Get into the Habit of Saving for the Future
When living overseas, you will generally be in a position where you have a larger disposable income at your disposal. You need to make sure that your extra surplus income works harder for you. What you need to know is the best way to save taking into consideration your plans, location, taxation, and so on.
What savings plan is best for me?
This is a tough question to answer as it’s very much down to each individual’s specific circumstances and needs. Someone who is living in a tax-free country in the middle of a 1-year contract is in a much different situation to someone living in Europe permanently. As both situations are vastly different, so will be the saving options they opt for.
How long do I need to save for?
This depends on why you are saving and how much you are saving for. You may be saving to buy a house, for retirement, or even to go back home with a sizeable cash figure, whatever the reason, we can help. If you are only offshore for a few years, it would make sense to save larger amounts while you can.
What is the average price cost?
As investors, we often face the dilemma of when to buy and when to sell, which is why regular contributions smoothen out the investment ride. Let’s say you invest $1000 every month, when the market is up, your $1000 will buy fewer units, but when the market is down, your money will buy more. Over time, this strategy could lower your average cost per unit compared to what you would have paid if you’d bought all your units at once when they cost more.
