{"id":723416,"date":"2023-10-14T09:00:00","date_gmt":"2023-10-14T07:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=723416"},"modified":"2023-10-13T16:20:13","modified_gmt":"2023-10-13T14:20:13","slug":"financial-tips-for-south-africans-working-abroad","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/723416\/financial-tips-for-south-africans-working-abroad\/","title":{"rendered":"Financial tips for South Africans working abroad"},"content":{"rendered":"\n<p>South Africans may snatch at the opportunity to work remotely in foreign countries, but there are several financial matters that must be considered. <\/p>\n\n\n\n<p>The Covid-19 pandemic and advancements in technology made working out of the traditional office far more common, with the amount digital nomads &#8211; those who live remotely and are free to live in different counties &#8211; growing, <\/p>\n\n\n\n<p>However, there are several financial considerations when becoming a digital nomad, according to JustMoney. <\/p>\n\n\n\n<p>\u201cIt\u2019s tempting to throw up your current arrangements when you see clips of friends working beside a sunny beach or pool, and you\u2019re shivering during load-shedding,\u201d said Shafeeka Anthony, marketing manager of JustMoney.<\/p>\n\n\n\n<p>\u201cThis lifestyle is not without its challenges \u2013 and you don\u2019t want to lose out on benefits you\u2019ve worked hard to achieve. Diligent planning is essential.\u201d<\/p>\n\n\n\n<p>Here are ten considerations for would-be digital nomads: <\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>Destinations<\/strong>: Although the number of countries offering digital nomad visas is growing, fees, paperwork, and duration differ considerably between countries. Research is essential. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>Budget:<\/strong>&nbsp;Would-be digital nomads must plan for fixed and variable expenses, and the budget will need to include accommodation, transport, food, insurance, etc.  <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>Emergency fund<\/strong>: An emergency fund is critical for managing unexpected situations. Three to six months&#8217; worth of overseas living costs should be saved as it will create a financial safety net. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>International banking<\/strong>: Look for a bank with good international banking options with low foreign transaction fees. Multi-currency accounts should also be considered to reduce currency conversion fees.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>Tax planning<\/strong>:&nbsp;As a South African taxpayer or tax resident, you will be taxed on your worldwide assets and income, making it essential to understand your tax obligations. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"1\">\n<li><strong>Insurance:<\/strong>&nbsp;&#8220;Comprehensive insurance is non-negotiable. Invest in plans that cover medical emergencies, evacuation, and lost belongings. Check if your current insurance covers international travel or explore specialised options,&#8221; the experts said. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"7\">\n<li><strong>Exchange rates:<\/strong>&nbsp;Exchange rates should be monitored, as fractionations can seriously impact a digital nomad&#8217;s purchasing power. The experts said that currency exchange platforms that offer competitive rates should be used. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"7\">\n<li><strong>Community support<\/strong>: Connecting with other digital nomads can also help, as online communities and forums can give valuable tips for stretching a budget. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"7\">\n<li><strong>Retirement planning:<\/strong>&nbsp;Planning for retirement is still important, and digital nomads should create a retirement account or investment portfolio to secure their financial future. Investments should also be diversified to minimise risk. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\" type=\"1\" start=\"7\">\n<li><strong>Continuous learning<\/strong>: &#8220;Stay informed about financial trends, investment opportunities, and changes in tax rules. Educate yourself to make informed decisions that align with your long-term financial goals,&#8221; the experts said. <\/li>\n<\/ul>\n\n\n\n<p>\u201cIncorporating these personal finance tips into your digital nomad planning increases the possibility of enjoying the freedom of remote work while maintaining financial stability and security,\u201d said Anthony.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.google.com\/search?q=remote+businesstech&amp;sca_esv=571229774&amp;rlz=1C1ONGR_enZA1030ZA1031&amp;tbm=nws&amp;source=lnms&amp;sa=X&amp;ved=2ahUKEwjPrLfXj-GBAxVH3QIHHdXjA-oQ_AUoAXoECAEQAw&amp;biw=1920&amp;bih=931&amp;dpr=1\" target=\"_blank\" rel=\"noreferrer noopener\">Work from home isn&#8217;t working in South Africa, says CEO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although working abroad is now far easier, there are still several financial considerations that South Africans have to keep in mind. <\/p>\n","protected":false},"author":95,"featured_media":644009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,14195],"class_list":["post-723416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-justmoney"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/723416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=723416"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/723416\/revisions"}],"predecessor-version":[{"id":724970,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/723416\/revisions\/724970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/644009"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=723416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=723416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=723416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}