At the core of any financial plan is the ability to save money. It really is the bedrock of any financial planning or financial advice that one might give or receive. For the most part, many people will either currently have a savings account or have had one in the past. For expats, bank accounts can be a tricky thing to keep a handle on, especially if you constantly move countries and deal with multiple currencies. For this reason and Offshore Savings Account may well be a key part of your financial tool kit.
But aside from where to place your money, we need to also cover ways to increase your savings rate and other tips to ensure that your bank account can continue to grow. This category will cover a wide range of savings tips for expats as well as none expats and look at ways that you can save money in the course of day to day life.
Many expats look to set up monthly savings plans to facilitate their investment portfolios and retirement planning, but as is a common theme there are, again, unscrupulous con men out there that target Expats with products such as 25 year savings plans, also known as Investment Linked Assurance Schemes (ILAS).
Whilst your ability to save money will vary widely depending upon your income, number of financial dependents, and the country in which you live, there are many universal money saving tips that most people can follow. In addition to working on spending less, there are a range of savings plans that one can employ, including the currently popular plan of “pay yourself first”.
This category will delve into the details of how to best optimise your current money saving and increase your monthly saving rate to a level that can provide long term financial stability and security for you and your family. A mixture of small reductions on the everyday life expenses, to larger savings from more radical lifestyle changes can all be possible options to allow you to make your income go further or help pay down any outstanding debts you may be carrying.
For most expats an “emergency fund” is an important part of their financial planning and provides a pool of money that can be accessed should you find yourself in a bind. Typically an emergency savings fund will consist of anything from 1-6 months spending. Above this, it is important to put that hard earned cash to work and roll your monthly surplus into your Investment portfolio planning to grow into a healthy retirement nest egg!