how to manage your money as an expat in australia
TRANSCRIPT
How To Manage Your Money As An Expat In Australia
Source: www.expatfocus.com
Spend money and enjoy the opportunities “While many of us have to manage our finances on a daily basis, moving to a new country with a unique culture and a thriving economy means care has to be taken so the expat doesn't overspend and can enjoy their time in the country.”2
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Source: www.expatfocus.com
Organising finances
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“In many ways, it's a good idea for expats to organise their finances before they land in Australia. If possible they should open a bank account before arriving and transfer money into it.”
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Source: www.expatfocus.com
Which Australian bank accounts are best“The expat should really consider how much they will be charged for currency conversion transactions, not just for changing money from their home country into Australian dollars but also in reverse.”
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Source: www.expatfocus.com
Earnings vs spendings
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“While many expats will earn a reasonable amount of money, they will soon come to realise that Australia is a huge country. Even the cities are spread out over large areas, and many expats find that they need to buy a car to get around comfortably.”
Source: www.expatfocus.com
Expat-specific lenders “There are specific lenders who are geared up for lending to expats, particularly those who can stump up at least 20% of the home's value as a deposit.“
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Source: www.expatfocus.com
The Australian pension system
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“Under the system, which is known as superannuation in Australia, employers pay 9% of the expat’s income into a registered fund, which can be accessed when they retire.”
Source: www.expatfocus.com
Budgeting for utilities
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“Expats should budget for utilities between $50 and $100 a month, depending on where they live and the size of their home. Mobile phones will cost up to $60 per month and a broadband and telephone package can range from $90 to $140.”
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Source: www.expatfocus.com
Cost of living for Australians
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“Expats will also need to buy groceries and the cost of living for Australians is quite reasonable so they should be able to eat well. A family of four will, on average, spend around $200 on groceries every month.”
Source: www.expatfocus.com
Budget carefully
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“The best way for an expat to manage their money in Australia is to budget carefully so they can live comfortably and enjoy the delights that the country has to offer.”
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ThankYou