Highlighted Articles

Be a Financially Empowered Expat Teacher!

September 19, 2020


My name is Sorcha Coyle and I’ve been teaching in the Gulf (Qatar and Dubai) for the last 8 years. I have always taught local students and I love the unique cultural insight that this has given me. Outside work, I love travelling (not at the moment, of course! #flattenthecurve) and the sunny expat lifestyle! In my time abroad, I have been fortunate enough to save six figures, which I have used to purchase 2 properties (a 4-bedroomed house in my home country and a 3-bed apartment in Spain), start a profitable investment portfolio, complete my Masters, set up a side business, and travel the world. Today I will talk about my “why” and how it pushes me to save more and more each year. Then I will share my “how” with you, so you can boost your savings too!

Why?

9 years ago, when I lived in the UK, I was working at a lovely school but because of my long hours and low pay, I was incredibly stressed and overwhelmed. I was spending well over 50% of my salary on rent (in a shared apartment) and after council tax and bills; I was barely breaking even each month. Meanwhile back in my home country of Ireland, we were facing our worst economic crash. In 2008, the construction industry collapsed. Businesses went bankrupt. Property values plummeted. Almost overnight, hundreds of thousands of citizens lost their jobs. Honest hardworking people couldn’t repay their mortgages. Many lost their homes. From that moment on, I swore to myself that I would be financially empowered. I wanted to have peace of mind no matter the state of the economy. Soon I realised that I had to take a drastic step to fulfill this goal, so after much research, I moved to the Gulf region in 2011. As an expat there, I have job security, a great salary, zero rent, and zero tax- what is not to love about it?

It is true that the expat life has so many wonderful aspects- the high salary, the job security, the sun, and the standard of living. However, it has one downside- it is unpredictable. We might plan to teach here forever with its tax-free salary and perks, but life here can change in the blink of an eye. We might lose our job (sadly more common since COVID reared its ugly head), do something silly and get deported, or we may have to go home for family reasons. Whatever the reason, we want to have something to show for all our hard work.

Moreover, many of us are no longer paying into our private teaching pension at home, which means we must have alternative methods to fund a comfortable retirement that will allow us to lead the kind of life we have now. Speaking of pensions, right now we have longer to work before retirement (until 68 instead of 65) to qualify for the state pension. Unfortunately, by the time we get closer to retirement, the state pension age may even have been pushed up to 74 years.

From the day I began teaching abroad, I realised the incredible saving potential that this situation gave me and made a decision there and then to maximise it to its fullest.

How?

Regardless of where we work, us single teachers have a great opportunity to save tonnes and set ourselves up for life, financially.

How much you save all depends on 2 factors:

1) How much you want and plan to save

2) Your desire to do extra to save as much as you can

Let me go into more detail…

1) How much you want and plan to save

Saving does not happen by chance; you must absolutely plan for it. You need to set a financial goal, make a budget, and then work hard to stick to it to achieve it. I highly recommend setting SMART financial goals. This means that your goals are:

  • Specific: You have a specific amount of money in mind.
  • Measurable: You can break your goal down and set yourself weekly, monthly, half-year, and annual targets to chart your progress.
  • Attainable/achievable: This is REALLY IMPORTANT! Look at your monthly salary to make sure your monthly saving allows you to live as well!
  • Realistic: AGAIN, this is REALLY IMPORTANT! While you are working abroad, you have to enjoy yourself too by socialising, travelling, etc., so if what you need for a house deposit is completely unrealistic in a 2-year timeframe, then either look at a smaller and cheaper property or decide to commit to living abroad for 3 or 4 years instead. Sometimes, you will be homesick and lonely as an expat teacher, so feeling like you’re broke all the time while you save will probably discourage you from staying and ruin your expat experience!
  • Timed: If you plan to work abroad for 2 years, break it down into months and weeks, i.e. 24 months = 104 weeks to save it up. This makes your goal seem a lot more attainable. If 2 years is not enough to save for your house deposit, then perhaps extend your timeframe to 3 or 4 years of teaching abroad? Again, break it down into months and weeks to know how much to save each week, month, etc.

From Day 1 in Qatar, I told myself I’d save €100,000 before I turned 30. I don’t even know where I plucked that number from- it just seemed like a nice round number! By having this SMART financial goal, I was focused and knew that I had to save a certain amount each month. It also continuously motivated me as I would have a competition with myself and try to beat my previous month’s savings! I was 25 when I moved to Doha and I managed to smash that goal when I left 4 years later at the grand old age of 29. However, I didn’t reach my savings goal just from sticking to a budget and saving as much of my teaching salary as possible. I knew that if I wanted to accelerate my ability to save, I would have to increase my (streams of) income! Read more below….

2) Your desire to do extra to save as much as you can

In addition to saving as much of my teaching salary as possible, I do a few more things too…

  • I only apply to schools whose packages include a decent rent allowance rather than school accommodation because I know how much it can boost my savings provided the amount is equal to or above the rent of a one-bed apartment in a nice part of the city in question. I then rent a studio, so I can pocket the difference! Last year, I saved $7900 of my rent allowance by doing exactly that.
  • During my summer holidays, I always spend a month working as an English as a Foreign Language (EFL) Teacher at a summer school in the UK.
  • I have a side business called Teach Abroad Transformation, which teaches future and current expat teachers how to craft an outstanding CV and cover letter that guarantees them an interview for every single teaching job abroad they apply to.
  • I tutored students of all ages most evenings in Qatar.
  • For a few years, I would work in a friend’s parents’ shop in my hometown for a few weeks in the summer (after my month at the summer school in the UK!), which I absolutely loved!

All those actions above have helped me reach my target of saving six figures in 8 years, so these small “sacrifices” are 100% worth it! What can you do this year to boost your savings?

As well as teaching full-time, I am also the founder of Empowering Expat Teachers and my mission is to empower future and current expat teachers to lead personally, professionally, and financially rewarding lives! Follow me on Facebook, IG, and my blog for lots of helpful tips and advice to help you become an empowered expat teacher too! I have recently set up the Financially Empowered Expat IG that focuses exclusively on saving more, earning more, and retiring with more and you can find me @thefinanciallyempoweredexpat on IG!

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Traveling Around

Traveling Around: Hong Kong, China (The life of an international school teacher is good!)

March 14, 2015


Get inspired to make your next travel plan!

Traveling Around: Hong Kong, China

Can you relate?

• Being overwhelmed by the thousands of people you see as you are getting out of the metro system.
• Trying your best to just walk in a straight line on a sidewalk because of all the people around you trying to also walk in a straight line to their destination.
• Enjoying the wonderful view of the mountains and sea and thinking how nice it would be to live here.

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• Keeping your head looking up to the sky as you are walking around the city because of all the amazingly tall skyscrapers.
• Finding it very cool to get the chance to walk into a little temple and observe the locals in a non-obtrusive way.
• Being surprised to find that the normal grocery stores here have a wide range of products, including many products from my home country. How nice!
• Walking around the city and randomly running into the local zoo, realizing it is free and taking advantage of looking at all the cool animals on offer.

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• Loving looking at all the large signs on each street, how they jet out over the streets.
• Eating at a more ‘local’ restaurant and getting the chance to eat some of the seasonal dishes on offer.
• Finding out that expats here can go to mainland China for some time, to go shopping, without having a tourist visa.
• Feeling lucky to go up to the peak on a cloudless, sunny day. The view is really outstanding.

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• Running into a school that had outside walls that were so colorful and inviting.
• Riding on the old trams in the downtown area and finding out that they were shipped over long ago from somewhere in the UK I think.
• Taking a ride on a smaller city bus and seeing that there was a number sign telling how fast that the driver was driving.
• Enjoying eating at the non-restaurants places, like the ones that just have take-away food available, such tasty food!

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• Being astounded hearing about how much apartments actually cost there, so expensive!
• Hearing Cantonese being spoken through the city, but then not really meeting anyone that didn’t also speak English.
• Finding it surprising how much there was discrimination between Hong Kongers and mainland Chinese people.

Currently we have 29 international schools listed in Hong Kong on International School Community. Here are the ones that have had comments submitted on them:

 American International School (Hong Kong) (Hong Kong, China) – 24 Comments

• Hong Kong Academy Primary School  (Hong Kong, China) – 34 Comments

• Hong Kong International School  (Hong Kong, China) – 62 Comments

• International Christian School (Hong Kong) (Hong Kong, China) – 19 Comments

• Singapore International School (Hong Kong) (Hong Kong, China) – 14 Comments

• Yew Chung International School (Hong Kong) (Hong Kong, China) – 17 Comments

If you are on a trip right now, away from your host country, write to us at admin@internationalschoolcommunity.com with your “Can you relate?” traveling experiences.  Tell us where you are traveling in the world, what you are seeing and how you are coping with any culture shock.  Once your Traveling Around experience is posted on our blog, International School Community will give you SIX free months of premium membership!

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