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January 04, 2008

Living on a budget- Setting money aside

Hello Readers,

For many of you working in foreign countries, you may be getting paid in cash. If so, I know that having cash at hand can make it even more difficult to put it away. So, what can you do to make sure you have enough money at the end of the month for your basic needs?

One simple solution ...

... is to physically divide your money up by putting aside X amount for groceries in one wallet, X amount for traveling in another wallet, and X amount in another wallet for rent. When you go grocery shopping, take your grocery wallet along with you, spend that money, and put the receipts from your shop back in the wallet.

Of course, if you have a large enough income, you'll probably want to take advantage of the security of a bank by opening account there. You can still put this idea into use, though, by taking out a weekly amount for each wallet.

With careful planning, you'll only have to eat instant noodles because you like them, not because they're all you can afford.

Do you have any other useful tips? Feel free to share them here.

Hope that helps!

Carol Rueckert
Writer, ESL Lesson Plan
E-mail: crueckert@eslemployment.com
Blog: www.esl-lesson-plan.com

"I hear, and I forget. I see, and I remember. I do, and I understand." - Chinese Proverb

Looking for more articles about living on a budget as an ESL teacher? Click HERE!

About the author of this entry:
Carol, a native English-speaker hailing from the small town of St. Joseph in Minnesota, USA, worked in China for more than 7 years. During that time, she worked at universities, private language schools, grade schools, international schools, and did private tutoring as well. Besides teaching, she also worked as a Head teacher, an Education Manager, and a Material Development Manager. In addition to working on this newsletter, she also writes a monthly column for Time Out Beijing, authors ESL textbooks for publishing houses in China, and is an Editor for Garnet Publishing in Reading, England. Carol holds a BA in Communications from the College of St. Benedict/ St. John's University, and a CELTA, and has just finished her MA TESOL course at Oxford Brookes University. Look for her posts on the ESL-Jobs-Forum discussion boards!

Posted by crueckert at January 4, 2008 12:24 PM

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I also have another idea to help you save. I use a recipe box and use the dividers to label for clothing, groceries, travel, misc., etc. Then, I put my cash inside an evelope and place it under the file's name. It helps me organize my monies so I never come up short! Maureen

Posted by: Maureen at January 29, 2008 02:16 AM

Hey Carol,
Big issues loom regarding finance. If I put it in, can I get it out? How much can I take out? A card? When will they close? Asking natives is always tricky, as you know, because there are usually a number of things in any situation that they presume you know. These issues prevent me from banking in China, though I finally managed to get a cell and pay for minutes at the bank.--Helen, Jiuquan

Posted by: Helen at January 29, 2008 02:18 AM

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