14 Aug 2024
The over 10 million Pakistani diaspora has been playing a significant role in stabilizing the country’s economy. In 2023 alone, they sent back $26.56 billion in inward remittances. Around 104,000 Pakistanis live in France. They earn a living and send money online to Pakistan from France in a bid to offer financial aid back home.
Therefore, if you are in France or planning to go there for work, chances are you will have a lot going on. France, after all, is a country that is just like a dream come true. But it has a downside, too. You are likely to get carried away by the allurements of the country and astray from your core purpose – saving money for financial stability! Let’s delve deeper to understand how to save money while living in France as a Pakistani migrant.
When you travel to a developed country to earn a living, you have a lot of financial burden. For example, the family's financial obligations to meet alone are enough to render you worried.
But as soon as you arrive in the host country, you will likely enjoy the new country, its cuisine, clime, people, famous spots, and so on. In doing so, you are likely to compromise:
· Your time
· Energy
· Money
Of these three, money is critically important. Therefore, you need to know that there are ways and strategies that you can follow to ensure you enjoy your stay in France optimally while not spending a lot of money.
Does it merit mentioning that you are in France to earn a living to financially support your family back home in every money transfer from France to Pakistan? So, how about retiring and returning to Pakistan without having anything financial to fall back on? Pretty scary, isn’t it?
The ease and comfort of having your car are apparent. But what if these comforts come at exorbitant fuel and insurance costs? That, too, in the presence of an excellent public transport system covering the entire country?
Therefore, there are several options for traveling through public transport while living in France, including trams, Metro, and buses. You can travel as much as you want using a weekly, monthly, and annual Navigo pass. One of the advantages of using an annual pass is that you will get to travel free for one complete month. Can you think of a better way to save money in the middle of your drive to explore France?
In France, you will find discounts on different types of products. For example, passengers over 62 years old will get a 50% discount on their monthly Navigo public transport passes in Paris. Similarly, students under 26 years of age are eligible for specific discounts.
Some of the popular tourist attractions will not charge you any entrance fee. But this depends on your circumstances and your financial health. Take, for example, the Louvre, one of the most famous museums worldwide. You will not be charged if you are under 26 years of age or a job seeker or disabled. Expenseless exploration of France!
It is one of the most essential tips for saving money with universal application. While you are living in France, you must create a budget for your finances. It will help you record your income and expenses.
You might think that creating a budget is a technical process requiring a certain set of skills. But it is not so. All you have to do is analyze your income and expenses, set boundaries and stay within those limits. Simple.
Learn all you must about creating a budget HERE.
It is easy to visit just one shop and purchase whatever you need. But this ease comes at the cost of paying a little extra. Because when you go to a single shop, you do not have a choice between two options.
Shopping around and visiting several shops, on the other hand, however, is a step in the direction of savings. When you visit several shops for one item, or many for that matter, you are likely to find the same stuff you are looking for but at a lower cost.
Dazzling technology has led to the mushroom growth of online money transfer service providers. Every service provider offers you facilities unique to it only. But certain service features come at the cost of others.
For example, you might have to pay a little extra for a speedy delivery of funds from France to Pakistan. Therefore, choose your service provider wisely and see if you are getting a financially healthy deal each time you send money to Pakistan online from France.
Opening a bank account, which in most cases is a checking or current account, is essential in most developed countries, including France. These accounts are essential for routine financial matters like paying bills, paying rent, school fees, and so on. But these do not help you with savings.
Therefore, make sure to open a separate savings account and contribute to it daily. Opening a bank account in France is relatively easy, and the fact that you will find several options to choose from makes account opening even easier. Having a dedicated savings account not only helps you manage your finances better but also ensures your money is secure and readily accessible when needed.
Although you can easily save money by following the tips explained above, it is always recommended to seek expert financial advice. A financial expert can draw your attention to certain essential areas in the financial as well as savings realm that you have no idea about.
Finding a financial expert in a country like France is not difficult. You can find several financial institutions that offer you consultations through their experts in different areas within the broader financial realm.
You will be fascinated by the diverse cuisine of France. There is not a single delicacy unique to a specific country that you will not find in France. But the question is: is it worth spending your hard-earned money on, given that you are there to help your family financially and manage savings?
Therefore, make sure to save on meals by cooking at home. You can also purchase frozen food in bulk at once and consume it gradually. Or visit eateries late at night if dining out is inevitable, as certain restaurants lower prices to offer cheap meals and avoid wastage.
When you send money to Pakistan from France it has a significant impact on your efforts to save money abroad. The process is repetitive and incurs costs. Therefore, when you send money online regularly, you must keep a few points in mind.
You must look for a service provider that charges you a low fee and offers you live and market-competitive currency exchange rates. These rates allow you to initiate a transaction right away or wait till they spike in your favor. In addition, these rates can compensate you for the small fee you pay for the transaction(s).
Millions of Pakistanis are working in foreign countries to earn a better income. The flailing economy of Pakistan and its burgeoning population are burdening the country’s resources beyond its capacity. Governments are unable to provide for the people. It leads to unemployment and poverty. Therefore, Pakistanis work in foreign countries.
Working in France offers several benefits. For example, the wages are relatively higher. The expansive job market in France means you can find employment opportunities in every field. Whether you seek labor work or a proper job, France does not disappoint visitors. Additionally, the cost of living is relatively lower in France than in other countries in the region.
You can easily save money in France as a Pakistani migrant by following the simple steps. You should commute on public transport, look for discounts, create a budget and live on it, shop around before buying groceries, choose your online money transfer service provider wisely, seek expert financial advice, open a savings account and save on meals.
You leave your family and loved ones and undertake the hazards of an expatriate life so you can offer financial support. If you do not save money in the process and during your stay abroad, you are likely to start from scratch because what you have earned is already exhausted and you have to work again to make ends meet as you have no financial backup to fall back on.
Sending money home online is a repetitive process and each time you initiate a transaction, you have to pay fees for the process. This repeated payment of fees can be a financial burden. Therefore, find a service provider that not only charges a low fee but also offers you live and competitive currency exchange rates that will compensate you for the fees you have paid.
Resource(s)
· Pakistani Diaspora
(The Pakistani Diaspora - PILOT GUIDES)
· Inward Remittances to Pakistan
(Personal remittances, received (current US$) - Pakistan | Data (worldbank.org)
