Living in a different country takes a lot of adjustments. Everything is so different from what you have been used to all your life. You are away from what is familiar to you, and you need to adapt to the culture, the climate, the people, and anything else that you have never known before.
As an ex-pat, handling your finances is overwhelming enough in a new country. Having a family or starting one abroad requires more solid financial planning. You are no longer just thinking about yourself and your future, but your family’s as well. Their needs are your priority, which is why it is best to know how to handle your assets and ensure that your family is financially secure in your new home. If you are uncertain about how to manage your finances on your own, you can always seek advice from the people who have the expertise to help you. With the coronavirus economic impact, it is even more crucial to manage and protect your finances and secure the future of your family abroad.
Here are some useful suggestions to help you.
If you are quite young and single, life insurance may not be a priority. However, whatever age you are, with a family to consider, this may be worth seriously considering. When you have children or are expecting a child, you are responsible for their financial security, among others. Should anything untoward happen to you, your family is assured of sufficient financial support. If you are insured, you can lay your concerns to rest as these policies provide your family with financial security should anything happen to you. You may want to find out if your company has provided you with life assurance as part of your benefits, and if it is enough to sustain your family in any event.
Keep your income secure
Like life insurance, most people do not think much about securing their income until the last moment. The thing is that illnesses and injuries occur when you least expect them. Your family is significantly affected by these unless you are sure that government payments are sufficient for them to live comfortably. Thus, you can start thinking of an income protection plan to keep your earnings secure. For ex-pats, there are income protection policies that can be availed of. These policies provide you and your family with a regular income should you be incapacitated and unable to work. Generally, you can ensure about 75 % of what you currently earn. The amount is paid until the time you can get back to work.
Prepare a will
Preparing a will may be something you would not want to think about, but it is an essential factor in planning your family’s finances. It doesn’t matter what age group you belong to. If you have a family and property, it is in your best interest to prepare a will. To do this, you will need to seek advice from a notary. Writing a will is an inexpensive and straightforward process that will benefit your family should you pass away.
Your family’s future is secure if you manage your finances correctly. You are assured that whatever goes wrong, they will have a comfortable life wherever they live.