Expat financial advice from the experts

Expat Financial Plan: Make your money grow in 3 easy steps

expat financial plan

Whether your decision to move abroad was based on work commitments, or for the positive impact it has or will have on your living arrangements and surroundings, there are a few things to think about when considering your expat financial plan.

Having an expat financial plan is key in utilising your disposable income. With the support and guidance of a financial adviser, you will be able to realise your money goals. By implementing the following steps, you will stay on the path to financial security.

  1. Think about what your money goals are

Be clear and concise, and write them down so that they act as a visual tool. It may be to make your money more tax-efficient or for your children’s education. Another reason would be to be able and retire with enough disposable income to maintain your current lifestyle.

  1. Review your current situation

This step is really important prior to meeting with a financial adviser.  If done effectively, this will enable them to make an accurate and effective recommendation. Look at your current monthly budget and break down income and expenditure. Consider if you have a sufficient money in an easily accessible fund for unforeseen emergencies. Make a note of any existing savings and protection policies held.

  1. Make a detailed plan

Having compiled the above information, consider what you want your expat financial plan to look like. You should think about what your future plans and ultimate life goals are. Consider what level of risk you are comfortable with and if there are any tax benefits to utilise if working abroad. Review all existing policies and whether your country of residence affects them at all.

By obtaining expat financial plan and advice, you will feel more in control of your financial security. It can support your wealth goals by making savings and investments more tax efficient. By reviewing your protection policies an adviser can also ensure your financial goals are protected.

It is really important to revisit and review your plans on a regular basis, ideally once a year. Personal circumstances are ever changing, and by reviewing annually, you can make sure that your plans and goals remain on track, as well as make any changes deemed necessary at the time. Get in touch with a financial adviser today.

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