Top 6 Tips to Help Get Your Finances Back on Track After Summer | expatwoman.com
 

Top 6 Tips to Help Get Your Finances Back on Track After Summer

Here are few ways that can help to ease the financial burden on your family after summer spend.

Posted on

7 September 2017

Last updated on 30 January 2018
Top 6 Tips to Help Get Your Finances Back on Track After Summer
Your Facebook timeline is probably full of sunny snaps shared by your friends enjoying their holidays the world over. 
 
But behind the smiles of many expat parents, summer has been a logistical nightmare, balancing holidays in-between work and summer camps, not to mention endless entertaining and the obligatory ‘tour of duty’ to see relatives overseas.
 
Director of her.finance Gaenor Jones believes a few ‘new school year’ resolutions might help get finances back on track:
 
With children now returning to school after the holidays, there is no reprieve for mums and dads struggling to cope with the mounting costs of term fees, new school uniforms and of course the long list of expensive extracurricular activities. But there are a few ways you can help to ease the financial burden on your family.

Tip 1. Cut back

Does your child really need to have their week filled with extracurricular activities? Many parents find themselves spending in excess of AED 10,000 per term to keep their children active, which is fine if money is no issue. Perhaps sit with your child and get them to choose one or two activities that they are most passionate about. Very soon, the fine weather will be upon us and thankfully the garden, park, and beach provides fresh air, exercise, and fun, all for free. 

Tip 2. Downsize

Lose the rose tinted glasses for a moment and ask yourself if the villa you’re living in is really necessary? Post-summer is a great time to browse the market and see if you can potentially save your family a significant monthly outgoing on your rent.  

Tip 3. Take advantage of your credit card

A healthy relationship with your credit card has many advantages. Used correctly, you can earn valuable points towards your flights home. However, if you find you’re struggling to clear credit card debt, you may need to review your financial portfolio to ensure you are living within your means.   

Tip 4. Budget

Choose a cheaper supermarket. Cut down on staycations and brunches. Avoid takeaways (and if it’s not too old-school, pack a lunch for work). To quote a famous super market, every little helps. 

Tip 5. Make a sacrifice

Manicures, pedicures, treatments, expensive salons, personal trainers and gym membership are all part of the expat life. But if you’re financially squeezed, it’s worth totting up the amount you spend on your lifestyle and working out if there are alternatives. 

Tip 6. Get some expert advice

Take a moment to remind yourself why you became an expat in the first place. Most people move overseas with the aim of saving money and building a secure financial future. If that’s not the case for you, it might be an idea to seek financial advice. 

SEE ALSO: Her Finance: Helping You Achieve Your Financial Goals

 
An adviser can assess your circumstances and help you build a detailed financial plan, that takes into account the ‘here and now’ as well as the future. Make sure you check with your local financial authority to ensure your chosen advisory is regulated and offers complete transparency. For example, Her.Finance, which is part of the Globaleye family, utilises an innovative online tool called the Globaleye Valuation Service (GVS) which brings together all your finances and policies in one user-friendly dashboard. It gives you up-to-the-minute information about how your investments are performing, including all your other assets like property, cash, pension, and insurances. 
 
If you’d like to learn more about managing your money, click here for a free, no-obligation consultation with one of our highly qualified financial advisors. 

HERfinance
Sponsored by
HERfinance (Saudi Arabia)
HERfinance is a lifestyle financial planners focused on empowering you with the knowledge and know-how to make informed decisions.

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