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How to save money in Spain

How to save money in Spain, and how to find ways to save money online. Saving money is something that we are all a bit interested in. Find out how you can stop losing money on foreign exchage and currency rates and save money on foreign exchange rates instead. Find out how you can save money by an expat financial review. Learn more about expat health insurance and how you can save money on every day living expenses in Spain. You may even be able to save money on tax, and make the most out of your UK pension

Brexit: What You Need to Know About Brexit and Expat Pensions
07 January 2019 @ 17:09

What is going to happen to pension saving after Brexit? The uncertainty surrounding Brexit is not only affecting residents in the UK. It is a problem which is a concern of many British expats living across the world. Should you find yourself worrying about your pension savings, it could be a good idea to consider having an expat pension review.
 
How Much Money Do You Need to Live On In My Retirement?
 
When it comes to pensions, Brexit is making a difficult situation even harder to understand. No one seems to have a clear answer on what is going to happen to pensions after Brexit. However, there is one thing financial experts do agree on. The foreign exchange rate, pound sterling to the Euro, is bound to be affected. If your funds are currently based in the UK, and you get your pension converted from Sterling to Euros, you will see a fall in your pensionable income.
 
Now is a good time to sit down and add up your expenses, and check your financial plans for the future. It could be that you will need more money to continue to live abroad or in the UK, and it is best to be prepared.
 
Does the UK State Pension Cover an Expat Lifestyle?
 
If you are surviving on only a UK state pension, you may just find yourself struggling after a Brexit. If the right deal can't be agreed with the other 27 EU countries, you may even end up paying extra for your expat lifestyle. At the moment, many UK expats in European countries are fortunate enough to access the health systems in their countries thanks to a special agreement. The question is if this will remain in place. If it does not remain in place, you may be asked to take out private health insurance.
 
 
How much money do you really need to enjoy an expat lifestyle? Most expats living in Spain like to go out for dinner or lunch a couple of times per week. Going out for lunch or dinner is one of those things all expats expect to be able to do. But, it could be time to take a step back and add up how much eating out is costing you per week. If it costs you more than 40 Euros per week, it could be a good idea to start cutting back. Don't forget about adding in those beers that quickly adds up.
 
How Much Have You Saved Up From Your Annual Income?
 
Unless you have saved up at least 15% of your income throughout your working life, you may struggle to enjoy a good quality lifestyle in your retirement. The truth is that we should always be reviewing your pension status. It is a well known that we are often complacent about our pension during our working life.
 
We may start off saving a certain amount, but as costs go and wages stay stagnant, it may be harder to keep up the payments not to mention increasing them. This is one of the reasons it has become so important to cut back on expenses. But, cutting back on expenses is easier said than done even though your income may have increased during the years.
 
As a rule of thumb, a 15% annual saving rate from your income is what you should aim for if you would like to have an opportunity to enjoy a good quality lifestyle in retirement. But, if you are in a lower paid job, you may even need to save more to cover future living expenses. Ask yourself what you NEED to spend your pensionable income on, and what everyday living expenses you could cut down on. On top of that, you certainly want to consider what extra income you could generate during your retirement. 
 
Brexit is like a step out in the big unknown for many. Stop for a while and consider what Brexit may mean to you financially and consider how Brexit will affect your retirement financial planning. 


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