Neil's Blog - 6th November 2008

Managing your money in Thailand

How to avoid a financial crisis between paydays

I have learned a lot through both experience and observation during my years in Thailand. I hope my thoughts maybe of use to you that are new here and also those of you who are not so new. Thailand is a magical mix of “East meets west”. Culturally, socially and economically. Tourists arrive here daily in droves with huge wads of notes to spend in lavish restaurants, spas, shopping malls and exotic bars. Thailand caters for...well basically everyone and everything at a price. Anything you could wish to buy in your home country is available here and more besides. From Gucci luggage (real and copied) to frog’s legs, fish “n” chips and Harley Davidson’s.

So how can we reconcile our spending patterns in the first few weeks or months here with a more permanent stay? The answer is simple – we can’t. Unless you are heir to a considerable fortune or your parents are oil barons!

If you can count your money, you don't have a billion dollars.
J. Paul Getty

Save a little money each month and at the end of the year you'll be surprised at how little you have.
Ernest Haskins

5 Hot tips. Making ends meet......

Hot tip 1 - Accommodation in Bangkok.

Take your time finding a permanent place to stay. You may find that the wonderful apartment you fell in love with because of its heart shaped swimming pool and foot massage corner is totally unsuitable two months into your 12 month contract. Choose wisely. Keep as far away as possible from the main downtown areas such as Sathorn, Silom and Sukkhumvitt. They are expensive, noisy and a traffic nightmare. The cheapest accommodation is best found on foot. Decide where the most suitable area to live for you is, preferably near your work or near a skytrain / underground station, and walk around it to familiarise yourself. What are your first impressions? How busy are the roads? Are children playing in the street? Are there packs of rabid looking dogs roaming around waiting to wrap their jaws around one of your ankles?

If you are happy that this is the area for you then the next step is finding a Thai friend prepared to do the negotiations on your behalf. Your Thai friend can quickly find out from the local shops or street vendors where the best houses are for rent or apartment blocks with rooms available. Remember that accommodation is likely to be your most expensive outlay and only the most expensive properties are advertised in the internet. You could save thousands a month this way.

A word of caution about sharing with another person! Don’t do it unless it’s your partner or you can afford to pay the full rent yourself. Believe me you are just asking for problems otherwise.

My problem lies in reconciling my gross habits with my net income.
Errol Flynn

Hot tip 2 – Going native in the food department.

I’m sure the majority of us enjoy the delights of Thai food. Thai cooking is known throughout the world for its aromatic, spicy and healthy qualities. Can you eat this all the time though? I can’t. Western food outlets are widely available all over the Kingdom but when compared to Thai outlets are expensive to say the least. Western style restaurants too.

Western ingredients can be purchased at all the main supermarkets. Decide what you can’t live without and purchase your goods at Tesco Lotus, Big C etc. Make your favourites yourself, even if it’s just a sandwich. Fried chicken can be bought at any street corner. You don’t need to visit the old man with the white beards shop! Invest in a microwave or small hotplate. Full sized ovens are available at reasonable prices. Can you smell a roast dinner?

If you have overdosed on too much spice and just fancy something plain then order it from your local outdoor Thai restaurant. They will be more than happy to cook you a plain omelette to take away or eat there and then. Alternatively be adventurous and make some homemade soup!

When I was young I used to think that money was the most important thing in life. Now that I am old, I know it is.
Oscar Wilde

Hot tip 3 – A good night out.

Well I’m sure we all like a good night out. My problem is that when I’m out and enjoying myself I tend to spend like the proverbial sailor on shore leave. My way of handling this is to decide how much I’m going to spend before I go out. Take that amount of money with me having put money for a taxi home safely in my back pocket and leave all my ATM and credit cards at home. In a safe place of course, behind the photograph of Donald Trump. Temptation is best avoided.

I don’t have a bank account because I don’t know my mother’s maiden name.
Paula Poundstone

Hot tip 4 – Holidays.

You may be surprised to learn that Thailand has more public holidays than almost any other country on the planet, which is great. Or is it? Holidays don’t just mean a chance to catch up on all those lesson plans. They give you an opportunity to visit that idyllic palm fringed island everyone has told you about, a trip to the shopping mall or a day out at the beach. These all cost some of your hard earned money. Plan ahead. If you know that there’s a holiday coming up plan your itinerary. If you are going away, research the place you intend to visit. Negotiate prices. Thailand is one of the few places in the world you can still usually just turn up somewhere and find accommodation that is plentiful and cheap. You don’t need to book an expensive resort on the internet. All you need is a clean room with a bed. I still stay on one of the islands for around $20 a night including breakfast. That’s right on the beach too.

Shopping malls are to be avoided at all costs in my experience. Markets or market style malls are much better places to find a bargain. Computers, clothes, DVD’s shoes etc can be picked up at a fraction of the price of a mainstream mall. Don’t forget to haggle!

A day trip to one of the many nearby beaches is always a popular choice on a bank holiday weekend. Don’t sit on the part of the beach full of holiday tourists. Choose a part that is busy with local tourists. Prices between the two can vary dramatically.

Someday I want to be rich. Some people get so rich they lose all respect for humanity. That's how rich I want to be.
Rita Rudner

Hot tip 5. Christmas in paradise.

Do you really need to pay all that money for a flight home at Christmas? Usually nearly double the normal flight costs. Surely your family would understand that a February, March or April holiday would ease your finances considerably. I promise you that you won’t miss it. Christmas in Thailand is great. It starts at the beginning of December and finishes New Years Day. If you crave turkey then it’s available cooked for you with all the trimmings. Frozen for you at the supermarket, or cooked at the supermarket for you on Christmas Day. All you have to do is carve and eat.

I once bought my kids a set of batteries for Christmas with a note on it saying, toys not included.
Bernard Manning

I've really enjoyed writing them so I hope you have enjoyed reading my 5 hot tips and they will be of some interest and hopefully help to you in your life here. Watch this space for more postings!!

The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.
William A. Ward

12th December 2008

What a nightmare – Or is it really?