Top 5 Budgeting Tips for Bangladeshi Living Overseas -Everything You Need To Know

According to Wikipedia, about 10 million Bangladeshi who send money to Bangladesh are living abroad, resulting in huge remittances for Bangladesh. This article gets straight to the point. Discussed here are five simple tips for financial management for those overseas Bangladeshi who want to stay updated about finances and keep track of every single hard-earned penny.

-1. Track Your Spending

Bangladeshi are famous for their spending. They are not afraid of spending their money on things like lifestyle, shopping and accommodation.

As a Bangladeshi living overseas, if you want to be more successful in budgeting, one of the most important things you can do is track your spending. Budgeting will make it easier to see where your money is going and find places where you can save.

Several methods you may use to keep a check on your expenditures. One option is to use a budgeting app or tool. It is a great way to get started, as it can help you keep track of your income and expenditures in one place. Another option is to keep a written record of your spending simply. It may be helpful to break this down into categories, such as food, Transportation, and entertainment. Whichever method you choose, make sure to be consistent with it so that you can accurately track your progress over time.

-2. Choose Your Accommodation Wisely.

Thousands of Bangladeshi are studying and working abroad. As an Overseas the essential thing is suitable accommodation. Most Bangladeshi immigrants live in countries like the UK, USA and France, where housing is costly, and mortgage rates are increasing yearly.

Most Bangladeshi may be tempted to ignore other aspects that could help them save money instead of merely looking at the apartment's monthly rental cost. Before signing a lease, take a walk around the neighborhood to determine whether you are close enough to markets, grocery shops, your place of employment, a doctor, and other essentials to avoid paying for public transit.

Most Bangladeshi hire real estate agents for their accommodation. Instead of hiring agents, renting directly from the owner is typically less expensive. Also, Sharing is caring! Finding an expat seeking a roommate can be practical in many circumstances because most expenses, aside from rent, are shared: the energy bill, building maintenance, water, gas, internet, trash, etc.

Social media platforms can be suitable for finding new housemates and communities. There are many groups on platforms like Facebook, such as Bangladeshi in Europe. In these groups, People share ideas, tips, and even recipes for the Bangladeshi diaspora to benefit from.

-3. Set Your Savings Goal

When you are living overseas, it is vital to set a savings goal. It will help you stay on track with your finances and ensure that you can save money for your future. This can be made possible by setting a savings goal. While selecting your savings goal, consider these things:

-How much money do you want to save?

-What is the timeline for saving this money?

-What will you use the saved money for?

As you have answered these questions, you can work towards your savings goal. One way to do this task is to set up a budget and track your expenditures so that you can see where your money is going every month. Another way to save money is to automate your savings so that a certain amount is transferred into your account each month. Finally, monitor your progress and celebrate small milestones along the way!

-4. Save Money On Transportation And Spend Everything In Moderation.

Most people from Bangladesh living abroad do not see transportation as pocket hefty. But on the contrary, transportation costs them too much daily. A simple tip is to use a cycle when visiting nearby areas. Cycling is eco-friendly and also promotes physical health as well as mental health. You can choose to walk, rent a bike, or purchase a monthly bus, tram, or metro pass if your apartment is close enough to your place of employment. There may also be commuter passes available for all forms of public transit. Find a bike-sharing programmed to access free bicycles for quick trips, or check out the local bike rental networks for reasonable rates. Today, cities like Paris, London, Dublin, Amsterdam, Frankfurt, and a long list of others have over 300 structured bike-sharing systems that are pretty prevalent. It's important to remember that everything should be done in moderation when it comes to spending money. Just because you're living overseas and have access to more capital doesn't mean you should go out and spend irresponsibly. Try to stick to a budget as much as possible, and only purchase what you need.

-5. To Send Money Home, Look For Low-Cost Solutions.

Bangladesh is among the top 5 remittance countries as about 10 million Bangladeshi transfer money to Bangladesh from overseas. As a Bangladeshn, if you want to support your family while working abroad, you must locate a money transfer option that does not charge much for their services to save money and provide you with safe, secure and swift transactions.

Fortunately, ACE Money Transfer enables you to send money to Bangladesh quickly, safely, securely and affordably compared to banks and other well-known money transfer service providers. If the recipient does not have a bank account, you can choose cash pickup instead of sending money directly to their bank account. Other options, such as mobile wallet transfers, are also available.

ACE Money Transfer also offers the instant creation of a domiciliary account for your receiver to receive remittances in US dollars without any extra documentation.

You can use the 'ACE Money Transfer app or website to send money to Bangladesh without stepping outside. ACE Money Transfer provides you with a safe, secure and convenient remittance experience. It offers a fee-free first transfer to Bangladesh and the best available online exchange rates. Also, it provides you with customer support, live chat and email support options, so you have full confidence while using its services.

So download the app today or sign up online to benefit from the matchless remittance service.