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- I resided in Switzerland for six years with my deceased spouse.
- After returning to Canada, I kept using my credit card as if it were a debit card.
- I similarly appreciate transparency regarding finances and hold respect for those who opt to rent rather than buy a house.
When I was in my early 20s, my now-deceased spouse, Remi, and I relocated to Switzerland.
Over the course of our six years overseas, my North American perspective was broadened to include an understanding of the customs and financial systems in this affluent country, along with how the Swiss handle their finances.
These are three significant distinctions in cultural finances that I encountered during my experience of residing and working overseas, along with how these disparities influenced my approach to handling money.
1. My Swiss credit card operated more akin to a debit card.
Remi and I had a joint credit card attached to it. joint bank account Paying off your credit card balance completely each month is financially prudent. In Switzerland, this practice is nearly mandatory.
Culturally, debt carries a negative connotation in Switzerland and should be avoided whenever possible. The emphasis within Swiss banking practices is to settle credit card debts completely each month, reducing them to zero dollars. When we resided there, numerous Swiss credit cards supported this approach rigorously.
The Swiss credit card named Remi and I agreed that if we failed to bring the balance down to zero by the due date each month, the bank would automatically deduct the outstanding amount from our account. Essentially, our credit card operated somewhat similarly to a debit card but with a slight delay.
I tend to use my credit card more frequently in Canada, partly due to this. good credit , you need to use credit. But, I still prioritize paying off my debt on time every month.
2. Discussing finances is not considered taboo in Switzerland.
In North America, discussing finances is considered a sensitive topic. It often involves concealment, embarrassment, and sometimes genuine dread when talking about money.
However, money is an integral part of our lives. It’s essential for our basic needs. Generally speaking, the Swiss approach financial matters with pragmatism. As such, most shop windows display their prices openly; thus, if you find something appealing, you can assess your ability to purchase it without entering the establishment.
Tipping doesn’t play a significant role in the local customs, and taxation operates somewhat distinctively, hence reducing the amount of estimation needed; thus, you won't have to open the calculator app on your smartphone for these purposes.
It was quite invigorating for me to see that job listings in Switzerland openly disclosed their salary ranges and pay scales. After all, why should one hide remuneration details? Just like we share our professional history and qualifications without reservation on our resumes (or CVs), transparency about payment seems only fair. This openness has resonated with me deeply and I view it as a vital component of understanding finances and gaining control over them.
3. The majority of Swiss residents prefer renting over purchasing houses.
I was raised in Toronto with the belief that someday I would manage to purchase my own property. However, nowadays, Toronto frequently grabs global attention due to its rapidly escalating real estate market, and home values have spiraled beyond reach.
The affordable housing crisis continues unabated in urban areas throughout North America and Many of my peers from Generation Y currently view owning a home as unattainable. In 2020, I moved from the city to a smaller town in Ontario, largely for this reason. buy a house .
In Switzerland, housing comes with high costs, yet owning property is not as culturally significant as it is in this country.
I was astonished to discover that just A tiny fraction of Swiss people own their homes or apartments. Over sixty percent of residents in Switzerland opt for renting homes, which significantly differs from trends observed in the US, Canada, and other parts of Europe. Cities like Zurich and Geneva frequently appear among the priciest locations globally; however, they share this distinction with cities such as New York City and Toronto.
I attended a holiday gathering at my friend’s partner's apartment in Zurich. The man she was dating, who worked as a legal practitioner, shared the space with two others: one being a medical doctor and another an experienced poker player. It puzzled me how those three individuals, all in their thirties, decided to cohabitate rather than living separately.
But when I laid eyes on their apartment.
It was astounding. The entire top level of a structure situated in an excellent area belonged to them. Each individual possessed their private sleeping quarters along with attached bathrooms, plus they enjoyed shared use of a terrace that encircled the apartment completely, offering unobstructed vistas of both the lake and the Alps. These up-and-coming working individuals chose to share living expenses as a means to manage affording this spectacular residence within one of the costliest urban centers globally.
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