HOW TO SAVE SUCCESSFULLY WHEN YOU ARE WORKING ABROAD

Let’s talk finances!

Many participants aim to save as much as they can when they are on the Workaway International programme. In fact, we have had many success stories from candidates who went abroad and saved enough money to put a deposit on a house or pay off debt when they return. If this sounds like something you would want, then see how you can make the money you earn, work in your favour…

Set a goal

Have a clear idea of what you are saving for. You could be saving for a deposit on a house, for your dream car or well-deserved vacation. Once you know what you are saving for, then you need to determine how much you can afford to put aside each month.

Keep a budget

Keep a weekly or monthly budget to help you keep track of how much you are earning, saving and spending. A budget also ensures that you have enough money to comfortably see you through the month.

Know your priorities

When you are in the USA, you are there to work and knowing that this is your number one priority, will help limit some expenses such as eating out, entertainment, etc. You should also have a clear understanding of what your needs and wants are. We say, focus on your needs and save the rest.

Do not dip into your savings

Have you ever had money in your account and tempted to use it? We have all had these moments of weakness however, taking money out of your savings completely defeats the purpose. Watch your money grow and accumulate interest instead of decreasing to a very possible, zero balance. Create good money habits for yourself and you will only reap the benefits in the end.

Be consistent

This could be the most difficult and most important tip. Consistency is key to ensuring that your saving journey is a success. Saving does not mean that you cannot enjoy yourself when you are in the USA. It simply means that if you want to plan a trip or something fun, put it in your budget and save up for it, so that you do not end up spending your money frivolously.

Saving is not easy, especially when you are in a different country and want to experience all the amazing tourist attractions and delicious cuisines. However, we encourage you to keep your end goal in mind. Remind yourself how amazing you would feel when you have purchased that car or paid off that debt. The feeling is priceless (excuse the pun)!