Finance
you have to enjoy your life too , by socialising , etc ., so if your saving goal is completely unrealistic in a 2-year timeframe , rethink it !
Timed : If you plan to work abroad for two years , break it down into months and weeks , i . e . 24 months = 104 weeks to save it up . This makes your goal seem a lot more attainable . If two years is not enough to reach your financial goals , then perhaps extend your timeframe to 3 or 4 years of teaching abroad ? Again , break it down into months and weeks to know how much to save each week , month , etc . Last year , I read the “ 12 Week Year ” by Brian P . Moran and Michael Lennington , which opened my eyes to the power of viewing every 12 weeks as 12 months , so you aim to reach more financial goals annually .
2 . Create another form of income for 2021 / 22
Right now , when so many expats are sadly losing jobs and facing salary cuts , it is more important than ever to never depend on one single income . Create at least two more streams of income . They do not have to be equal , but as long as they are consistent , they all add up . The ideal number is seven ! Here are some ideas to get you started :
• Become a tutor in the evenings .
• Regularly declutter to sell unwanted gifts and used and unused items online , on second-hand Facebook groups .
• In July / August , work for a summer school for 2 + weeks .
• Publish a book and sell it .
• Set up a blog or a YouTube channel and monetise it .
3 . Save more of your rental allowance in 2021 / 22
boost your savings ! Join area-specific FB groups and communicate directly with landlords ( to avoid paying a real estate agent commission ) and negotiate ! You can usually get the best deal if you pay upfront in one cheque . How about a studio , a hotel apartment or moving in with some friends in an apartment / villa to save even more ?
4 . Decide how you will transfer your salary to your home bank the day you get paid
In 2021 / 22 , challenge yourself to send more money home . Factor in enough money for your rent and bills and a weekly treat , and see if you can send 50 %+ more , home each month . To transfer your money from your expat bank to your home bank , you can use an online currency exchange site or exchange it to your home currency at a currency exchange place and transfer it to your home bank . Whatever you do , do it each month straight after payday . “ Pay yourself first ” and live off the remainder .
5 . Decide what your weekly inspiration will be
Consume at least one piece of content that will inspire and motivate you on your financial empowerment journey . Here are some of my recommendations :
• Rich Dad Poor Dad by Robert Kiyosaki
• The Wealth Chef by Ann Wilson
• Millionaire Teacher and Millionaire Expat by Andrew Hallam ( excellent saving and investment guides , written by a former expat teacher )
• Bigger Pockets , ChooseFI , Millennial Money , Smart Passive Income , Side Hustle Nation , Mad Fentist and Mr Money Mustache blogs and podcasts
6 . Set yourself some easy-tofollow rules for 2021 / 22
Here are some rules that I follow :
• Don ’ t buy a takeaway coffee unless it is a social occasion .
• Don ’ t impulse buy ; give yourself 24 hours to think about a big purchase . I use the 6Rs to help me make a decision - Reflect – Reconsider – Rent ( can I borrow it ?) – Repair ( can I get it fixed ?) – Reuse ( can I still use what I have ?) – Reward ( can I wait until a birthday / special occasion for someone else to gift it to me ?)
• Keep staples at home so you ’ re not tempted to get a takeaway during the week .
• Each week , have a no-spend day .
Here is to a financially empowering 2021 / 22 for all of us ! Follow me on IG @ sorchacoyle _ eet where I share weekly job hunting , CV , cover letter , interview , and money saving tips !
If you get a rent allowance , try your best to save as much of it as you can because it is such an easy way to
Sorcha Coyle has been teaching in the Gulf ( Qatar and Dubai ) for the past 9 years . She also runs the Empowering Expat Teachers community , whose mission is to empower future and current expat teachers to lead personally , professionally and financially rewarding lives . In addition to being an experienced expat teacher , she is also a Certified Professional Résumé Writer and a member of the Professional Association of Résumé Writers & Career Coaches . Join the Empowering Expat Teachers FB group here , follow me on IG @ sorchacoyle _ eet and check out my blog at www . sorchacoyle . com . Last but not least , she provides CV and cover letter support to future and current expat teachers with my Teach Abroad Transformation service
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