Saving money

By Korea Jim

Most new ESL teachers are often living abroad for their first time. And for many it is also their first time earning a steady income. If one considers that many ESL teachers around the world earn enough money to be regarded as middle-class in their host countries, it is a wonder why saving money never ceases to be a difficult task for new teachers. It is far too easy to fall into the trap of living paycheck to paycheck. The new teacher must be diligent this does not happen to them or it could ruin their experience. So here are some basic ways to save money while living abroad and teaching. Let us know if this advice is helpful to you by adding a comment at the end of the article.

1. Use public transportation. Taxis are cheap in many foreign countries, but the fares add up over time. Use the bus or other public transportation when possible.

2. Pay your bills first or set money aside for when the bills come.

3. Keep your money in the bank, or perhaps even send money to another bank in either your home country or open a second account in your host country.

4. Convert a percentage of your money into another currency like $US or Euro. This does three very convenient things: First, it adds a measure of security to your money because of the stability of these currencies; second, it can also reduce the physical bulk of currencies that lack large denominations such as $50 or $100 dollar bills. When you're traveling with a lot of money, this can make a big difference; third, it prevents your from spending the money and thus helping you save.

5. Every penny counts, literally. Remember to save your loose change. I've been able to pay for plane tickets to my favorite vacation spots with the change from my jar of coins.

6. Learn how to cook at home and try to eat the local food. Western food is imported and sold at outrageous prices, especially at restaurants. If you're really dying for a steak or an imported beer, go grocery shopping and cook at home. This can save you a lot of money while satisfying your craving.

7. Budget yourself when going out. Leave your cards at home and bring just what you need.

8. Try to save enough money for emergencies. A good rule to live by: always have enough money for an airplane ticket home. Living abroad can be unpredictable and you never know when something will come up where you have to leave your host country. Airplane ticket money provides a measure of personal security as well as peace of mind.

By following these simple rules, your teaching experience will improve and you will have something more to go home to and not just an empty bank account.