Starting Life Overseas: First 5 Things To Do When You Arrive

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Moving to a new country can be daunting. I have done it twice, first in Guernsey then in Australia. If you are in this situation, you may find the things below handy.

1.    Familiarise yourself with the place

Whether you are staying at a hotel or a friend’s house, make sure you know where the nearest grocery shop, train station and bus stops are.

Also know how to get to work from your place and how long it will take.

2.    Visa matters

In Guernsey, you have to make sure that you have your passport stamped by the Immigration Office so they know that you have arrived. This may not be applicable for all countries but it helps to check if you need to.

3.    Buy a sim card or a mobile phone

Ask around your friends, potential employer or strangers even what the best network is before you get your sim or phone.

My main consideration of selecting a network when I first arrived in Australia is that the credits can be used to call overseas as some networks charge you additional for overseas texts and calls.

Some networks also allow free calls within the same network so try to use the same network as your friends’.

Also, don’t forget to bring your passport for identification.

4.    Open a bank account

You’ll also need your passport to open a bank account. Ask around as well for the banks that are worth sticking to.

5.    Get a tax number

In Guernsey, you would need to go to the tax office to fill-out an application form. You can walk anywhere in Guernsey so this should not be a problem. You can apply for your Tax File Number (TFN) in Australia online.

One thing that I needed to do when I first arrived in Guernsey was to get a proper coat. I brought jackets with me from the Philippines but that wasn’t good enough for the winter. So make sure you come prepared anywhere you go. Just don’t overdo it.

Please place in the comments below anything that you would like to add based on your experience .

Now be the best that you can be,

Xiela Marie Dacyon

Plan for the Future

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I know of someone who has worked for almost 10 years as an auditor overseas. He has travelled to Europe and America. He bought the latest gadgets. He had expensive suits and shoes. Last year he was made redundant by the auditing firm he was working for in the United States.

He is now back in the Philippines, broke.Friend, I don’t want that to happen to you.

Pay yourself first

There is nothing wrong with travelling and buying things for yourself. You are allowed to indulge once in a while. But make sure you set aside money for yourself and your family in the future.

I love the book The Richest Man in Babylon by George S. Clason. It says, among other things, that you have to pay yourself first no less than one-tenth of what you earn.

Yes, pay yourself first before you pay for your everyday expenses. The only exception to this is when you tithe, which we should be actually doing as well.

10% is a reasonable start. But if you have credit card debts, I suggest you start with a smaller percentage and pay off your credit cards in the meantime.

What to do with the money

The money that you “pay yourself” can be invested. You can probably start by putting it in a time deposit account. If you have gathered enough then you could buy an investment property that you could rent out.

You can also put it in the stock market. Just make sure that you only invest in the big and stable companies. Ensure that you have an investment strategy as well.

I have a friend who set up a small lending business, but only lending to those he trusts and has the capacity to pay.

I would also recommend that you set up an Emergency Fund, which is equal to at least 3 months of your salary. This is for, well, emergency – if you get redundant on your job, for instance, this will give you and your family something to live on while you find another job.

Start early

The book The Richest Man in Babylon (by George S. Clason) also makes this very good analogy:

“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.”

Your money will definitely grow more if you give it more time and it can benefit from compounding (interest earning interest) as well.

Let’s take the example of two friends, Mario and Luigi.

Mario started setting aside $5,000 a year every year since he was 30 years old earning 10% per year. Now 65 years of age, Mario has $1,355,122 in the bank and he is happy.

His friend Luigi now also 65, lived more simply during his 20s. He also saved $5,000 a year every year at 10% but he started five years earlier than Mario, when he was 25. Luigi now has a total of $2,212,963 from his savings.

Mario saved and invested for 35 years while Luigi did 4o years. The five years between their investment start times was worth $857,841. This is more than half of Mario’s total savings. Wow!

Conclusion

As accountants, we can account for and analyse the money of companies and that of other people but sometimes we struggle to manage our own finances. But it is never too late to apply our knowledge in our personal lives. Seek a mentor if you think you need more guidance.

We also have to commit to pay ourselves every time and it is really best to start as early as you can.

Let us have the discipline to do our saving regularly and to not take away from the pot unnecessarily. And yes, an ipad is not a necessity.

Let us seek to understand how to invest our money well.

Let us plant the seeds in the spring of our lives so we could reap at harvest time.

My prayer is that may the next million that we count be our own.

Now be the best that you can be,

Xiela Marie Dacyon

12 Practical Time Saving Ideas

Time is priceless as the cliché goes. We can’t seem to have enough of it especially in our modern world.

Below are 12 ideas that could help you have more time to do things that really matter to you:

1.  Have less

Every time you acquire something new, like a new gadget, be aware of the time you’ll need to put into it. If your time is limited, perhaps it is better to cut back on some of that stuff.

2.  Have a routine

When you’re really busy, the more of a routine you have, the easier your life becomes. If you sleep at a certain time and wake up at the same time everyday, for example, it is easier to organise your day.

3.  Avoid time sappers

Internet browsing is a very good time sapper example. As much as possible, do it only when necessary as a few minutes can easily become an hour. Other time sappers for me are watching TV and playing games on my phone.

4.  Have a good night’s sleep

People generally function more efficiently if they had a good sleep the night before. Think of the time you lose when you feel sluggish and a bit off during the day.

5.  Make a habit of putting things in a certain place

Keys, eyewear and mobile phones are the common things we misplace on a daily basis. Keeping them in a particular place every time can save you oodles of time fluffing around for them.

6.  Keep a packing list

We usually spend hours packing our bags or luggage when we travel. Having a permanent packing list not only saves you time but keeps you from worrying that you forgot something.

7.   Stock up

You almost forgot it’s your nephew’s birthday party tonight. Imagine the heartache and time you will save if you already have a present tucked away in your closet.

Even if you don’t have an idea to whom it is for, it is a good idea to stock up on gifts and cards. The same goes for common items that we can easily ran out of like batteries, stamps, shampoo, tissue etc.

8.  Have a shopping list

You can spend the whole afternoon in the grocery shop if you don’t have a list of what you need.

9.  Read faster

With loads of information coming our way everyday, it definitely pays to learn some of those speed-reading techniques. And it would help if you just don’t read stuff that you don’t have to.

10.  Learn to say NO

People will usually understand why you can’t come or why you can’t do a particular task if you give an explanation. Better yet you can offer an alternative time to see them or offer an alternative solution to a problem.

11.  Plan your day

Knowing what you want accomplished during the day, and the whole week for that matter, makes you more focused. “Begin with the end in mind” according to Steve Covey.

12.  Know what makes a difference

Sometimes you don’t have to do a job perfectly – good enough is, well, good enough.

One last thought - If your life is always a mad rush, think about whether that’s actually what you want and, if not, you probably need to drop some activities in your life.

Feel free to share your ideas in the comments below.

Now be the best that you can be,

Xiela Marie Dacyon