09 Sep 2024
Being a Pakistani expat in Australia comes with its unique challenges and possibilities. Australia is a popular travel destination with its robust economy, luxurious lifestyle, and multicultural culture. However, the country's living expenses may be high, particularly in big cities like Sydney and Melbourne. Pakistani expats must manage their money sensibly to save more and help their families back home. Let's go over practical ways to save money while residing in Australia, emphasizing the most economical and efficient ways to send money to Pakistan from Australia.
Australia has a high cost of living index, particularly in cities. This may be a significant transition for Pakistani expats. The main expenses are housing, groceries, transportation, and medical care. Below is a summary of typical household costs:
Depending on the location, renting a one-bedroom apartment in the city center might cost between AUD 1,500 and AUD 2,500 monthly.
An average person's monthly grocery expenditures range from AUD 350 to AUD 500.
A monthly pass for public transit might set you back between AUD 150 and AUD 200.
Although Australia's healthcare system is robust, the monthly cost of private health insurance can vary from AUD 100 to AUD 300.
Savings, in particular, play a significant role for anyone who wants a secure future, and expats have even more pressure to deal with their new life in Australia and provide for their family back home. As you pray, the first and most essential step is to create awareness regarding your income and expenditure to slash unnecessary spending.
Here are some of the tips for budgeting in an efficient way:
You can try Pocketbook, MoneyBrilliant, an effective budgeting tool, or YNAB (You Need A Budget).
Cut down on non-consumables such as eating at a restaurant, entertainment, or even shopping, and stick to utilities such as house rent, food, medicine, and other necessities.
Transfer from your checking to a savings account on a lighter basis. This helps to enforce a certain number of your earnings to be set aside before you can spend them. This is helpful if you need to send money to another nation, like an online money transfer from Australia to Pakistan.
Accommodation accounts for the most significant percentage of the expenses for most expatriates in Australia. However, there are ways to reduce this cost:
Sharing a house or an apartment means using standard rooms, thereby cutting the overall rent and other utility expenditures.
As you can see, centers are more convenient than peripherals; however, the cost is higher. It might be helpful to live in the suburbs since the rent will be lower compared to central cities. Australia has an excellent public transport system, which makes getting to work from the suburban areas easily possible.
Food is another essential commodity one has to pay for, so the following are strategies to save on groceries and dining:
Competitive price levels are realized by supermarkets such as ALDI relative to Woolworths and Coles supermarkets. Furthermore, you can make your guess from stores like Costco, where you can purchase canned foods in bulk.
As indicated earlier, taking meals away from home or restaurants is costly in Australia. It is advised that it is much wiser to cook at home, as you will spend less money. Meal planning and preparing food mean you are likely to avoid going for takeout foods since you have what you need for the day.
Look for some offers and promotions concerning the groceries you need to buy. Every supermarket has weekly offers; there are online applications, such as Shopfully, that can help you find them.
Consider making an online money transfer from Australia to Pakistan to optimize your savings. This may benefit you from favorable exchange rates and even cheaper transfer costs. Several reputable firms, such as ACE Money Transfer, provide quick and easy ways to transfer money.
Transportation can be another area where expats can save money:
This is because using public transport is cheaper than owning a vehicle for fuel, repairs, and parking fees. Both Sydney and Melbourne have reasonably developed public transportation systems.
If traveling by car is inevitable, sharing the gasoline expense with your fellow workers or friends is wise. You can also learn about carpooling services using the GoCatch and UberPool apps.
You can use your bike or even walk short distances; this is cheaper and will get you in shape.
While Australia’s healthcare system is excellent, it can still be expensive without proper planning.
If you are eligible, do not forget to sign up for Medicare, which pays for primary categories of health care. Primarily, it can significantly cut down your health costs.
You get the best health insurance by comparing through iSelect or Compare the Market, among others. Select a plan that you need and will effectively meet your needs without having the extra bells and whistles.
Other ways to purchase prescription medicines include a pharmacy discount card or an app like Chemist Warehouse.
Electric, gas, and internet expenses are reasonable but might accumulate considerably. Here’s how to save:
You will find the best offers for electricity and gas on Energy Made Easy or Compare the Market sites, etc. It’s possible to find a slight financial difference among the same providers; therefore, switching can help you save a couple hundred dollars annually.
The following are some ways through which one can minimize energy consumption:
In addition to contractual agreements, most providers offer lower prices when you subscribe to multiple services, such as internet, phone, and pay TV. Packages should be compared in relation to the deserved prices.
Additionally, to cut extra expenses, there are a number of practical and affordable ways to send money to Pakistan from Australia. Compare different money transfer providers based on transfer costs and currency rates to identify the best offer.
Enjoying your time in Australia doesn’t have to break the bank.
Australia provides many cheap or no-charge events like visiting beaches, trekking, public parks, and museums.
One can become a member of a club or society that may provide a discount on their activities or events. Facilities such as Groupon and Scoopon can also be beneficial for discounted prices on entertainment and eating joints.
While being economical is desirable, accumulation is how one can increase capital. As a Pakistani expat in Australia, you have several investment options:
If you work in Australia, your employer is legally bound to contribute some amount to your super and pension savings. You might have to contemplate making extra, purely extraordinary contributions to save more money.
The real estate market in Australia has always been relatively more substantial, particularly in recent years. Purchasing property in Australia or Pakistan can also generate future income.
In particular, those ready to take more risks can get more significant results investing in equities. You may wish to use online booking services such as CommSec or SelfWealth to manage your shares.
Understanding the Australian tax system can help you save money and even get refunds.
Documenting work-related expenses is essential, as they can be turned into tax credits. Charges for uniforms, travel, and tools can usually be claimed.
Filing your tax return early has many advantages, including getting any refunds faster. Contact the ATO, utilize online tax help, or seek professional help from a tax agent.
To send money online to Pakistan from Australia, you must include it in your tax return. Australia signed various tax treaties with other countries, including Pakistan, to eliminate the problem of extra taxation.
Sending money back to Pakistan is one of the significant considerations that Pakistani expats have to bear. It may be for familial needs, investments, or savings; therefore, the strategy of remitting money to Pakistan from Australia at the least possible cost is imperative.
Here are some of the factors to consider while sending money to Pakistan:
Exchange rates differ among service providers. A slight difference in rates may significantly affect the amount received in Pakistan. Go online and search for the various charges offered by the multiple providers.
Pay attention to the costs that various money transfer services attract. Some have meager fees but very adverse exchange rates, while others are very good with exchange rates but very costly. One should, therefore, look for a middle ground between the two.
This will depend on the degree of urgency one feels while undertaking this transfer, hence why one may have to decide which transfer speed to use. Some services are fast and enable a transfer to be completed in minutes, but they come at a cost, and other services may take a few days but cost less.
Being a Pakistani expat in Australia offers both comfort and lots of challenges. By using wise financial practices, you can assist your family back home and live well at the same time. Every tiny action, from creating a budget and reducing daily spending to figuring out the most economical ways to send money to Pakistan online from Australia, might add significant savings over time. Always remember that being prepared, knowledgeable, and resourceful is essential.
To begin, make a budget, keep tabs on your spending, and pinpoint areas where you may make savings. Think about creating financial objectives, automating savings, and consulting a professional.
It's crucial to preserve specific characteristics of your culture while adapting to changes in the Australian way of life. Focus on low-cost hobbies, prepare meals at home, and take public transportation.
It might be helpful to comprehend the financial systems of Australia and Pakistan. Examine each country's tax consequences, interest rates, and savings choices.
Look up the typical cost of living in your area, organize your spending, distribute your money, and revisit and modify your budget regularly.
The main costs are rent, utilities, food, travel, and medical care. Think about taking advantage of free healthcare alternatives, cooking at home, using energy-efficient equipment, using public transportation, and sharing housing.
References: https://www.expatistan.com/cost-of-living/country/australia
