13 Aug 2024
Living abroad as a Filipino expat presents a unique set of experiences. New cultures, exciting adventures, the responsibility to send money to Philippines from UK, and the opportunity to build a new life in a different country are all part of the expat adventure.
Managing finances while living in a different community can be incredibly challenging, and the urge to live an unbalanced lifestyle might frustrate your financial pursuits. This comprehensive guide empowers Filipino expats with practical tips to avoid wasting money and focuses on the well-necessitated health of their finances in their new home nation.
The first step to managing costs is understanding your financial situation. Here's what to consider:
Knowing your net income after taxation and deduction is a fundamental step in making a reasonable budget.
Research the approximate costs of these basic needs; housing, groceries, transport, and utilities in the host country.
Exchange rates tend to change the purchasing power significantly. You should keep yourself updated about foreign currency fluctuations to improve your spending decisions.
Financial objectives set through budgeting, e.g. saving up for the house or your retirement, keep you focused on spending correctly. Taking into consideration these factors, you can make a budget that best suits your requirements while being abroad. This will enable you to be financially wise and to live the best life during your stay abroad.
One of the smart strategies to avoid overspending is to create a budget and track expenses. Allocate funds for essential expenses, savings goals, and some discretionary spending. Track your spending habits using budgeting apps or spreadsheets to identify areas where you can cut back.
Break down your discretionary spending into categories like entertainment, dining out, and clothes. Strategies described below ensure that you have a substantial amount when making a money transfer to Philippines to friends or family.
Do not give in to the temptation of owning items you do not need. Apply a rule of "wait before you buy" that is non-essential to discourage impulsive buying. Think of canceling receipt of marketing emails as well as boycotting a shopping mall that offered you items you want to have but cannot afford now.
As for eating out quite often, it is a costly habit. Seek out your neighborhood grocery stores and occasionally cook nutritious meals at home. This facilitates you to try the different cuisines and yet you could be saving. Make a meal plan for a whole week and organize your grocery list to avoid impulsive pitfalls when shopping.
Most cities however are organized for free interactive entertainment such as parks, museums with free admission days, and outdoor activities. Give these as entertainment and give new friends a try. Drop by your public library to find free festivities, book club meetings, and movie dates.
To a large extent, public transportation is more affordable compared to using taxis and other types of ride-sharing services. Think about purchasing monthly passes for public transport where it not only suits you but also it’s financially viable in your region.
Do not feel hesitant to counter your bills in the case of services like cable, internet, and phone. Sometimes, a customer's loyalty is rewarded, so inquire about fidelity benefits for regular customers.
Declutter your belongings and consider selling items you no longer use or need. Online marketplaces and consignment shops are great options for turning unwanted items into cash.
As a Filipino expat, staying connected with loved ones back home is important. Here are some tips for cost-effective communication:
Should long-distance friends wish to talk via audio or video call over Wi-Fi, applications such as Viber and WhatsApp, which are available for free, can eliminate international call charges.
Prefer making calls when you are connected to wi-fi instead of when you are connected to the mobile network. Coffee shops, libraries, and the numerous Wi-Fi-providing public joints are among the available places for free calling on the Internet.
Prepaid phone cards with call-giving international connections are a cheaper alternative for infrequent callings from the Philippines. Although keeping connected is the main thing, you also shall take into account communication costs to prevent avoidable charges from happening.
Filipino expats often support loved ones back home. Here's how to do so smartly:
Online money transfer services offer a convenient and secure way to send money online to Philippines. Compare service providers based on exchange rates, fees, transfer speeds, and customer reviews.
Expansively equipped with functions like competitive exchange rates, low fees, and speedy transfer time, the updated ACE app is considered a safe and reliable option to send money back home. With a secure money transfer service as an expat, you know for sure your money lands at your destined hands smoothly, quickly, and safely.
Be it bank transfer, mobile wallets, airtime top-up, or cash pickup, ACE has got it all. Along with these payout options, ACE has an extensive network of payout locations in the Philippines with the cooperation of several prominent banks.
The life of a Filipino expat abroad can be very satisfactory and could offer opportunities for improvement. By understanding your financial condition, practicing smart spending, staying in touch with your loved ones affordably, and using secure money transferring services (for instance, you can use the app by ACE), you can manage your resources in a better way and build a secure financial foundation overseas.
While financial health is a lengthy trip, a good sense of purpose and control. With systematic management, self-discipline, and the right tools, it is attainable to tame the expenses and establish a prospect of longevity as a Filipino expatriate in your host country.
Finally, for the best experience of online money transfer to Philippines from UK, use ACE Money Transfer as it's a low-cost, instant, recognized, regulated, and secure service.
Filipino expats usually indulge in eating out, going to recreational facilities, and balikbayan boxes that cost them way too much.
Set a monthly budget that will cover expenses for housing, food, transportation, and other categories. Monitor your spending to narrow down your areas of excess.
Prepare more meals at home, buy fresh food at markets close by, and take advantage of lunch offers.
Compare fees between different money transfer vendors, review deals that offer mid-market rates, as well as avoid currencies that are typically exchanged at the airports.
Online budgeting apps, financial-planning materials made available from Filipino banks, and expat communities can easily help with sorting out everything-financial part, that is.
