What financial planning tools are essential for working abroad?

1 Budgeting app

A budgeting app can help you track your income and expenses in different currencies and categories. You can set goals, monitor your spending habits, and adjust your budget according to your needs and lifestyle. A budgeting app can also alert you to exchange rate fluctuations, fees, and taxes that affect your cash flow. Some popular budgeting apps for working abroad are Mint, You Need a Budget, and Expensify.

2 International bank account

An international bank account can make it easier to transfer money between countries, access your funds, and avoid high fees and charges. You can choose a bank that operates in both your home and host country, or a digital bank that offers multi-currency accounts and debit cards. Some international banks also provide financial advice, tax assistance, and investment options for expatriates. Some examples of international banks are HSBC, Citibank, and TransferWise.

3 Tax software

Tax software can help you file your taxes in both your home and host country, and avoid double taxation, penalties, and audits. You can use tax software to calculate your tax liability, claim deductions and credits, and submit your returns online. You can also consult a tax professional who specializes in expat tax issues and can advise you on the tax laws and treaties that apply to your situation. Some tax software for working abroad are TurboTax, H&R Block, and TaxAct.

4 Savings account

A savings account can help you save money for your short-term and long-term goals, such as travel, education, retirement, or emergencies. You can choose a savings account that offers a high interest rate, low fees, and flexibility. You can also diversify your savings across different currencies and locations to reduce your exposure to exchange rate risks and inflation. Some savings accounts for working abroad are N26, Revolut, and Ally Bank.

5 Investment platform

An investment platform can help you grow your wealth and achieve your financial objectives, such as retirement, education, or estate planning. You can choose an investment platform that offers a range of products, such as stocks, bonds, funds, ETFs, and robo-advisors. You can also select an investment platform that suits your risk appetite, time horizon, and tax status. Some investment platforms for working abroad are eToro, Charles Schwab, and Wealthfront.

6 Insurance policy

An insurance policy can protect you and your family from unforeseen events, such as accidents, illnesses, theft, or natural disasters. You can choose an insurance policy that covers your health, life, property, and travel needs. You can also compare different insurance providers, plans, and premiums to find the best deal for your situation. Some insurance policies for working abroad are Cigna, World Nomads, and Allianz.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?