17 Jan 2025
Are you trying to navigate life as a Sri Lankan expat in a foreign land? Sri Lankans living in European countries are a beacon of hope for their families back home. A recent report by the Central Bank of Sri Lanka reveals that 175,163 Sri Lankans fled from their homeland in the first seven months of 2024. These and already relocated millions of Sri Lankans contribute significantly to the country's economy, which relies heavily on remittances.
In the initial half of 2024 alone, Sri Lanka received $3.14 billion in remittances through official channels. This indicates the need for Sri Lankans to support their families and send money to Sri Lanka from Belgium. Now, living in Belgium can be a dream come true for many.
Yet it comes with challenges, especially in maintaining financial stability while earning and remitting money back to Sri Lanka. The allure of the country may sometimes lead you astray from your savings goals. So, how can you manage your finances effectively while residing in Belgium as a Sri Lankan migrant? Keep reading to find out strategies to stay on track with saving money and achieving your financial objectives in Belgium.
Housing costs can typically take up a significant portion of your expenses while living in Belgium. With the average monthly rent for a home in Belgium hovering around €900, finding a cost-effective solution is necessary. Here’s how you can manage this aspect and achieve considerable savings.
While the allure of central areas in major cities like Brussels and Antwerp might be tempting, living in these locations often comes with a higher price tag. So, consider exploring housing options in the suburbs or areas outside the city. These areas typically offer more affordable rent while providing good public transportation access.
Opting for shared accommodations, such as living with flatmates, can significantly reduce monthly rent burdens. Sharing the rent and bills with others divides the overall cost, leading to substantial savings.
In Belgium, the average cost for electricity, water, heating, internet, and garbage ranges between €150 and €300. Nevertheless, by following these smart strategies, you can reduce utility expenses and easily send money online to Sri Lanka from Belgium.
Frequently monitor your utility usage, observe meters, and review utility bills. Reflect on your energy and water consumption, and ensure minimal practices such as turning off appliances when not in use and reducing heating costs. These small actions can lead to substantial financial savings.
Invest in energy-efficient electrical appliances like bulbs, fridges, and washing machines. Despite the higher initial purchase costs, this will contribute to long-term electricity savings.
You might want to have a private vehicle. But keep in mind that it comes with exorbitant fuel and insurance expenses. Comparatively, Belgium's outstanding public transport network spans the entire nation. Here’s why you should consider cost-effective choices.
Trams and metros offer efficient and hassle-free commuting within cities. They also provide swift and secure travel to various destinations without being impeded by traffic congestion. These modes of transportation are widely accessible in Brussels, Antwerp, Ghent, and Charleroi. Plus, they offer budget-friendly travel options through weekly, monthly, and MOBIB cards.
Cycling is a popular and environmentally friendly mode of transportation in European countries. And Belgium has widespread bike lanes and bike-sharing programs across many cities. So, opting for a bicycle can significantly reduce commuting costs while promoting a greener and more economical travel alternative.
Food and dining expenses can quickly accumulate, but there are strategies to trim down those costs and easily make a money transfer from Belgium to Sri Lanka. Here’s how you can save on food without compromising the quality of meals.
Look for supermarkets that offer competitive prices and special promotions. Stores like Lidl, Aldi, and Colruyt provide affordable options that may be more budget-friendly than traditional grocery stores.
Leverage customer cards offered by supermarkets to access their exclusive deals and benefits. Taking advantage of these cards can lead to receiving coupons and vouchers for additional savings on your grocery purchases.
Preparing meals at home also helps avoid unnecessary spending on takeout and minimizes food waste. This way, you can enjoy Sri Lankan cuisine without feeling homesick. So, plan meals in advance and purchase only what you need for the week.
For Sri Lankan expats, remittance costs can often take a substantial toll on their finances. By implementing simple yet rewarding practices, you can ensure that more of your hard-earned money reaches its intended destination. Here’s how you can save money while supporting your loved ones.
Select remittance service providers that feature transparent pricing structures along with competitive exchange rates that change along with market fluctuations. Moreover, services like ACE Money Transfer routinely offer promotions such as fee-free transfers. By leveraging these offerings, you can secure the best deals and maximize the value of your transfers.
Read More: How to Get the Best Rates for Remittances to Sri Lanka
Prioritise transfer services that offer speed and security by utilizing advanced technology to facilitate seamless and protected transactions. With the ability to track transfers at every stage, you can rest assured that your funds are being handled efficiently and securely.
Opt for providers like ACE that offer user-friendly mobile apps and websites. This way, you can make convenient money transfers anywhere, anytime. This accessibility also ensures that recipients in countries like Sri Lanka have diverse options for receiving funds, including cash collection, bank deposits, and mobile wallet transfers, catering to their specific needs.
Achieving financial savings on international money transfers necessitates strategic planning and disciplined financial management. With ACE Money Transfer's affordable online transfer services, you can efficiently send money with just a few taps on your devices. Plus, you can ensure a seamless and cost-effective remittance experience.
Developing smart shopping strategies helps you effectively manage your expenses as an expatriate in Belgium. This way, you can ensure that your hard-earned money stretches further without compromising on the quality of life. Here are some simple yet effective tips to make the most out of your budget.
Craft a detailed shopping list and adhere to it diligently to curb unnecessary spending and impulsive purchases. Prioritize essential items over discretionary expenses and evaluate the necessity of each purchase to stay within budgetary constraints.
To make a large online money transfer from Belgium to Sri Lanka, leverage discount stores and promotional deals — this will help you optimize your savings. Also, capitalize on clearance sales, seasonal discounts, and special offers to procure essential items at reduced prices without compromising on quality.
Comparing prices and seeking the most competitive deals across various retail outlets can result in significant cost savings. So, utilize price comparison websites and applications to identify the best offers, whether shopping online or in physical stores.
To enhance your savings, you need to start understanding your spending patterns, exploring cost-effective options, and adopting prudent financial habits while residing in Belgium. Small changes like opting for budget-friendly clothing stores, using public transport, and not dining out can make significant financial improvements. By initiating these adjustments promptly, you can better manage your finances and secure a stable future for yourself and your family. To increase your savings further while transferring money home, consider using ACE Money Transfer.
ACE is known for affordable, speedy, and secure transactions in Sri Lanka. You can also benefit from competitive rates, prompt transfers, and convenient access via ACE's mobile app and website. This way, ACE ensures efficient and economical remittances to your loved ones. So, enroll with ACE Money Transfer to optimize your saving endeavors and simplify your remittance processes. Besides, with competitive rates and attractive offers, you can easily send money to Sri Lanka online from Belgium.
As a Sri Lankan expat in Belgium, you can manage housing costs by exploring less expensive areas outside major cities, opting for shared accommodations to divide rent expenses, and monitoring utility consumption to reduce bills.
To minimize transportation expenses, utilize Belgium's efficient public transport system, such as trams and metros, and consider biking a cost-effective and environmentally friendly mode of transport.
To save on food expenses, shop at cost-effective stores like Lidl and Aldi, look for supermarket discount cards and vouchers, and cook meals at home to avoid unnecessary takeout spending.
To save on remittance costs, look for competitive prices and no hidden fees from service providers like ACE Money Transfer, prefer quick and secure transfers, and ensure easy access through user-friendly mobile apps and websites.
ACE Money Transfer provides affordable online transfer services, competitive exchange rates, promotions for fee-free transfers, quick and secure transactions, user-friendly mobile apps for convenient money transfers, and diverse options for recipients in Sri Lanka.
