same, many of the migrants take tenants' accommodation or flat sharing to meet the cost of accommodation.
The other important avenue that must be catered for in the monthly expenditure is food. It is estimated that a Pole may spend perhaps 500-700 PLN (115-160 USD) on groceries per month. Food goods including bread, milk, eggs, and fresh fruits and vegetables are fairly cheap compared to most of the countries in Western Europe.
Saving Tip
If you need to buy groceries, you may save money by shopping for groceries at local markets or cheaper supermarkets, such as Biedronka, Lidl, or Auchan supermarkets. Ordering or preparing your food and cooking it at home is another way to reduce food expenses. The Nepalese migrants can also obtain relatively cheap spices and materials for traditional meals from Asian stores.
Gas and water monthly costs are approximately PLN 50 – 100 (USD 11 – 23), while electricity varies between PLN 80 – 200 (USD 18 – 45). Due to garbage fees, the monthly cost for utilities ranges between PLN 400 – 600 (USD 90 – 135) depending on flat size and season, // Utilities. Furthermore, it is necessary to note that the price for Internet connection for the simple plan is approximately in the range of 60-80 PLN (about 15-20 USD) per month.
Saving Tip
In matters of utility bills, you should avoid wastage by using energy-consuming appliances that do not consume too much energy and preventing the use of heaters or air conditioners when not required. So, you can send money online to Nepal from Poland by cutting your expenses. Sanctions are also joint among many landlords; therefore, search for homes that offer utility services that you can use as options to pay for different utilities separately.
Public transportation in the form of bus and train systems in Poland is of high quality and is also relatively inexpensive. For instance, a monthly ticket for public transportation for city commuters in important centers such as Warsaw costs about PLN 100 (24 USD), and per trip bus or tram ticket is PLN 4 (1 USD). If you use public transport daily then it would be more beneficial if you buy monthly or seasonal passes.
Saving Tip
Try to use carpooling or cycling which is a cheaper as well as environmentally friendly mode of transport. Sites like BlaBlaCar enable the sharing of a car with other people going in the same direction to save on the daily means of transport.
First to note in the management of finances is the creation of a budget. With a good plan of things that you need to spend the money on, you can be in a position to spend on what is necessary without forgetting to save and send money back home to family in Nepal.
Preparing our meals at home is one of the best ways to cut costs on meals. Even though eating out is still cheap, contrary to the standards set by more developed countries, going for a regular meal at a restaurant can be costly. Cooking at home does more than save you money and allows you to send money to Nepal online from Poland.
Saving Tip: Set your weekly meal plan and shop for groceries that will cater to those particular meals. Try integrating portions of the previous day’s meals and snacks to help reduce portion wastage. For those who want to get a feel of home, numerous Asian shops in Poland offer raw foods used in preparing Nepalese meals at reasonable prices.
Amongst the biggest mistakes people make which result in instances of overspending is impulse buying. And yet, for dinner with friends or impulsive shopping on the Internet – it is difficult to avoid those several bucks that constantly grow. Observe your spending behaviors so you can know which you should reduce.
Saving Tip
Two personal finance applications that should be installed are Mint or YNAB (You Need A Budget) to track your spending and plan it effectively. Many apps allow you to easily know exactly how your money is being spent and keep you informed.
Medical care in Poland is not expensive, and for the citizens of the EU, it is even cheaper. Nevertheless, Nepalese migrants should ensure they have comprehensive health insurance because the insurance documents are required to legalize their residence in the country.
Migrants could pay between PLN 100 and 300 (USD 24-70) per month for private health insurance depending on the package being taken.
Saving Tip
Search for the health insurance provider that charges less while fulfilling your requirements. Some employers provide private health insurance as a benefit, and you can send money from Poland to Nepal as much as possible. Hence, you should consult your employer before engaging in any other plan.
For Nepalese families that have children education as well as child care costs a lot of money. Education in Poland is free for children up to the age of 18 though the private schools and the international schools charge somewhere between PLN 2000-4000, that is, approximately 470 US dollars to 940 US dollars per month.
Saving Tip
Investigate possible scholarships or grants that could enable you to reduce the costs of education. Apart from that, childcare centers provided by local community centers are also cheap.
Since its establishment, the company has been planning for its long-term financing by evaluating the most suitable sources of financing available in the market. Apart from food, shelter clothing, health care, and other necessary and occasional spending Nepalese migrants in Poland also should think about future savings, investments, and remittances to Nepal for their families.
It is easy to deal with your financial needs if you open an account with a local bank in Poland. Many banks today provide low or no-fee accounts and with an account in Poland, you are not charged additional fees when paying or purchasing items locally.
Saving Tip
Shop around with the various banks and their services before selecting one that suits your account with it. Some banks provide student or expatriate accounts services at a cheaper and better rate than those commonly charged by other banks in the region to send money to Nepal from Poland.
All workers, including Nepalese migrants in Poland, are liable to the tax laws of Poland. However, if you find yourself in any employment, it’s not very wise to ignore some facts about taxes and some essential ways you can reduce taxes.
Saving Tip
It is recommended to speak to a tax specialist to get all the information about which tax benefits and reductions might be available to you. This will assist you in lowering your tax bill and increase your savings.
The number one motivation that many Nepalese migrants have is to help their families sustain themselves back in Nepal. Selecting the best and cheapest remittance service is crucial so that your money will reach your loved ones through safe and cheap means.
Saving Tip
Choose ACE Money Transfer for easy, cheap, and faster money transfers to Nepal. ACE Money Transfer has the advantage of having fair exchange rates as well as low transfer fees that help the expatriate beneficiaries.
While living in Poland, every Nepalese migrant has to face some problems in controlling his or her living expenses, but it is quite possible to make a successful attempt to have good financial planning for making a money transfer from Poland to Nepal. One can take a certain percentage of the amount and put it in savings, retirement, or even in other projects to plan for the future. So, purchasing real property within Poland or setting up a child’s tuition fees and planning boosts one’s achievements or financial goals.
It is, therefore, essential to only spend in the necessary areas, avoid any unnecessary spending, and use services such as ACE Money Transfer to safeguard your financial integrity and support your family back in your home country. ACE Money Transfer is waiting for your input. To start right now, visit ACE Money Transfer!
Housing, food, water, electricity, gas, and others are the figures belonging to the largest group of characteristics.
If one can afford to share a flat, live in the suburbs, or just select smaller cities like Wroclaw rent is comparatively cheaper here.
Buying food from cut-price supermarkets such as Lidl and Biedronka, or local markets in general, costs far less.
Employ the bus or train for daily transportation and use monthly passes or take bikes and share cars for a cheap means of transport.
ACE Money Transfer products include cheap transfer fees, competitive exchange rates, and secure transfers for taking money back home.
