how to manage your money as an expat in australia
Post on 11-Apr-2017
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How To Manage Your Money As An Expat In Australia
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.2Image source istockphoto.com
Source: www.expatfocus.comOrganising finances3In 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.Image source istockphoto.com
Source: www.expatfocus.comWhich Australian bank accounts are bestThe 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.4Image source istockphoto.com
Earnings vs spendings5Image source istockphoto.comWhile 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.comExpat-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.6Image source istockphoto.com
The Australian pension system7Image source istockphoto.comUnder the system, which is known as superannuation in Australia, employers pay 9% of the expats income into a registered fund, which can be accessed when they retire.
Source: www.expatfocus.comBudgeting for utilities8Expats 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.Image source istockphoto.com
Source: www.expatfocus.comCost of living for Australians 9Image source istockphoto.comExpats 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.comBudget carefully 10The 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.Image source istockphoto.com