We look at some money saving tips for anyone who is planning on moving abroad
The expatriate diaspora
People move abroad for all sorts of reasons, and to all sorts of places. So any look at money saving for expatriates is going to have to be just a little bit general in nature â€“ for the sake of brevity alone. If we included all the reasons for moving abroad, and all the many wonderful experiences of those who have chosen to move overseas, well we’d have enough material for an Expatriates’ Encyclopedia. Hey, wait a minute: maybe that’s not such a bad idea!
Anyway, please enjoy this short guide to money saving for those living abroad â€“ and even if you aren’t planning on moving anytime soon, it’s always good to know that if you do, there are savings to be made.
The career expat
If you’re sent abroad as part of your employment, you may well find that a well-oiled corporate machine looks after a lot of the practicalities that are involved. International HR departments or agencies may even oversee everything from visa requirements to getting the kids placed in a good local (international) school.
And if you’re really lucky, then your work may also provide accommodation expenses for the time you’re away, although more often it will be a case of being compensated for setting up home abroad rather than actually paying your rent.
Money saving and expatriates generally
Career expats as well as the rest of us who live overseas can save money in all sorts of ways such as the usual trading down at the supermarket, seeking out special offers and so on. But canny expats with an eye on the exchange rate may also find their purchasing power boosted from time to time and take advantage of the extra cash at their disposal as a result.
If you are purchasing international health cover (which in most countries is advised) then you can save a bit of cash by making sure that you check out all the options and purchase the level of cover most suited to your requirements â€“ no point in paying for anything you don’t require. In some case the country you’re living in may have a good public healthcare system, but it’s still important to have insurance as quite often nationals are charged for treatment so even if you are in a situation where you have the same access/ rights, it doesn’t mean anything would necessarily be free. Paying an excess can also mean bringing down the cost of premiums.