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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week’s episode starts with a discussion about how to check in on your money goals for 2021.
Then we pivot to this week’s question from Kaylan, who sent us a text asking:
“My husband recently got a new job in Germany and we will be moving later this summer. It’s a three-year contract, so we may only be there for that time frame but potentially longer. Should I open a German bank account? I plan to keep my US accounts open but how should we go about money management for a temporary time in a foreign country?”
Check out this episode on any of these platforms:
When doing a midyear money check-in, take stock of various parts of your finances — like flexible spending account contributions, debts in forbearance and car expenses — and know whether any of them have been affected by recent changes in Congress or in the economy. FSA contribution limits, for example, are higher this year. Then see how you’re doing on your . Given the reopening of the economy, you may want to reset your goals or tweak your budget.
On the topic of managing money while living abroad, know how to save money and make managing your finances easier. If you’re living in a different country long term, opening a bank account there may make sense, but know that you’ll likely have to prove residency and that some banks have a high threshold for proof.
In general, take advantage of easy strategies to save money while you’re abroad. These include getting a SIM card for your cell phone in the country you’re in instead of using your domestic cell phone plan, which may have high rates for international service. Also, look for banks that don’t charge foreign transaction fees. Some credit cards may have this perk, too. If you’re going on an expensive trip, consider buying .
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