How can we save money living in Thailand?

[webfact]

file photo for reference only

 

OPINION | by Michael Bridge

The pandemic, along with the Russian-Ukraine conflict and rising fuel costs is making the rising inflation difficult for many.

Now everyone needs to look very carefully at their monthly outgoings.

What was a simple trip in the car to the local city for shopping, is now expensive with rising fuel costs, which are likely to go up even more?

Commuting to work is also getting exorbitant whether you drive or take public transport, which in most cases are cutting back due to lack of customers.

So, what ways can we save on our monthly outgoings when living in Thailand?

Some may be obvious while others may be a surprise.

Travel

Those of us driving around in a car will want to reduce our fuel consumption asap, as fuel prices are rising every week and it is now an expense to drive anywhere.

Either downgrade to a smaller more economic vehicle, maybe a diesel model, or perhaps buy an old scooter for local trips.

Join the locals and take the train wherever possible, especially for long trips up north. Travelling at night is not only cooler but also cheaper too.

Also jumping on a baht bus or songtaew will be a lot cheaper than grabbing a taxi.

Airfares are also going through the roof, so if you must travel internationally, avoid school or national holidays, and try an airline with multiple stops. 

It may be inconvenient, but the price should be a lot lower.

Accommodation

Those of us who are renting could look around and maybe consider moving away from the new flashy high-rise condominiums to an older building. 

Usually, you will get a lot more space and with a lick of paint, it will feel like new too.
And you will be saving a lot each month too.

Shopping

Forget the flashy supermarkets with their expensive imported brands. 

Going to the local market will instantly save you money, and the product will be very fresh as well.

Walking to a local store or market not only should be cheaper, but again you are not paying to fill up the tank.
You are also getting some exercise as well.

Macro is a great place to buy meat and chicken at extremely competitive rates.

You can save on drinking water by simply refilling up a bottle for only a few baht at the many water machines around.

Eating out at a local Thai restaurant is also a lot cheaper.

ATMs

Withdrawing cash every day is expensive as the banks charge us a withdrawal fee. Better to take out a lump sum at your bank branch and keep it for daily use at home.

Most Thai banks will also help you out by reducing your monthly repayments on your ATM cards. If you don’t ask you don’t get!!!!

Your Cashflow

Finally, keep track of your expenses.

Treat your outgoings like a business and run a cash flow on all your income and outgoings on an Excel sheet.

List everything from going to the cinema to even having a foot massage.

It is amazing how running a weekly cash flow can focus the mind.

Cutting back on extras can also help. 

Look how many Netflix accounts have been canceled in the past few months. 

Maybe reading a good novel will make a comeback and you can go to a second-hand café to buy them!!!

I am sure many of you will have some useful and helpful tips so do let us know?

 

 

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[talahtnut]

Live humbly like an ordinary Thai.

[Orinoco]

Stop buying deodorant like the middle-aged Russian guys. 

[pomchop]

grow a brain

[RichardColeman]

12 minutes ago, talahtnut said:

Live humbly like an ordinary Thai.

Ah, buy a pick-up, the latest mobile phone, all the mod-cons, live on take aways , borrow ridiculously and live well beyond your means without a plan to pay it back. I like your out of the box thinking.

[Lacrimas]

Buy an old scooter and get killed or worse paralyzed on the Thai roads. Not exactly my way of saving money.

[jacko45k]

I see the price of cooking gas was going up yesterday..... on top of another recent vehicle fuel increase. World seems to be in a negative spiral.... what on Earth are those Russians trying to achieve?

[Iamfalang]

you had your whole life to work hard and SMART and save millions!!!!!

 

I have my accountant keep me updated if I spend 0.00002 of my wealth, or 300 million baht.

[Muhendis]

I know someone who came to Thailand from the UK 10 years ago and brought his UK menu ideas with him. Roast lamb for Sunday lunch etc. He is no longer the rich man he used to be. Some people cannot adapt to new places and cuisine as well as others but it is necessary if you want to enjoy your savings for a longer time. Imported food is way too expensive and the local diet is cheap, tasty and more than adequate for our bodily needs.

Another trick is to stop using private hospitals. The government hospitals often employ the same medical staff with the same skills for a fraction of the price.

[JimTripper]

Yes you can, but nothing in life comes free.

 

(Here's what my comment means for the dim wits. When you save money on something there is always a trade off. You either get less quality, service, or take on increased risk in some manner. Saving money is an illusion, but you can spend less if needed).

[mrfill]

Don't spend as much?

[swm59nj]

Most foreigners that complain about cost’s in Thailand seem to have had  issues in their home country also. 
Maybe they wouldn’t have these issues if they planned their finances better .  Instead of blaming the countries and everyone else. 

[jacko45k]

1 minute ago, swm59nj said:

Most foreigners that complain about cost’s in Thailand seem to have had  issues in their home country also. 
Maybe they wouldn’t have these issues if they planned their finances better .  Instead of blaming the countries and everyone else. 

It may not have snuck up on us, but those of us who saved all our working lives, and 20 years ago, felt secure in our finances and had many a pound sterling that would forever be worth more than 50 THB, and yield 5% interest at home... feel we are being robbed now by surging inflation. 

[OneMoreFarang]

2 hours ago, Lacrimas said:

Buy an old scooter and get killed or worse paralyzed on the Thai roads. Not exactly my way of saving money.

You could buy a new scooter (or a decent bike) and learn to ride. 

[OneMoreFarang]

I could eat fewer croissants and drink not as much espresso. 

I could save a lot of money that way.

But l like my espresso and croissants so I will just continue with this and be happy.

[sungod]

This article brought to you by the guy who said at the beginning of the week there is no better time to visit Thailand as its cheap here.

 

Cant make it up!

[Tall Midget]

Just now, sungod said:

Cant make it up!

The chap writing this stuff seems to

[internationalism]

car petrol/diesel conversion to gas is only 25k, pays back within a year.

All supermarkets do have yellow sticker food sale, usually half price, sometimes more. You need large fridge and freezer to store them, and you don't need to do shopping to often, saving time.

Also all supermarkets have online shopping, with free delivery over 3k.

Buying on lazada/shopee for all kind of goods, including food, is always cheaper, and more convenient. 

[SmartyMarty]

My Thai bank has never charged for an ATM withdrawl.

[jacko45k]

6 minutes ago, SmartyMarty said:

My Thai bank has never charged for an ATM withdrawl.

I presume you pay an annual charge for the card, and would pay if you made withdrawals out of your region. 

[KhunLA]

If you have to ask yourself now, how to save money in your retirement years, I think it's a bit too late, and you've lost already.

 

Has anything changed in the last 50-70 years, and the simple concept of prioritize and spend wisely.  If you didn't learn that already, you may have some problems no matter where you live.

 

Can't believe anyone needs to count satang, that's here on a marriage or retirement visa.

 

40 or 65k a month is more than enough for any 1 person or family to live on, comfortably.

[Cake Monster]

16 minutes ago, jacko45k said:

I presume you pay an annual charge for the card, and would pay if you made withdrawals out of your region. 

300 Baht Annual fee for the Debit Card, and 15 Baht per transaction / ATM withdrawal outside of your home province

[Hummin]

Build a mini farm off grid with home gym, become semi vegetarian where you eat only vegetables, fruit, fish, egg, and sheep from farm, and stop drinking?

 

 

[JimTripper]

19 minutes ago, KhunLA said:

Can't believe anyone needs to count satang, that's here on a marriage or retirement visa.

You need to get out more.

 

At least half the retirees I meet are skint. One guy cooked vegetables on a hibachi to make soup on his balcony every day. Another guy argued about an extra $5 for a hotel room, others spend their nights looking for a 20 baht discount on a beer.

 

There's plenty of cheapskates around. In fact it seems to be the norm unless your holed up in a fancy place and don't go streetside much.

[redwood1]

 I have 3 words for you........Balloons and water and pigs...

 

[sandyf]

4 hours ago, RichardColeman said:

Ah, buy a pick-up, the latest mobile phone, all the mod-cons, live on take aways , borrow ridiculously and live well beyond your means without a plan to pay it back. I like your out of the box thinking.

Obviously you do not have much contact with ordinary Thais.

[John Drake]

1 hour ago, sungod said:

This article brought to you by the guy who said at the beginning of the week there is no better time to visit Thailand as its cheap here.

 

Cant make it up!

I knew it was him before I even clicked on the article. Now, what is "outgoings?"

[worgeordie]

I remember the good old times here ,Petrol 8 Baht a ltr. 

you could get a trolly of food for 500 Baht , interest rates

at the banks , I once got 18% ,but the people were a lot

happier then ,things were a lot more freewheeling.

 

All the cars were old ,never seen a Merc or BMW ,  

there was none of today's ,I want the latest phone

(as there wasn't any ) but you know what I mean.

 

Then came 1978 when the bubble burst ,and the

Baht crash , our neighbour , the family had a 

business , they borrowed a Million US dollars , 

but did not invest it in the business ,they bought

new cars ,stocks and shares ,this was before the

crash and stock market was doing well, I don't

know to this day if the paid it off.

 

So when interest rates began to fall , had to get out

of cash and started to buy property ,  which could

be found cheaply , renting houses was easy as there

were a lot of Farangs , missionary groups , etc.

 

Today , nothing seems easy , years  of nearly negative

interest rates ,Inflation out of control, very few Farangs

around looking to rent long term , I still have more than

I arrived here with , but for last 2 years have not been

able to save a Satang , but still OK. 

 

How Thailand has changed , too much of everything ,

cars, Malls ,and pollution, most people now don't seem to have the

same attitude , consumerism ,maybe a bit greed ,it's

all about money now ,go into debt to get it, no wonder

the people are not happy.

 

Regards Worgeordie 

 

 

 

 

 

 

 

[SymS]

There's no fee on ATM cards withdrawals if used within the same province.
But now we can't do completely without ATM cards (saving on the small annual fee) using the cardless ATM function in the bank app.

[sandyf]

1 hour ago, JimTripper said:

Yes you can, but nothing in life comes free.

 

(Here's what my comment means for the dim wits. When you save money on something there is always a trade off. You either get less quality, service, or take on increased risk in some manner. Saving money is an illusion, but you can spend less if needed).

You are quite right. I have my own home and we have no mains sewage or mains water. The home, garden, septic tank, well and water collection all require maintenance but unlike money, time is not in short supply.