Making the decision to move to a different country is an exciting prospect, with many opportunities and adventures to look forward to. But the process of relocating requires lots of planning and organisation, including preparing your finances.
Some steps you can take to help you budget for this can involve creating a budget plan, saving as much money as you’re able, and researching the cost of living in your chosen destination. In this blog, we’ve put together some useful money-saving tips to support you with this process.
Having knowledge of the cost of living in your new home is a key part in the process of moving abroad, giving you a good idea if an area is within your price range.
Things to research are accommodation costs, groceries, transport options and eating out. This can give you a realistic picture of what you can expect to pay and to determine if it is right for you.
As well as this, look into different neighbourhoods in the location to discover what kind of area you want to live in. You might prefer a quieter and cheaper area, where living outside the city centre is a better option, or favour the countryside, which could be ideal if you like being surrounded by nature and enjoy a slower pace of life.
It’s wise to start saving as early as possible if you’re planning a relocation to a different country. Having savings can be invaluable, as you can incur many costs during this process, such as flights, accommodation costs, and furniture purchases.
If you’re able, try and set aside an emergency fund for unexpected expenses you could face, which can make you feel more reassured in the event that something goes wrong. Setting some realistic goals can also be a good idea of keeping on track with saving.
Opening a dedicated savings account can be useful as well, as it means you keep a certain amount of money separate from your normal everyday spending. Often there is also the option to set up automatic payments with your bank to help you remember to deposit money.
Planning out a practical budget can help you stay organised with your finances ahead of your relocation and is a good way of managing your spending.
How you set out the plan is up to you; there are lots of different tools available to do this, such as online apps, spreadsheets, or traditional handwritten methods if you prefer. It could also be beneficial to split this into different spending categories to give you an idea of how much each section will cost.
Some things to consider as part of your budget plan are:
Your tax obligations could also be included in your budget plan, and can vary between different countries. Ensure you spend time checking your tax requirements in both your country of origin and the country you’re moving to so you know what regulations and rules you need to follow.
Knowing how much you will need to pay in tax can help you create a realistic budget for living costs once you arrive in your destination. If you’re moving abroad for work, getting in touch with your new employer may help you gain access to this information.
International private medical insurance (IPMI) is another thing to consider in your budget, which can help protect your and your loved ones’ medical needs when you’re living or working overseas.
It can provide you access to high-quality medical care and the with flexibility to choose who you’re treated by as well as where you’re treated, giving you the reassurance that you can seek medical treatment if you become ill.
For some more information about what can be covered in expat health insurance plans, have a read of our blog.
The type of visa you need can depend on different factors, such as whether you will be working in the country, how long you will be staying, and your nationality. Spend some time research which kind of visa you need so you’re equipped with the correct knowledge.
Collect all of your important documentation together and store it in a safe space for easy access and to prevent anything from being lost. This can be useful during the visa application process, helping you save time on trying to locate information.
Additionally, obtaining a visa can sometimes be a lengthy process, so make you stay organised and begin your application in plenty of time.
Also don’t forget to check the validity of your passport and anyone you’re travelling with in advance of your move. Certain countries only allow you to enter if your passport is within date by a certain period of time, so make sure you have a look at your destination country’s requirements.
Similar to your visa application, look at your passport validity as early as possible, as this process could take time too. Having all of this organised can make the process much less stressful, and gives you more time to start planning some fun activities in your new home!
Overseeing your budget overseas can be challenging, from the big expenses involved in getting settled to managing daily living costs.
International private medical insurance (IPMI) is designed to protect the healthcare needs of individuals, families, and couples who are living, working, or studying abroad.
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