Genius Tips to Survive & Thrive Financially While Living Abroad
The prospect of moving to another country can sound exciting. The mere thought of it can make you imagine waking up to a new view, going to work with a big smile on your face, loving your job, and enjoying your life while traveling and making merry. But in reality, things are often not so rosy!
When shifting base, there are a lot of things you need to factor in. While your job could be paying you well, your expenses could increase. Schooling for your kids, repairs for the house and your car, office commute, utility bills, everything could turn upside down because of the way things work in that country.
But you can’t let that uncertainty stand in the way of progressing in life. And that’s why, the key lies in effectively managing your finances when living abroad. If you take care of how you handle your money, you can pretty much survive and thrive in any part of the world.
Plus, here are a few tips that can help:
Know the exact amount you’re earning before you start spending
Make sure you accurately know not just your monthly income, but also your monthly household and recurring expenses. You could use a pen and paper or even a spreadsheet to keep a track. Such tracking will help you computer your savings (if any) at the end of each month.
Save first and then spend, not the other way around
Try your best to save 10% or more of your monthly salary. If you’re not used to saving, keep your salary largely out of your reach so that you don’t unintentionally spend it all. It may be difficult at first, we know, but in two or three months you’ll get used to it. After a few months, note how much you saved and how you saved it. This will give you a great incentive.
Define your needs and desires, and separate between essentials and luxuries
Things like providing food for your family and calling parents back home are basic needs that you must fulfill in any way possible. But there are some expenses, such as buying the latest gadgets or a high-end car, which won’t affect your daily life much. You need to try and filter out what are your desires and what are your needs. Then prioritize your needs over your desires and see how that positively affects your finances.
Wrapping It Up
Living outside your home country can actually be an exciting and rewarding experience, but you should know that nothing is perfect if you’re careless. If you’re ready to take full responsibility for yourself, you must change your way of life to safeguard your family from any potential crises.
More in financial advisor
Reinvent Yourself for the Career of Your Dreams- The Only Guideline You Need in this Time of Crisis
When unexpected events disrupt our habitual routines or nudge you out of your comfort zone, you can’t help but question your...August 27, 2020
Millennials Have Traditionally Been The Key Financial Decision-Makers. But, Do They Still Matter?
Are millennials worth the hype given to them by the media? Isn’t that what keeps bothering industry moguls and experts across...August 25, 2020
Should You Consider Buying Residential Property During Coronavirus?
With the effects of Coronavirus mellowing down across the world, life has slowly started returning to normal. Though most people and...August 22, 2020
What Does the Perfect Recommendation Letter Demand? Letter Writing Tips from Expert Scientists
Recommendation letters are pretty important- there’s no denying that. When you’re an undergrad, you’d need one for your application to graduate...August 20, 2020
It’s Never Too Late to Make it on YouTube- Rick Beato and his Journey on the Platform
Ever since Jawed Karim posted the first YouTube video back in 2005, the popularity of the platform has just been skyrocketing, to...August 20, 2020
Have a Little too Much Time on Your Hands These Days? Why Not Try One of These Interesting Things!
When something like a pandemic hits the world, there’s obviously a lot of destruction, but there’s also a silver lining to...August 14, 2020
The Latest Trends in Employment- How to Land Yourself a Healthy Paying Job!
The enforced lockdown, in the past few months, has altered the entire employment industry. Previously, we would boast about the advancement...August 11, 2020
Journalists Who Have Lost Their Jobs due to the Pandemic, this Article Specially Goes out to You!
We all know how difficult it is to cope with the loss of a job. What’s worse, however, is losing it...August 9, 2020
Man With Down Syndrome Is Making Millions With Crazy Socks
21-year-old John from Long Island is a man gifted with the unusual talent of making socks. He can’t be seen fully...January 21, 2020