After reading a survey by NS&I about how an estimated 13% of Britons have no savings whatsoever, it got us thinking.
How good are expats at saving for the future? Findings from our 2010 survey show that living abroad can bring a wide range of financial challenges so here at Expat Explorer we thought we would bring you some top tips on how expats can ease the financial burden and help you make some additional savings!
Use our top 5 tips below to top up those savings:
1. Use your knowledge
As you have already very successfully moved abroad, and addressed many of the challenges faced by expats, you have a knowledge that others will want to tap into! So why not offer your relocation assistance to others attempting the same move as you. It could be very simple to do, either through word of mouth, or by setting up a website, your knowledge is invaluable!
2. Everyone has a skill
Everyone can speak a language, so why not change that into money by offering your services as a tutor. There may be many people who want to learn your language and are happy to pay for it. Have a look around for other language services offered and see if you can offer to help, or create your own.
3. Utilise that storage room
Many people have one. The one with the closed door with all the boxes and stuff that nobody knows what to do with and is collecting dust.
Firstly, why not go through the stuff and anything that you haven’t unpacked in 9 months (or even thought about!) put on eBay! It’s a quick and easy way to make an extra bit of cash. Once this is done, have a think about perhaps renting out the room to other expats who first move the country, you can pass on some of your much needed advice, and they can pay you rent!
4. Re-think the budget
It can be a bit tricky when thinking about budgets in your home country to come up with a truly realistic figure to stay within. Once you have settled and found your feet, go back to your budgets and re do them. You may find that you have over estimated for some things that you can cut and then save the additional money in high interest accounts. This will also allow you to see if there is anything that may cost more than you thought and you have time to re-allocate your budgets.
5. And in at 5, talk to your bank
It can be a very challenging time when moving abroad and with everything to think about over the coming months, things that had been put in place a while ago may be forgotten about. Before you leave, put in a meeting with your bank 5-6 months in advance so that once you are settled you can talk through your budgets to check you are getting the right financial advice in terms of tax, income, rent etc.