How to save money as an expat? Savings options for expats of every demographic!
For the majority, the dream of moving abroad for work is exactly that, a dream. But for others, great weather, quality of life and substantial earnings is enough for them to make the leap. Most have great intentions to put away X amount of their pay packet with an eye on the future. As a result, having a nice chunky retirement pot for when the time comes.
The reality, however, is very different, with many falling into the expat lifestyle of spending everything they earn. Factors such as high cost of living, increasing rents, and regularly dining out all contribute.
In 2017 the options have never been better, irrelevant to age or income, to start a savings plan. With interests rates at an all time low and inflation at a 4 year high investing into a managed portfolio is a particularly favourable option.
There are numerous international savings accounts and expat investment options. Putting away only £500 a month in your mid-twenties with a cautious/balanced investment plan can give you over £155,000 come retirement as opposed to under half that in a bank. Technology too is playing its part with fully transparent platforms allowing investors to view and track their portfolio at any time with flexible options allowing expat savers to add or withdraw their monies at any given time.
So what are the best savings options for expats?
There is no one size fits all, each saving plan should be bespoke to meet the investor’s specific criteria. For example investment term and attitude to risk.
Lump sum and investment portfolio management is becoming increasingly popular due to many expats wanting to hold all their investments in one easily accessible place. With a vast array of options available from fund platforms to portfolio bonds and fixed term deposit accounts and the many benefits including tax-free growth, no initial entry fees on investment funds and optional regular withdrawals (e.g. for regular income) there is no better time to speak to an advisor and discuss your options.
Harrison Brook offers quality expat financial products and services to expats globally from the world’s largest and leading banking institutions and fund houses.
Providing expats with the best value services for their international financial planning needs. Get in touch today!