How to save money in Spain

Have you moved away from the UK on a permanent basis but left your pension behind? In that case, it could be that you are feeling a little bit out of control by now. Yes, your UK pension provider may be sending you regular updates on your UK pension, but could you be doing something to increase the value of your UK pension?

Pensioners in the UK have cashed in almost £10 billion since the new pension freedom was launched in 2015. It seems that many UK residents are taking control of their pensions, and you should as well. My personal situation is rather complicated as I worked in the US for a long time, but I also had a UK pension plan. The fact is that it felt rather “faraway”, and I was concerned how a Brexit would affect my pension.

My main concern was that I could not pay into my UK private pension, and I was considering options on how I could possible make the most of it by moving it to Spain. The question is, do you need a financial adviser to help you. As we know, they want a slice of the pie, and that may even reduce the value of your pension.

Savings Plan or Expat Pension

I looked at my UK pension as a savings plan, and I often thought that I would be better of controlling it. In fact, there are many approved pensions plan in various parts of the world which would allow you to transfer your pension directly into them. The good news is that it could have tax benefits if you are still below pension age like myself. It could mean that any future contributions would be looked at favorably by your local tax office. Speak to your local bank, and they may be able to help you without charging you a penny.

Offshore Expat Pension

Of course, there are expat offshore pensions plan which may benefit you. We often think of the banking giants as HSBC being the best ones but that many not be true for all of us. They were able to help me, but only because my private UK pension was with them in the first place.

We all have different financial circumstances, and it is important to acknowledge that. Find out the current value of your private UK pension, and then start looking around the Internet. There are a number of smaller offshore banks that might be able to help you. While you are on their sites, check out their savings rates as well. You may be pleasantly surprised.

What Are the Benefits of an Expat Pension Plan?

You may be able to receive your pension is another currency. We can all agree that the next ten years or so, will be a volatile time for foreign exchange rates when it comes to Sterling. It might be better to see if you can transfer your pensions pot to another major currency.

Lower Retirement Age

Lowering your retirement age to 55 + plus is something a lot of companies talk about. I am not sure that is a good idea. If you are already living abroad and managing your finances without having to resort to this measure, it is better to leave the money invested.

Tax Free Pension Deal

You may be able to get a tax free deal. Yes, that could sound tempting but it only really applies in the vast majority of cases if you want to claim on your pension.

How to Contribute to Your Pension

Something that a lot of financial advisers do not discuss with you, is the fact that you may want to carry on contributing. If you are working abroad and find the right home for your pension, there is no reason why you should not be able to do that.

Perhaps you should take control of your pension and make the most of your retirement income,

Life is all about money, and when you are an expat, you will find that your financial circumstances are particularly important. You may even be surviving on a fixed income and have limited financial resources available . If that is the case, you should certainly consider an expat savings review. The truth is that you may have other financial resources available that you are not considering.

Tax and Property for Expats

Tax is a very factor that we often forget about. If, you for instance still own a property in your home country, are you making the most of it? It could be that your property is in your own name, but the property could be better off in a trust. Once we have moved to a new country, we often forget to look after the assets that we leave behind. A property is a typical example of that.

Pensions for Expats

What about your pension's savings? If you have pension's savings, or a pension plan, it is very tempting to forget about it and tell yourself that it is doing okay. The truth is that your pension might be better of in other investment fund. Most companies will now allow you to access your pension, and the way you move forward and re-invest your pension matters a great deal.

Expat Money Banking, Expat Foreign Currency Transfers and Offshore Banking

Do you have money in the bank? If you are in that situation, you need to check any interest you might be receiving. But that is not the only issue that you should consider. Is your money in the right currency, and are you getting the best exchange rate for any money that you are receiving. If you need to pay your bill in a certain currency, it is a good idea to keep an eye on the foreign exchange rates, to make sure that you are getting the best deal.

Expat Health Insurance and Other Expat Insurances

What about expat health insurance? Staying with the same company all of the time may be tempting, but does it give you the best deal? Once again, it is really important that you check out if you can get a better deal. Forgetting to review insurances policies is something that an cost us a lot of money. Expats often spend a lot of money on specialist expat insurance policies than people resident in their country of origin.

Don't Forget the Funeral Plan or Funeral Costs

When you complete your own expat savings review, or use a professional company to complete your expat savings review, it is vital to consider all of these factors and many more personal financial circumstances that you may want to take into consideration. Many expats for instance worry about funeral costs and arrangements, and it could be a good idea to invest in an expat funeral plan.

There are many unique financial circumstances when you are an expat. Make sure that you don't sit back and let your circumstances control you. Take charge of your own financial circumstances and make the most of them. Perhaps you should consider them financial opportunities instead.

There are some great baby skin care products which can be used for adult skincare.The great thing about many baby products is that they are very gentle and often PH natural. Skin is very delicate and it is to forget that it is actually the body’s largest organ. The skin works really hard and is exposed to environmental toxins such as fumes from vehicles. It is also exposed to the sun and the sun can cause serious skin damage. Wrinkles can be another skin problem for many people, and they do occur naturally however baby products contain fewer chemicals and are therefore more easily absorbed by the skin.

 Baby products for adult skincare can include baby oil, baby soap and baby skin care lotion.There are other recommended baby products as well such as baby bubble bath which is less drying than adult bubble bath, and baby skin care wipes which can gently remove make-up. 

Baby oil is normally unscented but it can be purchased scented as well. Common scents include chamomile and lavender. Choosing to buy unscented baby oil makes adding a personal scent easy. Baby oil is normally not very expensive so splashing out on a favourite aromatherapy oil, or perfume oil, does not break the bank. It is easy to mix and personalize baby oil.  Dividing up the baby oil into smaller glass bottles and adding an essential oil is a good idea. This creates a personal body oil range and an instant choice of blends. Personally blended oils can also make great gifts. The best bottles to use are glass bottles. They tend to “hold” and preserve the scent the better.

 Baby soap is a good alternative to ordinary adult soap for allergy or eczema sufferers. It is really gentle and does not dry out the skin which is important. Most baby soaps are PH neutral and can be used on the face and on other sensitive areas such as elbows, under the arms and for more intimate use.  

Baby skin care lotion is the big beauty secret major skincare product manufacturers would like to continue to keep under wraps. Many women have discovered this gentle treatment for wrinkles, or mild rashes. It can not only be used on the face but is also great for feet and hands. Once again baby skin care lotion can be divided up into smaller quantities and “personalized”. For the face and neck baby skin care lotion can be blended with essential oil of Myrrh and Lotus. Myrrh is famous for its anti aging properties and is especially good for wrinkles on the neck. Lotus essential oil is another anti aging treatment and gently moisturizes the skin in more sensitive facial areas. It is especially good for wrinkles around the lips. Orange essential oil can be added to baby skin care lotion and used as a foot cream. This oil is good for circulation and slightly anti septic. One of the main advantages of using baby skin care lotion as a hand cream is because it is easily absorbed and mostly non sticky. Essential oil of Geranium makes a good addition to lotion when used as a hand cream as it pleasantly scented and may help to reduce age spots. 

When blending and making personalized skin care products it is worth bearing in mind that making smaller batches is better as this makes sure the products stay fresher.

Waste not want not has always been my personal motto. Nothing could be more true when it comes to food. A staggering 88 million tones of food are wasted every year in the EU, and the associated costs are estimated to be 143 billion Euros. That is lot of food and a vast sum of money. The waste comes from homes as well as businesses such as supermarkets. No wonder food is so expensive.

I am sure that businesses are thinking about how they can cut down on food waste, but more importantly, how can we cut down on our food and grocery bills.

Cut Down on Waste

The first thing you want to do is to look at if you can cut down on waste in your own home. It could be a much better idea to buy just what you need. Fresh food goes off quickly, so unless you are planning on eating it right away, it might be a good idea to buy frozen or tinned food instead. Think about what you can do with any leftovers that you have and how you can use the food. Basically, don't throw anything away unless there is something wrong with the food. The left overs from Sundays' beef casserole may taste great over a baked potato.

Look Out for Discounts in Supermarkets

Supermarkets, not only in Spain, but in other parts of the world as well, like to hang on to their customers. Supermarket loyalty does not really pay, and if you are a bit disloyal to your supermarket, you are much more likely to hand up with vouchers. Think about how you are doing your shopping. If you have a 10% discount voucher for the meat counter, you may want to spend it on a stock up shop.

At the moment, this is what I do. I take my 10% discount voucher and buy all of the meat that I need for the month. For some reason, I seem to get the same voucher every month, so I go to the same supermarket. The supermarket that I go to have lots of offers anyway, and combined with these offers, I save a lot of money on meat products. Last month, all my meat products only cost me 30 and lasted all month with a bit of savvy shopping.

Meal Planning

Who says that you cannot plan your meals ahead? Some people plan their meals for the entire month. I know roughly what my family likes to eat, so I plan my meals a week ahead. When I go to the supermarket once a week, I only buy what I need and I am rather strict with myself. I don't have to worry about buying meat products as I already have those, so I focus on other products such as vegetables, fish and what else I need for the household. Buying frozen fish might be a good option instead of buying fresh fish. Remember if you get a discount voucher for frozen food products, it will include all frozen food items.

Stick to the Shopping List

I know that it can be tempting to stray outside the shopping list, but you are not doing yourself any favours. One you have decided what you need in the way of food and other items for the home, just buy what you need. A good idea to make this is easier, is to check out what special offers and discounts supermarket have available. These days, thanks to the Internet, you can easily do so online. It only takes a few minutes and you end up with a list for each store. Together with your meal planning, this can save you a lot of money.

Buy Generic Products

Unless you have some fantastic discount vouchers, you will find that it is often cheaper to buy generic products. Most generic products are just as good as many brands and you can save a lot of money. As supermarkets control the cost of their generic products much more efficiently, you may find that you will even pick up some discount here as well. Last month, I paid half price for a supermarket's own generic washing powder when I received a special discount voucher. I had used the product before, and knew it was great. With my discount voucher, I ended up paying €2 for a detergent which promised to do 40 washes.

Saving money on your grocery shopping and food bill is not hard, but you need to apply yourself to it. Don't take it for granted that you are going to save money. If you are serious about making cost cuttings on your food bills, you really do need to get your grey cells going. One more thing, don't give into the temptation of impulse buys.

Don't forget to constantly keep an eye on your outgoings. Thousands of ex-pats around lose a lot of money by transferring currency in the wrong way, or not getting the best deal an ex-pat health insurance. Being an ex-pat in any part of the world is a real mine field, and many assume that ex-pats are all millionaires. Is that true? No, I don't think so.  

Saving money when you are retired may not be that easy. However, when you start looking around, there are a few ways you can both save and make money when you are retired. Unfortunately, interest savings rates are at an all time low, and this does not make it any easier. But, if you do get a little bit more financially savvy, you will find that there are some ways that you can save money, and make money, when you are retired. You may even want to consider foreign currency exchange trading, but that is a different story. 

Saving Money on A Regular Basis

If you can afford to, it may be a good idea to save money on a regular basis. Many banks and building societies will offer you a better interest savings rate when you save money on regular basis. Putting away anything from £20 - £500 per month can get you a better savings rate. This is actually a very good way of saving as you can save up for something special. You may want to save up for a special holiday, cruise or even some home improvements. We often overlook saving on a regular basis as we get older, but it can help a lot. 

Saving Money By Locking Your Money Away

Saving money by locking your money away is a good alternative. If you have a savings pot in one bank account, but feel that you don't need access to it all, you should consider locking your money away. This simply means that you take a certain amount of money, and put it away in a separate account for an agreed period of time. It may be over one year, two years or perhaps even five years. There are lots of deals out there, so before you go for this option, check out what is available. Off shore bank accounts may offer better saving options if you would like to look your money away. Speak to a financial adviser. They don't mind and many of them have some good ideas.  

Save Money By Switching Bank Account

Most of us use the same bank all of the time, but the truth is that we may be better switching banks. The good news is that you don't need to switch all of your accounts. You may be able to keep your current account in your original bank, but switching your savings account. A lot of banks like to attract new customers by offering better rates, so it is an option you should check out. In some countries like Spain, savers switch their savings accounts all of the time. They simply hunt out the best deals every year or five years. It is a good point and something that many people often forget about. I know that it may seem easy to keep the same bank saving account, but is it making you any money? 

Over Paying Your Mortgage

If you still have a mortgage, you may want consider over paying your mortgage. But, there is a big BUT, speak to your mortgage provider first of all. Some mortgage providers don't like you doing this as it means they lose interest, and there could be penalties to pay. However, it is still a good idea, and there is a good way around if you would still like to pay off your mortgage earlier. 

You could set up a savings account, and let the balance build up. Once you have reached a certain amount in your account, get in touch with your mortgage provider and ask if you can come to a deal. As a lot of providers also like to clear down loans, they would probably be more than happy to talk to you. This option works very well if you have a repayment mortgage with about £20,000 to £30,000 left. If you can save £500 per month, it would take you less than 3.5 years to pay off a £20,000 mortgage.  

Check Out Your Debts

When you have a lot of costly debts, make sure that you get them paid off before you start saving. It is still fairly easy to get what I call "bad credit". Pay day loans can end up costing a fortune, and so can that holiday or Christmas celebrations you paid for by using your credit card. Be honest about your debts and get them paid off. You should not live with debt for the rest of your life.  

Don't forget to make sure that you are getting the best deals on foreign exchange rates, expat health insurance and expat financial advice. Arranging a savings review is a good idea. The expat financial market is very specialized, so you want to aim for a specialist expat savings review as it may mean getting some excellent tax advice free of charge.