Money management tips for American expats

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Managing your money as an expat abroad comes with its fair share of challenges.

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From dealing with local banks and sorting out living expenses to managing taxes and getting a health care plan, the sheer number of affairs to handle can easily lead to mismanaged finances and short-term decision making.

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Being aware of financial matters can ensure you’re prepared for the challenges you may face in a new country of residence.

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Living Expenses

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Once you arrive at your destination, think about foreign tuition fees and home or health insurance. You will also have to open a local bank account to make it easier to manage your funds.

Cross-Border Families

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Expats who move for economic reasons should also think about the cost of remittances, along with the eventual cost of reunification in a new country.

Tax Implication and Regulation Compliance

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Expats should be aware of tax implications and laws that can affect their long-term finances and plans abroad.

Open a local bank account

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By getting an account with a local bank, you’ll get to make withdrawals and deposits without the expensive fees.

Establish a long-term plan and goals

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Ask yourself how long you want to stay in your new country and whether you want to raise your family or further your education there.

Create a budget

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Factor in costs specific to your area, such as whether you will need to pay taxes in your new country of residence or if you need to convert any money.

Remember to invest

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Investing in savings, stocks and insurance are important ways to increase and protect your finances while you’re abroad and help you gain compound interest.

Maintain a bank account back home

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Keeping a bank account open in the U.S. can serve many purposes. Not only can it enable your family back home to deposit money in case of emergencies.

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