Tag Archives: expat financial planning

Planning your financial future – the top 10 mistakes you want to avoid

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Too many people bury their heads in the sand when it comes to planning for their financial future so we need to face some facts.

The reality is that most people are facing a significant shortfall in their retirement income.

According to recent figures, the average UK pension pot totals just £50,000 and the average pension income is £500 a week. That income will not just be from the pensions, but from other sources such as the state pension, personal investments or property.

The average UK resident has savings of just £17,365 and 34% have no savings or less than £1,000. Equivalent figures are not available for GCC expats but given that our incomes are higher than UK averages I would hope it is rather more. That said, I all too frequently come across people without any savings or investments.

In this article I  look at some of the mistakes you want to avoid and issues that you really cannot afford to ignore.

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2023 is the year to get serious about your financial goals

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It has often been said that “a goal without a plan is just a wish”, meaning that action is required if you want to achieve your goals in life.

We all spend our lives hoping for the best but you need to do something if you are serious about your life goals, specifically your financial life goals.  Do you want to retire at age 55? Do you want to buy a holiday home? Do you want spend some years travelling the world?  Great ideas but how will you achieve them?

With proper planning you can take action to turn these wishes into reality so read on…

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UAE Public Holidays for 2021

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These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days of holiday for both the public and private sector should be the same and these are the dates announced by the UAE Government.

This article will be updated throughout the year as any changes are announced so you can bookmark it in the knowledge that it will always be correct

As usual, dates of Islamic holidays will be subject to slight variation, dependent on moon sighting, and others may also change.

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Coronavirus and your investments – part 2

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I published an article on this topic on 4th March but with the ongoing situation and further stock markets falls, it is time for another.

With worries and panic across the world in respect of both health and all the knock-on economic issues, we have seen substantial falls in all stock markets so many people are asking what they should do regarding their investments. The falls have been more than anyone expected as the current situation in regard to COVID-19 are simply unprecedented. As before, my general advice is not to sell now, not least as you would simply be crystallising a loss. My clients are all diversified and have suitable risk profiles, in line with their preferences, although I understand if some want to reduce the risk levels a little. Please read on to find out more about what is happening, why, and what we can expect.

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News: Beneficial changes for DIFC Wills

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The DIFC Wills Service Centre (formerly called the DIFC Wills and Probate Registry) has confirmed changes to the rules (the Amendments) which will come into effect from 30th June 2019. This is good news for anyone with UAE assets.

There are two major changes, summarised as follows:

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Financial resolutions – get your money in shape for 2019

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At this time of year it is popular to make New Year resolutions, but how many of those are about our finances? Making sure you are financially fit is as important as vowing to visit the gym regularly but once you’ve taken the initial steps is less time-consuming and you can do most of it whilst sat comfortably on your sofa.

We all have to spend money but can you do it more smartly? Invariably we could all spend less and save more and a little focus rarely goes amiss. With that in mind here’s a list of 10 steps you can take to get yourself financially fitter in 2019.

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Tips on reducing spending & better budgeting

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When it comes to taking control of your finances, the obvious, but frequently overlooked first step, is to take a long, hard look at your monthly budget. Quite simply, if you don’t know what your outgoings are, how do you know if you are overspending? How do you know how much money you have available to spend each month?

This article provides a guide to working out your budget and reducing wasted expenditure. Life in the UAE is expensive and we can all benefit from reminders of how to manage our heard-earned income a little better.

Get started by following these steps:

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