Three Tips for Financially Planning Your Move Abroad

If you’re planning to move abroad, or even across the country, then you already know that it’s going to get expensive. One of the most important aspects that must be constantly evaluated is personal finances.

You have to have a financial plan if you’re wanting to move anywhere or else you’re going to risk a lot of financial hardships and have stress overall. Moving is expensive, whether you’re buying a house, moving into some apartments, or whatever.

People who move can count on spending more than anticipated. It’s always important to formulate a plan when moving, but this should especially be formulated when moving out of the country (regardless of the country you’re moving out of). So these are some helpful tips for coming up with a solid financial plan before you begin your ex-pat journey.

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Begin by getting enough savings

This may be obvious, but it’s still better to have it repeated. If you’re truly serious about moving abroad, then you’re going to have to have a good amount of savings. This should cover things such as transportation, moving, insurance, emergency costs, security deposits, needed items when arriving at your new home, and housing costs as well.

Some other things that may be included could be registration fees, documentation or application fees for visas, and possibly even immigration lawyer service fees. Plus, you’re going to have to think about other things such as food, bills, and possible things you’re going to need in your host country such as new clothes.

There is a lot that needs to be kept in mind, and none of it should be neglected whatsoever. So it’s best to try to begin saving up as soon as possible. Even if you have the idea or hope of moving to another country, then you’re better off just going ahead and saving up now. Moving abroad isn’t the same as moving across the country. It’s far more expensive, bureaucratic, and the process itself takes much longer too.

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Look into the cost of living in your host country

You’ll want to try to do as much research as you can far in advance. This is going to include getting a general idea of what the housing cost is such as buying a house or even renting a space. You’ll also want to get an idea of what the weekly price of food is, especially to fit your lifestyle.

You also shouldn’t neglect the average amount of utilities, and how much those can cost per month as well. Other costs can include looking into transportation costs such as how much public transport is, how much a car costs, cost of oil, parking cost, and even car insurance.

Overall, you’ll need to try and get a general idea of how much it’s going to cost before moving there. You can look around such as ex-pat blogs, using a cost of living calculator, asking around, or even watching YouTube videos to get an idea of the general cost.

Create a budget

Once you have an idea of how much it will cost to make the move and how much the cost of living will be, you should then begin formulating a plan and start by budgeting.  Think about how you’re going to make the money, and maybe even give yourself a time limit as well.

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/