Saving money while working abroad: How to manage your finances

Saving money while working abroad starts before you even buy your ticket. Whether you are heading to Greece for a gap year or spending a season in Malta, learning how to manage finances abroad is one of the most valuable skills you can take with you. With the right budgeting abroad advice, you can make the most of your experience without stressing over every euro.

Saving money while working abroad and why it matters for young expats

It is easy to underestimate how quickly small expenses add up when living abroad. A coffee here, a taxi there, and suddenly your paycheck feels a lot smaller. By focusing early on saving money while working abroad, you create the freedom to explore, meet new people and enjoy your time without the constant pressure of money worries.

Budgeting abroad advice to keep your finances on track

Start by writing down your expected income and all likely expenses: rent, utilities, groceries, transport, phone bills, social life and a little extra for emergencies. Add in one-off costs such as flights, visas and moving expenses. Having these numbers in front of you will help you avoid overspending and saving money while working abroad.

If you are moving to a country with a lower cost of living, it can be tempting to splurge. Instead, keep part of your income aside in a savings account from the start. Even a small monthly amount can add up quickly.

Expat banking tips for low fees and easy money management

Before you move, check if your current bank charges high fees for international payments or cash withdrawals. Some banks have partnerships abroad or offer accounts in multiple currencies, which can make life easier and cheaper. Many expats find it useful to have both a home-country account for savings and a local account for daily expenses.

Online banks and fintech cards can also be a good option for low-fee transactions and fast currency conversion.

How to manage finances abroad with multiple currencies

Working abroad often means being paid in a different currency than your home one. Exchange rates can fluctuate, so it helps to transfer money when rates are in your favour. A multi-currency account can also be a smart choice if you are travelling between countries or plan to send money home regularly.

Taxes for EU expats: What you need to know

Even if you are working in an entry-level job, it is important to know the local tax rules. Many countries have agreements to avoid double taxation, but you still need to declare your income correctly. Keep payslips, contracts and any relevant paperwork in one place so you are ready when tax season comes.

Cost comparison: The most popular countries for working abroad

Here is how some of the most popular work-abroad destinations compare for young expats from Northern Europe:

Country	Avg Monthly Rent (1 bed city centre)	Avg Monthly Net Salary	Cost of Living Index*	Sunshine Days/year	Notes for Expats
Greece	€500	€1.100	51	250-280	Low rent, affordable food, strong expat communities in Athens and islands
Malta	€950	€1.500	53	300+	Higher rent, but sunny climate and good English level
Cyprus	€800	€2.000	56	320+	Higher rent, but sunny climate and good English level
Bulgaria	€450	€1.000	38	250	Very low living costs, growing international job market
Portugal	€800	€1.350	50	280-300	Good work-life balance, coastal lifestyle
Spain	€1.000	€2.050	55	260-300	Larger cities cost more, but salaries are higher
Latvia	€600	€1.300	45	180-200	Low rent, colder winters, cosy cultural scene
Hungary	€600	€1.180	40	200-220	Budapest popular for young expats, affordable nightlife

*Based on mid-2025 global averages.

Everyday habits that help with saving money working abroad

• Cook at home and shop at local markets for fresh and affordable produce
  
• Use public transport or cycle instead of relying on taxis
  
• Share accommodation with other expats to save on rent and utilities
  
• Set a weekly spending limit for leisure and entertainment, and stick to it
  
• Take advantage of free or low-cost activities like outdoor festivals, beaches or hiking trails

Protecting your savings while living and working abroad

Even on a short-term contract, it is worth building an emergency fund. Keep this in a separate account so you are not tempted to dip into it. If you are paid in cash, deposit it promptly to avoid losing it or spending it too easily.

For more in-depth budgeting strategies and money management tips, check out the EU’s short guide to banking abroad for expats.

Turning your work abroad dream into reality

Whether you are drawn to Greece’s beaches, Bulgaria’s low living costs or Spain’s lively cities, the key for saving money while working abroad is to balance your spending with your long-term goals.

Job Squad can help you find the right opportunity to match your lifestyle and budget. Get in touch with one of our recruiters, explore current job openings and take the first step towards your next adventure.