The Best Ways to Save Money When Living in Turkey

There are two main steps to saving money in Turkey. The first step is to lower your living costs and put some money aside. The second step is to get the value of your money by investing and using the money.

Whether you are visiting Turkey or settling permanently, you should know the best way to live in Turkey for a sustainable lifestyle and budget. In the past, taking the first step may have been enough to save money in Turkey. However, inflation has been spiraling upwards for years.

High inflation has devalued the Turkish lira day by day. This also makes the second step a crucial one. Let's take a closer look at these steps and how to implement them.

Tips for Saving in Turkey

You can set aside a lot of money over a period of time using the savings tips below. These tips for saving money in Turkey have proven to benefit both locals and travelers. Here are some simple and effective money saving tips in Turkey;

• Prepare Your Own Food

Add in rent and employee wages, and it's no wonder that eating out is more expensive than cooking at home. So if you can save money, it's better to cook it yourself.

If you can't make your own lunch or dinner while out, you can save money by avoiding unnecessary expensive restaurants. For example, dining in restaurants and cafes by the sea is always more expensive. The famous shopping district where luxury brand stores are located is also not suitable for the budget.

• Don't Hesitate to Bargain

Haggling while shopping at small shops and stores is also one of the best ways to save money in Turkey. Owners of small shops or stores (called "esnaf" in Turkish) have been known to quote different prices depending on how well shoppers haggle. Because of this, haggling has become a local tradition, especially in tourist areas.

Since haggling has become a tradition, sellers often give more than the product is worth, so don't hesitate to ask for a discount. The trick is not to ask for a discount when the product has a price tag.

• Don't Hesitate to Bargain

Buy one get one free always sounds like a good deal, but it's one of the most basic marketing techniques. Not only do these deals tempt you to buy more than you actually need, but they almost always cost you the same amount of money as a non-discounted product.

In such offers, the price of the second product is usually added to the price of the first product. Another trick is to downsize products, especially in the food and beverage industry.

• Beware of High Season

Generally, all types of restaurants, shops, stores and accommodation tend to increase their prices during the peak season. As foot traffic increases during peak season, sellers try to increase profits by raising prices. Therefore, it is best to buy non-urgent necessities outside of peak season.

However, it's best to keep in mind that peak seasons can vary from city to city. For example, summer is the peak season in coastal cities such as Antalya, Alanya, Bodrum and Fethiye. Winter, on the other hand, is the peak season in the cities of Bursa and Yalova, where you can enjoy winter sports and thermal springs.

As far as Ankara is concerned, the academic year can be considered a peak season. Although Ankara is one of the most affordable cities in Turkey, prices may rise a little during the school year as thousands of people flock to Ankara from all over Turkey.

• Use Public Transport

The recent rise in the price of fuels like oil and gasoline has made driving your own vehicle to a place more expensive than ever. You'll save a lot of money if you use public transportation when you go somewhere, especially on long trips.

If you use public transport outside of peak hours, your journey on public transport will not take more time than with your own vehicle. Plus, you don't have to worry about where to park your vehicle or what parking fees you'll need to pay when using public transportation.

Maintain and Increase the Value of Your Savings by Investing

As we mentioned in the paragraph above, high inflation means it's harder to preserve your wealth right now. If you just put your savings in a regular cash account or at home, your savings will become less and less valuable over time as prices rise rapidly. For this reason, you should consider an investment plan to maintain and gradually increase the value of your savings.

One of the most common investing methods is a savings account. A savings account allows you to earn interest while the bank freezes your deposits. Another way to invest is to buy government bonds. Government bonds also earn interest periodically during the year; usually twice a year.

Government bonds usually pay higher interest rates. Note, however, that they tend to be better for long-term investments. Another popular way to invest is to buy gold through online banking. This style of investing is suitable for almost everyone.

On the other hand, those who are interested in business prefer to invest in stock exchanges. It is also possible to buy individual stocks or mutual funds online. These investment methods can also bring good returns in the short term.

However, investing in the stock market comes with its own risks. Therefore, it is best to get professional advice before starting.

The oldest and probably the most common and less risky type of investment is real estate investing. Housing is one of the basic human needs. Because of this, the demand for rental apartments or other types of properties in Turkey does not seem to be diminishing in the near future.

Anyone who buys a condo or commercial property in a popular location can earn high rental income in the long term.

Hope this short article helps to know how to save money in Turkey. For any other questions about living in Turkey or investing in real estate in Turkey, please feel free to contact us.