Financial Distractions for Expats

Posted on: 3rd March 2016 in Expats

Distractions: we’ve all got them! They keep us away or delay us from getting to where we want to be. Overcoming some of the financial obstacles of everyday expat life will help create a path to long-term financial security. In this article, Holborn Assets reviews the top 5 financial distractions and solutions for expats in Dubai:

1. Renting for long-term: If you have been renting out for years and years, rent and accommodation may be on the top of your expense list.

The best option would be to invest in the property market, there are plenty of mortgage lenders offering attractive rates in the Dubai property market. Speak to as many as you can – and select the one who can cover all your financial concerns and issues. Getting on to the property ladder doesn’t have to be difficult with Holborn Assets Mortgage Hub.

2. Spending prodigally: If you are a spendthrift who spends money wastefully and recklessly – you will have no clue until your expenses start climbing well beyond your means.

Most expats ignore the financial aspect when moving abroad, especially Dubai, with its extravagant shopping malls and fine dining options. Start to save for retirement while you are young – this will eventually help you save more and build a bigger pension pot by the brink of retirement.

3. Impulse Buying: Are you someone who has no control over your needs and wants, and fails to keep track of your expenses – then very soon you will not have two pennies to rub together.

The next step for anyone with a stable career or a newly-wedded expat couple would be to think about purchasing a house, have a baby, buy a car and grow your investment portfolio. Create a timeline for your financial targets, that way it will make it easier for you to track and trace your contributions – help you help yourself secure a stable financial stance for the future.

4. Struggling in debt: Have you calculated the time span to cover all your student loans, credit card debts, housing loans and more? Does it seem like it’s never-ending but keeps adding more?

All you need is a continuous, and equal, contribution from your earnings to pay off your loans and debts. Seek professional financial advice from Holborn Assets on how to pay up mounting debts and start saving.

5. Unhealthy and unfit lifestyles: Are you leading such a lifestyle that has no commas and full-stops to healthy eating habits and regular fitness? Have you given any thoughts about how to face an unfortunate event such as a critical illness or death?

This is where medical insurance or life cover plays a significant role. There are various insurance schemes to suit your needs and budget.  In addition, putting down your thoughts on distributing your wealth, estates and any heirlooms will keep you and your loved ones away from any financial burdens and family disputes. The best way to ensure your wishes are being carried out the way you have always wanted is to draw up a proper will. Holborn Assets Reviews Expat Financial Distractions: The Conclusion If you can relate to all or part of the financial distractions, then turn around and change to become more financially fit and comfortable. Look at these common financial obstacles as a stepping stone to achieving a stable financial state. Instead of taking you off the track and making hasty decisions that will cost you financially – do remember that these distractions are unlikely to affect your long term financial aspirations if you already have a financial plan in place. And if you don’t, get in touch with Holborn Assets Financial Advisers to sort out a sound financial plan today!