28 Oct 2019
As an expat in a new country, you are living the dream. Your salary is often much higher than back home and you are exposed to a higher quality of life.
It is very easy for new expats to go on a spending spree when they first receive their expat salaries. They want to experience the local culture and all it has to offer.
Surplus money is often spent on
All expats go through this initial honeymoon phase when relocating to a new country, but it is important to remember the reason for the move. For most expats, it is to save money and accumulate wealth for their nest egg. Unfortunately, many get caught in the spending trap and find themselves years later with no savings or assets.
Although it is normal to splurge for the first few months, it is essential that you are disciplined enough to live normally and commit to saving your surplus money for retirement, a rainy day fund or wealth building. It’s all about finding balance and budgeting. Often, expats earning very large salaries do not budget, thinking budgets are for the middle class.
Possible savings tips for expats
“If you buy something which you don’t need, you will have to sell something which you actually need….. Pretend your salary is always 10% less than what you actually get. That 10 % is your savings. This way you live happily with what you get.” – Warren Buffet
Speak to your deVere adviser about the various savings options available that will suit your individual financial needs. email@example.com
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above