Here’s the thing about financial planning—whether you’re living in France, or juggling assets and obligations in the UK, US, or South Africa—it’s not as complicated as it sounds. I often find that it all comes back to the basics.
I recently took a quick trip back to the UK to see my family and some friends. While catching up with them, I was reminded how universally important those financial building blocks are—whether you’re a seasoned expat navigating multiple currencies and tax systems or just starting out on your financial journey. There are certain steps that, when followed methodically, lay a solid foundation for long-term financial success.
So, let’s strip it down to the essentials—no fluff, no unnecessary jargon. Just like my chickens waiting for their morning treat here in the beautiful Tarn region of France, we’ll keep it straightforward and simple. Here’s what you need to know to get your financial life in order.
- Start by saving £1,000
You’ve got to start somewhere, right? This first step is all about building a bit of breathing room. You might think £1,000 isn’t much, but it’s enough to handle most minor emergencies—like when your car breaks down, the boiler quits, or your phone takes an unplanned dive into the toilet bowl. It’s about creating that buffer between you and life’s little mishaps, so you don’t have to scramble every time something goes wrong.
- Build an emergency fund
Next up is your emergency fund. Think of this as your financial safety net. Ideally, you should aim for 3-6 months’ worth of living expenses stashed away. Whether you’re in the UK, the US, or South Africa, life has a way of throwing unexpected curveballs at us—job losses, medical emergencies, and family crises don’t announce themselves ahead of time. A solid emergency fund will give you peace of mind to weather any storm.
- Get your Will, Power of Attorney (PoA), and Life Insurance sorted
Now, let’s talk protection. As much as we all love to avoid thinking about it, life can be unpredictable, and we need to make sure that our loved ones are taken care of should the worst happen. Having a proper Will in place, sorting out Power of Attorney, and ensuring you have adequate Life Insurance are essential steps in your financial plan.
This is especially important if you’re an expat. Different countries have different laws when it comes to estate planning. As someone who’s licensed to work in the UK, France, the US, and South Africa, I can tell you firsthand how these requirements can vary. Ensuring you’ve got everything in place across multiple jurisdictions could save your family a lot of heartache later on.
- Pay off your debts
Now that you’ve protected yourself and your loved ones, it’s time to tackle the debts. Whether it’s credit card debt, loans, or any other type of liability, paying off what you owe is a key step toward financial freedom. High-interest debts can eat into your savings and investments faster than you realise. Start with the most expensive debt and work your way down, chipping away until it’s all cleared.
- Start investing 25% of your earnings
Once the basics are covered, it’s time to start growing your wealth. A good rule of thumb is to invest 25% of your earnings. Whether that’s in stocks, bonds, property, or something else, the key is to make your money work for you. Here’s where a bit of expert advice can go a long way, especially if you’ve got investments across borders.
As an expat myself, I know the importance of getting this part right—whether it’s making sure your investments align with your long-term goals, understanding tax implications across different countries, or ensuring your investments are diversified. No matter where you’re based, your financial plan should work seamlessly with the unique challenges and opportunities of living internationally.
- Sit back and enjoy
Finally, once you’ve got all of this in place, you can relax a little. Watch your wealth grow, and when you feel comfortable, you can start sharing that wealth with your loved ones, charities, or causes that matter most to you. That’s the beauty of a solid financial plan—it’s not just about getting rich; it’s about having the freedom to live life on your own terms.
Ready to get started?
If you’re feeling overwhelmed or unsure of where to begin, don’t worry. Whether you’re in France, back in the UK, or in the US or South Africa, I’ve got the experience to help you navigate the complexities of financial planning.
So, if you need a hand with anything from building your emergency fund to estate planning across borders, give me a call. Let’s make sure you’re set up to enjoy life’s little luxuries—whether it’s a croissant in France, a cruffin in South Africa, or that long-awaited holiday you’ve been dreaming of.
