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.