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CHA-AM AND HUA HIN
Retirement Planning - Education Fee Planning
Regular Savings - Tax Saving
Lump Sum Investments
The Financial Benefits of Being an
Expat...benjamin franklin style
Every week in this article Helen Couldrey, a financial
consultant with the deVere Group, and also a qualified
English lawyer, will give you tips and ideas of how to
take advantage financially of being an expat. Helen has
clients in Bangkok, Hua Hin and Cha-Am who she helps
to maximise the financial benefits of living overseas.
looking to the long term ….
Saving money. A thing we all think about every day.
However, whilst thinking about saving money in the
short term is commonplace, saving for the long term is
often overlooked. So, as expats, what are the types of
things that we should all be saving for?
Retirement
A scary amount of people neglect their retirement
savings thinking it is something that they will get around
to. The cost of delay is high and absolutely everyone
should be making provisions for when they retire.
Medical emergencies
Many expats have medical cover. However, for those
who don’t, make it a priority to get an insurance policy
sorted or, at the very least, have a slush fund that you
can dip into if something were to go wrong.
Children’s University Fees
With university fees rising at a scary 7.5%, putting
money aside for this expensive life expense is key…
especially if you have to pay expat prices, which can be
3 times the normal cost.
Repatriation and periods of unemployment
If you were to leave Thailand, whether planned or on a
whim, ensure you have enough set aside to repatriate…
and to find a new job in your new location.
Life events
Of course we should all be saving for the long term,
however make sure that you still find the cash to treat
yourself. Don’t do this too often of course. Save for one
Helen Couldrey, BA (Hons), L.L.B, CISI
Contact Helen for a finance review
086 088 2127
[email protected]
big treat or event such as a car, a piece of art or an item
of jewelry. This can actually end up being an investment
in itself.
Top tips for saving
• The first rule to effective savings is ‘save before
you spend’. People often splurge and then if,
and only if, they have anything left over then
squirrel it away. Take control of your finances
and resist the temptation to aimlessly spend.
•
Make sure that you allocate a realistic percentage
of your money per month to your savings. The
general rule of thumb is to save at least 15%
of your salary, with this percentage increasing
as your salary rises. And if you get a bonus,
resist the urge to splurge! Save it for a rainy day.
•
Finally, prioritize your savings. Good financial
planning means you will have access to emergency
money, normally 6 months of living expenses.
Next, put your cash into anything with a matched
contribution scheme or an account with tax
advantages. Your financial advisor can help you to
set one up.
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