A new ‘financial fitness guide’ for expats has been launched by wealth manager Killik Offshore, based in Dubai. With over 240,000 people having left the UK to live and work in the United Arab Emirates, Killik says there are an increasing number of professionals requesting support with financial planning.
The new guide is aimed at helping globe-trotting expats wherever they are in the world and includes step-by-step guidance on managing financial ambitions, simple budgeting tips, understanding personal net worth, managing expensive debt, designing an investment strategy and how to make the most of trust funds.
Killik’s managing director Sarah Lord suggested five financial planning tips for expats:
- Bulk up your savings whilst abroad: It can be easy to get carried away with a new glamorous tax-free life overseas but it is important to not get carried away and remember to make hay while the sun shines and start that rainy day fund.
- Clear expensive debt back home: Not all debt is “bad” debt with interest rates as low as they are today so use this to your advantage to make sure everything is wrapped up efficient in your home country. Mortgage payments, phone contracts and credit cards should all be taken care of and not forgotten about just because you’re abroad.
- Create an emergency fund. Be prepared for sudden emergencies such as having to take a last minute trip back home or losing your job. You should keep aside an amount equivalent to at least three months of your salary.
- Investigate investments: Reap the benefits of it being tax-free in the UAE by investing rather than spending any surplus money you may have.
- Involve the family: If you can afford it, it can make sense to invest regularly on behalf of children or grandchildren. This will not only help them financially later in life but also encourage them to understand the importance of being a savvy saver. via expatnetwork.com