Recent gossip sweeping financial markets is speculating that Spain will be the next country to join the likes of Greece, Ireland and Portugal and request a bailout from Europe.

These concerns follow price and tax increases across the nation which have led expats to really feel the pinch when it comes to budgeting for the basics.

As well as poll tax rising by 10 per cent and VAT being hiked up from 16 per cent to 18 per cent, pensioners are now being asked to pay 10 per cent of the cost of their medicine in order to save €3,700 million for the Spanish healthcare sector. When you couple these factors with an increase of 0.7 per cent on the price of groceries, it should come as no surprise that budgets are being frantically rehashed by expats across Spain as we speak.

There are a number of ways that you can save those pennies but here are three that you should prioritise:

1 – Use a currency specialist to transfer your money

Contact Smart Currency Exchange to save yourself valuable pounds and make them go further when transferring money from the UK to Spain. Smart’s currency experts can guarantee much more competitive exchange rates than if you choose to utilise the services of your bank. To find out more about how to save money when making currency transfers with Smart Currency Exchange, click here.

2 – Live as the locals live

It’s essential that you adapt to your surroundings by living (and spending) like the locals. If you spend all of your hard earned pennies on imported products your money won’t go anywhere near as far as it should do in Spain. Do your grocery shopping at the local supermarkets and farmers markets where produce will be cheaper and in the case of the markets, locally sourced. You’ll be doing your bit to support local business and this will improve the economy in your area in the long run.

3 – Transport

Depending on where you live, you may conclude that it would be more than possible to live without a car. If you live somewhere where you are lucky enough to be able to walk everywhere or have access to efficient public transport then ask yourself – do you really need your car? Vehicles are expensive to buy, maintain and tax and that’s even before you consider the rising petrol prices. If you can live without a car you will save yourself a significant amount.

For details of property for sale in Spain, visit the Spanish listings on Rightmove Overseas. For more information on transferring your pounds into euros to complete the purchase of a property, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Spain, collect The Overseas Guides Company’s ‘Spain Property Buying Guide’