Prices are going up, and many countries aren’t as cheap as they once were. Especially if you’re unfamiliar with local customs. Which is why today’s article shares five expat secrets to maximizing your money – allowing you to save (and earn) more while living overseas.
These aren’t generic tips, either. Each of these five insider secrets provides ultra-specific, actionable advice.
1. Buy A 5 Gallon Water Dispenser – It Will Save You Thousands
Most gas stations and grocery stores sell 1-gallon (or 5-liter) bottled water. In most of the world, these bottles are about $2 – $3 each.
If you drink a lot of water (which you will in tropical climates) or make coffee / tea, this gets very expensive. It’s easy to spend at least $100+ per month just on bottled water. Or, about $1,200 per year!
Luckily, there is a solution.
5-gallon bottled water is generally the same price as a 1-gallon bottle.
Better yet, most countries have refilling stations where you bring your own bottle and can get another 5-gallons of water for less than $1.
Once you have a 5-gallon bottle, you go from spending $1,200 per year to spending $50.
A huge savings.
Best of all, you don’t need a large, clunky water dispenser to unlock these benefits. The GetKen 5 Gallon Water Pump is a portable water dispenser that fits over the mouth of any 5-gallon water bottle. It weighs a mere 6 ounces, making it easy to travel with. And, you can recharge the device with your phone charger.
A GetKen 5 Gallon Water Pump costs less than $20 on Amazon. And it will more than pay for itself within a single month.
2. Create A “Savings Season”
Here’s an expat secret nobody tells you: Most countries have at least one month with terrible weather.
In Thailand and Vietnam, this is the “rainy season” where it dumps all-day and the streets flood.
In the United States, this is wintertime when everything is freezing cold and covered in snow.
And in Mexico and Latin America? It’s both the rainy season and snowstorms. Depending on which country you’re in.
You can use this to your advantage and stay home more during these time periods. This is an easy way to save money. And, it doesn’t affect your social life, since most people aren’t going out in a rain storm or blizzard anyway.
3. Sometimes It’s Cheaper To Take The Bus
Most countries are a lot smaller than the United States or Canada.
Because of this, there are often multiple major cities and resort towns, all within a 3-4 hour drive of one another.
While this might sound like a long-distance, it’s actually more time-consuming to fly between locations. And that’s due to things like driving to the airport, going through security, and waiting to disembark the plane.
In contrast, buses are often just as fast, while charging a significantly less than an airline.
On top of this, most buses are as nice as an airplane. While also offering free Wi-Fi and free checked baggage. Keep this in mind before booking your next plane ticket.
4. Capitalize On Geoarbitrage
Sometimes lower currencies are weaker than the U.S. Dollar. Much weaker. And you can use this opportunity to stock-up on non-perishable essentials and to live large by dining out or renting an upscale apartment.
Likewise, many sophisticated products (like iPhones and computers) are much cheaper in the U.S..
Traveling between countries allows you to unlock the best of both worlds. You can buy electronics, watches, and nice clothes at a much cheaper price in the Western World. But you can also enjoy fine dining, luxury apartments, and ultra-cheap daily essentials when you’re overseas.
Know what’s cheapest where and plan accordingly.
5. Start A Business
Many people move abroad while relying on one source of income. Typically either a remote work job, or a local English teaching gig. Nothing wrong with a steady paycheck.
But, one source of income puts you at extreme risk, if that money goes away.
Crazy as this sounds, you’ll sometimes meet people who had a cushy laptop job, until the company laid-off all remote workers. And now these former big-earners are struggling to buy a plane ticket home (if this sounds unrealistic, you should have met some of the tech employees who moved to Mexico).
One of the best expat secrets you can learn is that “One is none.” At least when it comes to income.
Starting a website, learning to trade, or even buying cash-producing assets (like a rental property or certain stocks) are all great ways to hedge against uncertainty. Having control over your income will make you financially free, allowing you to live wherever you want. Whenever you want.