5 ways to futureproof your financial circumstances as an expat

 5 ways to futureproof your financial circumstances as an expat

Moving to another country to set up a new life can be both incredibly exciting and incredibly daunting, putting into question everything you thought about your life. One area many expats overlook, however, is their future finances. Sure, you might be running off to chase better job opportunities and lower taxes in a new country, but have you considered the long-term and your future financial picture? Below, we’ve put together some strategies to help futureproof it.

Diversify your investments

Whether you’ve got money in stocks and shares or you’re growing your property empire, it’s so important to diversify your investments and spread your risk. If the bottom was to fall out of the property market or your investments went pear-shaped, having your eggs spread in other baskets will reduce risk and give you some breathing room should the worst happen.

Consider a side hustle

Not content with your current financial picture? If you’re employed and can’t climb the career ladder right now, you could consider a side hustle where you can sell your expertise to other businesses when you’re not in the office. Sure, this means more work, but it unlocks another revenue stream and could even turn into a full-time self-employed business opportunity if you make the right inroads. Side-hustles can be incredibly financially and personally fufilliing.

Invest in your pension

How much will you have to live off when you reach retirement age? As soon as you’ve settled in your new job, you should look to speak to a financial advisor who can assist and make sure you’re investing your money in the most tax-efficient manner, protecting your finances and future-proofing your investments. If you’re setting up a pension in Dubai, for example, you might decide to transfer an existing pension from the UK to consolidate your finances, though an advisor will be able to offer an expert opinion and help you do it right.

Get that mortgage paid off

One of the best ways to future-proof your finances and give yourself peace of mind is to pay off your mortgage as soon as possible. It’s easy to be lulled into a false sense of security right now, with record-low interest rates, but the truth is that it won’t always be that way. By putting all of your spare money into paying off that mortgage earlier than you’d planned, you not only save thousands on interest but you’ll lower your monthly outgoings ahead of time.

Cut costs where possible

Finally, consider living a more frugal lifestyle – especially if you’re worried about how you’re going to pay for your retirement. By setting aside a few hundred dollars per month, you can quickly build up a savings pot that will come in useful for rainy days. Something as simple as flying back to your home country once per year rather than twice, or switching out that golf membership for a cheaper alternative can add up; set yourself a savings goal and try to hit it.

Do you have any other tips? Let us know and check back to the blog soon for the latest.

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Clare Louise

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