Life as an expat in Singapore has so many positives, and you might see yourself spending many happy years in the Lion City. If you’re considering moving back to your home country one day, there are several important things to consider before making your decision.
You recently read about the benefits of specialist financial advice if you’re thinking of moving back to your home country, but what about the non-financial factors?
Read on to learn about five considerations that could influence your decision about whether to move home to help you make the right choice for you.
1. What might your work-life balance be like at home versus in Singapore?
Work is often the driving factor behind expats choosing to move to Singapore, but depending on the time zone of your company’s headquarters, it might mean many late-night or early-morning calls. We often speak to clients of ours who are working long hours to the detriment of their overall wellbeing.
For example, if you work for a US company, a 10pm call from Singapore might be possible during normal working hours in the US, UK, or Europe. Consequently, you may be able to spend more free time with your family or pursuing your hobbies.
If a move home could facilitate this, it might be a sensible step to take.
2. How could moving home affect your children’s education?
If you have children, you’ll likely be especially concerned about how a move back home might affect their schooling. For example, are they approaching any significant exams that might affect their future if disrupted? Do they have a close group of friends they would miss if they moved away, or do they miss friends from back home?
Moreover, where can your child access the best quality education to help them achieve their potential and their goals? These are all questions that are important to consider, and it’s perhaps even worth speaking to your children about them if this feels appropriate. Their opinion can help ensure you make the right decision for your whole family.
3. How easy is it to access useful services back home versus in Singapore?
Being such a busy and modern city, it’s easy to find anything and everything you need here in Singapore. Restaurants and bars tend to stay open into the early hours, healthcare services (while expensive) are usually easy to use, and public transport means it’s easy to get around.
This is another sometimes underestimated part of the lifestyle as an expat that you might miss if you’re moving home to a city or region that is less well-connected. So, consider the impact it has on your quality of life, and whether you can expect the same level of convenience if you move home. Moreover, reflect on how big of a priority this convenience is for you and your family both now and in the future.
4. How often will you be able to see your friends and family?
One of the downsides of living in Singapore might be that you don’t have the opportunity to visit friends and family from back home as often as you’d like. For a fortunate few, their families are able to visit them here, but if this isn’t possible, you might only be able to see family in person when you make the trip back home.
If having friends and family around you is important, this might be a deciding factor for you.
5. How might your social life differ in your home country versus Singapore?
Singapore is a bustling city popular with expats from all over the world. As such, there’s always something going on and someone to catch up with. Your social life might be busier than it’s ever been here, which can be exciting and fulfilling.
So, think about how your social life might change by moving home. Depending on where you call home, you might find yourself experiencing a kind of “reverse culture shock”, as you acclimatise back to a different pace of life.
The next thing to consider is how important the social element of living in Singapore is for you and your family. This might be an important factor in your decision to move home.
Whatever you decide to do, make sure you keep in mind your long-term goals and the things that make you happiest. These form the foundation of your financial plan, but as you’ve read about above, there are lots of non-financial factors that can affect them.
