Finmex Academy advices: Seven Useful Tips to Save Money in Czech Republic

The Czech Republic is a very friendly and laid-back place to stay. Before the country joined the European Union in 2004 and it had its own currency, local prices were shockingly low.

You could have a lunch for two at a restaurant serving local food and pay only $6 for the both of you. Times have changed and so have prices. Now those who live or visit the country must choose where to go, where to buy food, and generally which products to buy very carefully to make their money last longer.

Where to live

If you are a student, living in your university’s dormitory is a much cheaper choice. If your university’s accommodations are fully booked or you want to look into other dormitories, these will most likely be more expensive. Prices vary depending on the neighbour where the dormitory is situated and how far or close it is to Prague’s city centre. Whichever one you choose, it is unlikely to cost less than $4 per day.

For those looking to rent an apartment in Prague, monthly rent is unlikely to be below $400 and even if an apartment can be found at a lower price it will probably not be in the best condition. However, you may choose a place to stay in the city outskirts that would be much cheaper than inside the city limits.

Large residential towers like Prosek, Bohnice, Rajska Zahrada and Opatov provide some of the cheapest rent prices. Also, the Zizkov and Pague 3 districts offer attractive opportunities. First on my list of places to stay is the rather “quiet” Prague 10 district with impressive views and small cafes with tasty local cuisine and beer on the menu. From this location a short tram or bus ride brings you to the city centre.

Food

When it comes to food shopping it all depends on your budget but if your budget doesn’t stretch very far supermarkets like Tesco, Lidl, Albert, Billa, Kaufland, Globus, and Delmart have special offers and promotions on food products. Products made under the supermarket’s brand name may be the best choice in terms of price and quality. Foodstuff vary from supermarket to supermarket so you might want to do your research and find the best offers from each and create your own basket of goods according to your personal preferences and budget.

You can keep track of these offers and promotions from supermarkets on your phone by downloading the Letáky app – which is not limited to food stuff.

For those wanting to shop at even cheaper prices, a great option is TTTM SAPA or Little Hanoi, large Vietnamese markets not very far from the city Just take the metro or a bus and stop at Sídliště Písnice.

When you want to dine out your best option is to choose restaurants and cafes with local cuisine that is usually complemented with a beer.

Money

First of all, it is always better to pay with the local Czech Koruna currency. Although in some places Euros are accepted, this would mean you could likely overpay for services.

Use popular money transfer applications like Revolut to avoid commissions and bank fees. If you still need a bank account or if you have one with the local bank, find out whether the bank charges you any commissions. You may open a commission-free account at some banks or get a savings account which will make you primary account free of monthly charges, commented Martin Marsovsky, chief manager of Finmex Academy.

Try to avoid exchanging money in airports or currency exchange shops where could charge hidden commissions or offer more expensive exchange rates.

Communication and Internet

If you are planning to stay in Prague for a long time, you will need to look into the different Czech mobile providers, including T-Mobile, 02 Telefonica, and Vodafone. There are numerous offers you can choose from, and students also receive special tariffs.

Appliances and furniture

Places like flea markets like Koblenova situated on Elektry street are where cheap home appliances and furniture can be found. Cheap appliances and furniture can also be found in stores at much cheaper prices during the Christmas sale period from December to January.

Medical Services

Medical services are quite expensive in Prague. So, it would be wise to invest in medical insurance and take any essential drugs you might need with you.

Transport

If you are planning to stay in Prague for a long period of time you could buy a monthly or a yearly metro card. Do not use cabs for inter-city travel, rather take the metro or other public transport. When arriving at the airport, the cheapest way to travel is the shuttle bus, which also gives you a great impression of the city.

You could also buy the municipal Lítačka card which can be used for all means of public transport in Prague, including the metro, trams, buses, and ferries. Long-distance busses are not that comfortable but could be used to move across the country and beyond. FlixBus and the Student agency lowcosters could be a travel solution for less money. When it comes to air travel, Ryanair, Wizzair, and Vueling offer the best flight for less money.

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