The Financial Fairy Tales Blog

Key Considerations When Emigrating

July 21st, 2021 Posted in Jobs and Careers

Moving countries can be both exhilarating and daunting. While the call of adventure and a new life is exciting there is some serious preparation and hard work that goes into making the transition from one country to another successful.

Firstly, and perhaps most importantly, you will need to consider your visa options. Every country has a different set of rules and requirements when it comes to visas and in order to be granted temporary or permanent residence in a country, you will need the appropriate visa to do so. Obtaining a visa can be a complex procedure that requires a lot of skill to complete correctly and to avoid having your application refused. If you are looking to emigrate it is always advised that you consult with immigration experts from your potential host country. This is now particularly prevalent in countries such as the UK following the UK’s decision to leave the EU. Whether an EU or global citizen if you are looking to emigrate to the UK then it is recommended you consult UK immigration lawyers when applying for your visa. You will also want to ensure that your visa grants you the rights you need, whether it be to work, study or stay indefinitely, seeking advice is paramount.

Key Considerations When Emigrating - man signing a contract image — Photo by **Andrea Piacquadio** from **Pexels**

When moving countries it is equally important that you are aware of your tax liabilities. Moving countries will make you a tax resident in your new country and is likely to mean that you have different tax obligations to meet. This can get particularly complex if you are selling property in different countries or receiving an income from a different country. There may also be other implications. If for example, you are a UK national leaving the UK and therefore your tax obligations this could affect your entitlement to your state pension. It is always best to consult with the experts to avoid any unforeseen complications. Furthermore, seeking advice is key to ensuring you do not overpay or underpay on your tax requirements.

Once you have considered and researched your right stay and the requirement to pay tax you should then consider your access to healthcare. Every country has a different system when it comes to healthcare and you need to be familiar with what you can expect from your new home. The UK is one of the few countries that provide state healthcare but if you are emigrating to somewhere such as the USA or Australia you may need to take out private healthcare insurance to protect yourself from unwelcome medical bills. What is more, taking out private healthcare may be a requirement of your visa. You will need to thoroughly research the healthcare system before undertaking your move.

One final big consideration you will need to look into is your ability to drive in your new country. Particularly if you rely on a car daily. Some countries have mutual agreements in which you can exchange your national licence for that of your new country, whereas others may require you to pass their driving test. A working example of this is that since the UK has left the EU UK nationals looking to reside in Spain no longer have the right to drive and are required to pass a Spanish driving test.

Four Ways To Grow Your Finances

July 19th, 2021 Posted in Money Tips

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Finances are at the heart of every household and even though money doesn’t buy you happiness, it can help make life a little more comfortable. Everyone has the ability to improve their finances in some way or the other and not simply need to live paycheck to paycheck. Here are four ways to grow your finances.

Four Ways To Grow Your Finances - piggy bank and coins image — Photo by **cottonbro** from **Pexels**

Invest Your Money

There are many ways to invest your money but not everyone takes the opportunity to do so. It’s always important that you do your research before you start investing money because not all investments are easily understandable. The stock market for example is something that takes time to learn and understand before spending your money.

It’s always best to start off small when investing and work your way up to the bigger investments as you become more knowledgeable and confident. It’s also worth noting that you should only invest money that you are willing to lose. Investments carry risks and so that’s why many avoid them for fear of losing out. However, a lot of investments can be fruitful.

Rent Out Your Property

If you’ve got space on your property or you have a spare property that’s going unused, why not rent it out? Whether that’s using an Airbnb management system like OptiNest to renting it out through other holiday sites or a local estate agent.

There can be many benefits to renting out your property and it can provide an additional income that can turn into a hefty amount over time. It might require a bit of effort on your part, but that effort can be worth it for the income that you’ll create because of it.

Track Your Spending Habits

Tracking your spending habits is a great way to grow your finances. A lot of people don’t actually manage their finances correctly and so end up spending more money than they can afford to spend. It’s good to budget your money and to find ways of cutting back in order to save money every month.

You’d be surprised by how much you can save over time by tracking your spending habits and looking for those areas of concern that you can focus on reducing. If you struggle budgeting, then try laying out your expenditures on a spreadsheet so you can see it all more clearly.

Start A Side Hustle

A side hustle is something that can start off as an idea and turn into something big if you have the right idea. Spending time on the side hustle is going to help it grow and it’s something that you’ll be able to do on the side, along with any current job that you have.

Side hustles can start at any age or at any point in your life, so why not give it a go? You may fail but you may end up making some extra cash!

Growing your finances can be done, so use these tips to start off your journey to healthier finances for you and your family.

grow your finances, investments, side hustle

Shopping for a Home? Here Are 6 Ways to Save Money

July 15th, 2021 Posted in Money Tips, Property Investment

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A home is one of the best investments you can make in life. For most people, this is also the biggest single purchase they make in life. With your own home comes freedom, and this is one reason most people save right after getting the first job. If you’re shopping for a home, you want to get the best value for your money. This post explores some simple ideas to help you save money buying a home.

Work With a Local Real Estate Agent

If you want to make the home purchase process easier and save money, use a local realtor. These real estate professionals have an intensive knowledge of the market. They know everyone selling and have different properties in the area at varying prices. If you want to save money, the real estate agent can find you a house suited for your needs and at the price range you want.

Look for Features and Additions

When shopping for a home, look beyond the structure and instead look at other features which add value to the property. From solar panels, water and hardscape features, oil tanks, outdoor additions, air conditioning to skylights, there are many features which can save you money. Once you move in, you don’t have to invest more money to improve the property.

Shopping for a Home? Here Are 6 Ways to Save Money - house for sale image — Photo by **Pavel Danilyuk** from **Pexels**

Boost your Credit Score

The higher your credit score, the more affordable your loan. As you continue saving towards the down payment of your home, make sure you improve your credit score. Evaluate your finances and make sure you repay all bills on time. Pay down your credit card debt and avoid taking up another loan in the meantime.

Shop for the Right Mortgage

Don’t rush to buy the first mortgage you come across. While your bank might look like the obvious source of financing for your home, consider other options on the market. The mortgage structuring also determines how much initial capital you need and the total cost of the loan.

Working with a financial advisor helps you identify the mortgage options on the market and also determines whether you need a fixed-rate or adjustable-rate mortgage. For such a huge investment, take your time to get the best deal. The last thing you want is to struggle with repayments or lose your home.

Save More Down Payment (Deposit)

If you want to enjoy the freedom that comes with homeownership, save more towards the down payment. This is the biggest secret to accessing affordable loans. If you have over 20% of the mortgage, you won’t have to pay for extra costs such as mortgage insurance.

Be Flexible

Everyone wants to buy that dream home, but it might not always be possible. For a start, you should be more flexible when shopping for a home to get the best deal. Don’t look for the grandest property on the listing, but also consider those that need some reworking. With some compromises, you can save on the home purchase and still get a good property.

Buying a home is not an easy process but with the right information, you can ace it and save money in the process. Use these tips to start your home buying process.

moving home, property investment, real estate, saving money

4 Quick Ways To Save That Are Often Overlooked

June 26th, 2021 Posted in Money Tips

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Are you thinking about ways to save money in your budget? You might think that this is going to take a lot of work, sifting through your personal finances. But the reality is that it’s probably easier to save money than you might realize. Here are some of the key options that you shouldn’t overlook and that could make a big difference. It could mean you’ll have more money to spend each month on little luxuries as well as things you need.

4 Quick Ways To Save That Are Often Overlooked - coin and piggy bank image — Photo by **maitree rimthong** from **Pexels**

Don’t Buy New

First, you need to make sure that you are avoiding buying new if you can help it, particularly for expensive items. Most items that are expensive will absolutely obliterate your saving options because of the high level of depreciation. A classic example would be a car. If you buy a car, it’s important to know that cars depreciate the most in the first three years after they are purchased. That’s why it’s so much better to look at used cars. You just need to make sure that you check out used cars and ensure that there are no expensive issues lurking underneath the surface that could cost you more in the long term. Remember, you can take anyone you want with you when checking out a car including a trained expert.

Go Green Where You Can

You might also want to think about going green with your lifestyle choices. If you cut down the costs of your energy usage, then you’ll be surprised by how much you can save each month and even year. There are lots of ways to go green. For instance, we mentioned cars so you could think about buying a hybrid. Or, you might want to just make smaller changes around your home such as LED lights. These use a fraction of the energy compared to the typical lights in your home.

Workout For Free

There are certain things that we tend to pay for and there’s really no need. We can get the same benefits for free. One example worth exploring here would be the bill that you pay for your gym membership. While this might not seem that expensive, this is money that you could spend on other things or even just save. Instead of heading to the gym you could work out at home. All you need is an app that will show you the workouts you can complete without any equipment at all.

Set Your Budget

Finally, you might want to think about setting your budget. It’s easy to forget this step but if you set your budget then you’ll be able to keep track of your savings and ensure that you are meeting your financial goals.

Setting your budget just requires you to add up all your income options and then take off any bills that you have through the month. The amount you have leftover is the amount that you can spend on whatever you want. If this isn’t as much as you hoped, then it’s important to think about a side hustle choice.

4 Quick Ways To Save That Are Often Overlooked - a fan of 100 dollar bills image — Photo by **Alexander Mils** from **Pexels**

budget, save money

Everything You Can Do To Improve Your Business’ Public Image

June 24th, 2021 Posted in Business

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When your business is starting to come into the spotlight, you want people to be able to see you in a positive light, rather than the lesser option when compared to your competitors. There are many reasons that a business might gain a poor reputation, and it’s because of a lack of care when it comes to how they represent themselves and their values. For example, higher-up members of your business being involved in controversy can be a serious issue to how the public views you, and it depends on how you handle it as a business.

Everything You Can Do To Improve Your Business Public Image - attractive store front image — Image by Scott Webb from Pixabay

Work on the appearance of your business

The appearance of your business is about more than how you act and show your values, but your physical appearance. It’s the way that you dress for work and the money and time that you’ve put into your workplace. Your physical presentation both as an individual and a business says a lot about your business. While it might not be an important attribute to everyone, there are many people who will take their first impressions from what they are presented with. Spend some money on your appearance, and your business will be rewarded for it in the long run – it will practically pay for itself!

Pay attention to your employees

If you have people representing your business, it’s important that you make sure they’re doing things according to the company values. Having a publicly known employee being outspoken on social media can be bad for business, and you want to make sure that there aren’t any individuals within the business who are bringing you a bad reputation. While you can’t control everything everyone does, you should at least make sure that your values are held up and you take that seriously through all aspects.

Evaluate employee satisfaction in the workplace

While your main focus might be on the things that are externally visible, it’s vital to make sure that your employees are happy and satisfied while they work for you. Not only is it crucial to their motivation and morale while at work, but it will help you become the desired business to work for. If people see your vacancies as great opportunities, you’re going to have a better pick of candidates, and your current employees are going to work hard to ensure they keep their job. Customer service isn’t always the most important factor, and people will favour your business more if you’re treating your employees properly.

Everything You Can Do To Improve Your Business Public Image - handshake image — Image by Adam Radosavljevic from Pixabay

Work on your online presence

If you’re going to grow as a business, you want to be present in as many markets as possible. If it doesn’t put you out of pocket, it helps to make sure you’re making the most of what you have. Having an online presence can increase your reach significantly, and there’s a lot you can do with it. For example, if you’re running a social media account, you can use it as a tool to bridge the gap between you and your audience. Putting yourself out there to interact with your consumers can help to create a stronger level of trust overall.

If you have a website, you want to make sure it’s well made and easy for your customers to use, otherwise it could lose you sales. Making use of usability testing tools and services can help you to make sure that your website is well-made enough for your consumers, and if not you can figure out what you should be improving! These tools are important if you’re going to find out what changes you can make to overall improve your business and customer experience.

Hold fundraisers

One thing that’s great for reputation is giving back. People love to see good deeds, and when you’re running a successful business, you’re in the perfect spot to give something back. Holding fundraisers so that people can gain from donating money to charities can not only help you to gain a better reputation by giving a lot of your profits to charity but also incentivizes customers to invest in you as they’re doing a good deed at the same time. There are plenty of charities to choose from, and it would be no challenge at all to find one that aligns with your company’s values.

Open more avenues for feedback

It’s important to know and follow the direction you want to take your business overall, but you should still take the time to listen to what your customers have to say too. While they can’t give you too much insight on major changes, their feedback can still be of great help when it comes to making changes in small areas. Whether it be customer service, the quality of your product, or the kind of product that you sell. Listening to your customers can help you give your business the edge it needs over your competition, and there’s no one who knows what your customers want more than the customers themselves.

Don’t cut corners on quality

The products and services that you sell are going to be what contributes to the majority of your reputation. You’re known for what you have to offer when you’re running a business, and having the best presentation in the world isn’t going to stop your customers from noticing the quality of your products and services. Ensuring that the quality of what you’re selling is up to standard is key to gaining customer favor, and people will happily shop with you again knowing that they’re going to be satisfied with what they get.

Improve your security

If you’re a business that stores a lot of private data and information on customers and employees, it is absolutely vital that you know how to keep that information safe. Having a security breach and leaking any of that data can severely damage your image as a business, and clients can easily lose trust in you. No one wants to give their private information to someone who can’t keep it from the hands of those with malicious intent!

business image, customer feedback, online presence