Living abroad is a once-in-a-lifetime opportunity that is a dream of many. However, being an expat in a foreign land is another story. From sorting out their living expenses and dealing with local banks to getting insurance or a health care plan, expats do not have a leisurely life as many tend to think.
Those who want to live abroad should not only consider a high-paying job or a lower cost of living but also have a solid financial plan so they won’t go broke while staying in another country. No matter your reason for moving abroad, here’s what you should know to become a financial-savvy expat.
Best Expat Investments to Make Abroad
Before making a major decision, make sure you have the means to sustain your needs throughout your stay. The good news is that there are a lot of job opportunities to help in making the most out of working abroad.
It doesn’t matter whether you’d like to work part-time or build and manage your own business in another country. It’s a matter of choosing the right money-making opportunity that fits your lifestyle and skills. Here are investment ideas for those who want to make money while living overseas:
Be an online consultant
Being an online consultant lets you continue your current occupation minus the usual office setting. COVID-19 has led many to reflect on their life choices, including their careers. Thanks to digital advancements, individuals and organizations can continue their regular routines despite the pandemic.
Zoom meetings, conference calls, and remote work became the new normal. More and more individuals shifted to online work as it is more convenient and lets them work anytime and anywhere. Aside from online consultancy services, you can also explore other online jobs.
Earn money through online writing
If you have a knack for writing, why not earn money from it? Write a blog and post it online. You can also place ads on your blog site to increase your income while offering advice to people at the same time. You won’t need a lot of money to start writing. All you need are time, ideas, and your passion for it.
You can also make money while traveling by writing a travel vlog. Share your adventures through videos and photos on your social media pages or website. Writing lets you enjoy the world and freedom and earn from it simultaneously. Online writing courses are available to improve your craft, but there are also free resources online.
Teach students online
Are you good at English and love teaching? Make use of these skills to earn money! It is better if you have a degree and have attended accreditation courses that will make you qualified to teach English online. Ensure you also have a good internet connection to avoid hassles during the online session.
Most online students come from Taiwan, China, Korea, and Japan and wish to improve their English communication skills. However, being an online tutor may not be enough to strike gold. Those who decide to pursue this career often do it not only for the money but more for the love of teaching.
Show off your cooking skills
Most foreigners would be on the lookout for local food and savor the taste of the culture and new life in another country. But at some point, they will start missing things back home, most likely the food. If you have been living abroad for some time now, you surely miss your favorite food back home.
Turn that homesickness into a money-making machine by cooking food. Show off your local cuisine so that foreigners can taste your favorite food from home. You can also explore cooking other cuisines from around the world.
Invest in bed and breakfast
If you are settling in a new country for at least a long time, buying a property and turning it into bed and breakfast is good business. It will cater to those returning for a vacation or tourists looking for an affordable place to stay. You can visit TaxSamaritan.com to know more useful ways to invest your money wisely while abroad.
Money Management Tips for Expats
It won’t always be fun and games for expats. Living in a foreign country comes with different challenges, especially the financial aspect. From managing taxes to dealing with local banks, such responsibilities can lead to financial mismanagement if you are not careful. Follow these tips for better financial planning as an expat:
Identify your expenses
You should determine all your potential expenses and divide them into different categories: moving fees, accommodation expenses, insurance, health insurance, living expenses, etc. Make sure to know the conversion rates, too, to learn how much money you need to sustain your entire stay.
Define your monthly budget
Every adult should know how to set a monthly budget, which is as important when living abroad. Other countries also offer financial support that will be a big help for your expenses. Make sure to know more information about this before moving abroad. Also, ask yourself these questions:
- How much money should I save?
- How much will I spend on my living expenses (food, shopping, internet)?
- How much are the other important expenses (insurance, rent, tuition fee, etc.)?
Choose the right bank
It is better if your international bank has local branches and online banking features so you won’t have to pay hefty transaction fees. Your bank from home may not exist in your new location, so make sure to apply for an international bank and have funds already prepared before moving. Of course, you should still have money in your bank account back home.
Manage Your Finances Wisely While Abroad
Living abroad is not always fun and games. As an expat, you should manage your finances well, so you don’t end up being broke in a foreign country. There are several ways you can earn money while enjoying your freedom and exploring your true passions.
It’s not about getting a high-paying job or living in a country with a lower cost of living. Having a solid financial plan is more important before you move abroad and be the financial-savvy expat that you should be.