Five ideas for budgeting in Belgium

Posted date: 19 Oct 2022

Learn how to save money when relocating to Belgium for study abroad, including advice on reducing your shopping expenses and obtaining the greatest savings account rates. It might be costly to relocate to a new country. However, there are steps you can take to make sure you're getting a fair price on anything from groceries to rent. Here, the article provides several suggestions on how to manage your money wisely when you study in Belgium.

1. Think about going to the market or crossing the border to shop

In comparison to its neighbors, Belgium has higher prices for everyday purchases. Those who reside close to the border can think outside the box to save money. It can make sense to purchase your food in a neighboring nation if you reside close to the border. You might be able to reduce your bill by 10–20%. As many communities have markets on a particular day each week, avoiding stores altogether is another choice. For smart expats, market shopping can be a terrific option because fruit and vegetables are typically cheaper there than they are in supermarkets.

2. Visit Belgian restaurants during off-peak hours.

Every nation, and especially every capital city, has sections that are popular with tourists from abroad and are more expensive. You should be careful when choosing restaurants in Brussels when you study in belgium, for instance, as rates increase during peak hours. Restaurant prices in popular areas of the city can be especially high on the weekends and in the evenings.

3. Make a monthly budget for yourself.

By creating a budget for yourself and controlling how much money you spend each month, you can stay updated on your spending. Write down your regular monthly expenses, including utilities and rent payments, first, then figure out how much expendable cash you will have each week. Either a spreadsheet or a specialized budgeting app on your Smartphone or tablet can be used for this.

4. Discover Belgium's top savings account.

You'll want to make sure you're getting the best returns on your money whether you're starting a long-term savings plan or saving money for a rainy day. The greatest savings account for you will depend on how much you're saving and if you want to lock up your money. Instant access accounts are readily available and cost nothing to open, but the interest rates can be as low as 0.01 percent. You may receive a 0.1% loyalty bonus from some instant access accounts.

5. Consult the expat community for suggestions

Although living in a foreign nation and study abroad may seem scary, keep in mind that many other people share your situation. Attending local expat functions could provide you with some excellent money-saving advice. Along the road, you might even meet some new pals. Try to integrate with the local expat community when you initially arrive in Belgium. It makes sense that some items cost more in Belgium than they do at home. Getting the inside scoop from other expats who have been here for a while makes sense.

6. Think about purchasing a smart meter.

Have you checked to see if your utility providers have you on the most affordable tariff? Otherwise, you might want to examine your bills right away. By doing so, you can determine whether switching will result in a better deal.

Installing a smart thermostat is one choice. With the help of your smartphone, you can control these thermostats from anywhere. This implies that you have complete control over when to switch on and off your electricity. You may be able to lower your monthly utility costs as a result.

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GSP Admin