It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.Robert Kiyosaki
It's inevitable. During summer, we all tend to overspend. Whether we're spending money travelling, eating along the beachside, going to amusement parks, or attending festivals, summer is an expensive time for all of us. This is especially so when you're new to city or country.
As an expat, naturally you want to experience all the sights and sounds of your new city, attend all the cool events, and say yes to any invitations on offer. Unfortunately, this usually means that any goal you had to save money quickly get cast aside.
However, before you allow any feelings of guilt to set in, the best thing you can do is to get back on track and start saving right away.
Your Spending Behaviour
Getting started is often the hardest part. There's always an excuse. “Maybe next pay” we say. But then there's always one more expense, one more thing we need to buy.
It's common to hear expats say that the reason they unable to save money is because the job they have doesn't pay they job they had back home or that the city they live in now is more expensive. This may be true. However, ask yourself – now that you've moved to a new city or country and are working a new job, how different is your spending behaviour compared to before? We're guessing probably not much.
One of the main reasons people in general find it difficult to save money is due to their spending behaviour. Unfortunately, it's not enough to rely solely on our willpower to change our spending behaviour. To really start saving money, we need to make it automatic. No questions, no excuses.
Give Yourself a Boost
When it comes to making our savings automatic, one of the effective and easiest ways is through FerratumBank's savings Boosters.
Boosters, which are embedded in the FerratumBank mobile app, are designed to help you save money automatically. Think of it like putting spare change in your piggy bank whenever you make a transaction.
There are two types of Boosters – Round It Up and Purchase & Boost - depending on what works best for you.
For example, you might decide that for every €10 you spend, €1 is sent to your savings account. Or for all transactions between €20 and €30, the purchase amount is rounded up to the nearest dollar, and then that amount is sent to your savings account.
The rules and parameters including the threshold amount before a booster is activated and the amount of money you'd like to save per transaction are always set by you. Whatever you decide, it's up to you. You're in control.
So, step out into the sun, enjoy summer in your new home while giving you savings the boost they need today.
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