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Living in Turkey as a foreigner might sound challenging, but there are some ways to make your everyday activities easier. The most considerable issues that should be taken into account to save money once living in Turkey can be divided into two. Firstly, you might want to spend less money while purchasing and also save that money for later purposes, such as investing the money.
As a resident of Turkey, you should not forget about various facts that will affect your savings. These are inflation rates, which cause the Turkish Lira to lose value every single day, and also exchange rates, which briefly mean the difference between the Turkish Lira and other currencies that is changeable according to political and/or economic issues. To achieve your goal of saving money as a Turkish settler, you should pay attention to those facts. In this article, those points will be explained clearly and briefly.
Tips and Tricks for Saving Money in Turkey
Assuming that you have just moved to Turkey or that you have been living in Turkey for a while, you might be wondering what I should do to save some money in this country. In fact, the answer is quite simple. The most basic options to save your money are as the followings:
- Recognize the Busy Season
Sellers will aim to make as much profit as possible, so prices will increase during specific periods. In Turkey, busy seasons differ according to the location of the cities. For example, the summer season is the busy season for the coastal areas such as Alanya, Fethiye, and Bodrum, while the winter season in Uludağ, Sarıkamış, and Abant can be the busy season. It is important to keep this in mind while spending your money.
- Use Public Transport
Along with rising gas and diesel prices, Turkey, as in other countries, has been significantly affected economically. Although this situation has changed the necessary fees for public transportation, passengers can still get to their destination by paying a much smaller amount of money than owning a personal vehicle, which requires annual insurance and car maintenance payments. That’s why you should prefer mass transit.
- Cook Your Own Food
Preparing a meal for yourself can save a lot of money due to the high prices of restaurants. There is no need to limit yourself when choosing the food you will make. Instead of going to greengrocers or groceries for supplying vegetables and fruits, you can go to the local market areas established once a week and get the products you need in exchange for a cheaper price. The rest is completely up to your imagination. If you want to prepare delicious Turkish dishes, you can prepare one of the various local dishes by getting help from the Internet.
- Stay Away from the Tourist Areas
Similar to the busy season tip, regardless of where it is located, some sellers may keep prices high in their stores and shops because they are aware that tourists do not know the market prices. In this case, try to buy products in supermarkets or stores where you can shop cheaper. This will be more economical.
- Try to Bargain
Whether you are a foreigner living in Turkey, or in your homeland, you should negotiate when buying. We are aware that adapting to a different country and trying to get to know the people there takes a long time and is a challenging process. On the other hand, if you believe in yourself and negotiate as much as you can, you will be able to keep a mass amount of money to yourself.
Simple Ways to Invest in Turkey by Saving
Investing is a common method of saving money that will give anyone a great advantage at any point in their life. As a foreign settler in Turkey, you should use this important method to save money. Anyone who wants to save money in Turkey should keep and rise the value of their savings through investment because as we mentioned earlier in our article, it is more difficult to save money due to some global and regional reasons such as inflation and currency exchange. Due to these facts, if you keep your money without touching it in such a constantly changing economy and do nothing with it, you will see that the money becomes less valuable over time. This means that you should create an investment plan to save the value of your savings and not waste that money. Thus, you will see that it is worth limiting yourself and trying to save money with determination. Some investment methods you can use as a foreigner living in Turkey may be listed as follows:
- The first method of investment that you can make as a foreign settler in Turkey is savings accounts. These will allow you to earn money through banks. You can get great benefits in the long term.
- The other investment method is to buy gold. Considering the rising value of gold, this method makes perfect sense.
- Another investment method is to buy government bonds. You will be paid twice a year. They are long-term investments, and they can be labeled as riskless.
- You can also invest in the stock market. With the development of technology, it has become easier to buy individual stocks or mutual funds online in order to be able to invest. Unlike other methods, this short-term investment method can still bring significant profit. If you are choosing this risky method, it may be a good idea to get professional help.
- The most effective investment method preferred by many people living in Turkey is real estate investment. This investment is less risky than others. As it is known, accommodation is among the most basic needs of people, and they have numerous options for it. However, when you have decided to buy an apartment in Turkey, you should make sure that you have a reputed estate agency with good references and experience. Read the "Benefits of Using a Real Estate Agent to Buy a Property in Turkey".
More Information About Buying Property in Turkey
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