Moving Abroad is exciting and a glamorous dream of many people. However, not everyone is aware of the costs involved.
What a wonderful feeling it is when you first arrive in a different country. It’s a new beginning of an exciting journey. One of the first things you might do is get some food, and because you’re not on a holiday, you will most likely need to buy groceries. After you conquer the challenge to find a supermarket and find some familiar food, you ’ll need to pay. You brought some money or a credit card and pay the first bill.
“A budget is telling your money where to go, instead of wondering where it went.”
–John C. Maxwell
So far so good, but you may also need extra furniture for the place you’re renting, where you also need to leave a deposit. Then, you’ll need a new phone provider, internet, TV, gas, electricity, etc.
How will you pay these initial payments? Do you have a local bank account? Can you open an account if you don’t have a job yet? Can you open an account with your passport or will they request a local I.D.?
When you live abroad, one thing you can be sure of is that your finances will be under pressure. When you first consider moving abroad, it is very important to check your funds before diving in head first.
Some people can handle money struggles no sweat, but if you’re not earning big bucks, it’s worth putting a little cash aside as an emergency fund, especially in the beginning when you’re getting settled.
Watch my one minute video about the importance of money abroad.
Keeping a little on the side is also important for the extra travel you will probably be taking when going back to visit family and friends, as opposed to them visiting us. My mom is great in reminding me very gently: “Rachel, you are the one who chose to live abroad, not us.” Just like me, many expats include one or more trips back home in their budget and schedule.
There’s no blueprint solution to how much money you’ll need to begin your life abroad, but I created some questions to help you gauge the expenses you’ll have and how they can vary based on personal lifestyle, priorities and travel style. You can read about them here.
Take a deep breath. You can’t possibly have all the answers clearly outlined right away. It may seem scary, but if you simply plan in advance, you’ll be able to keep your stress levels at a minimum no matter what obstacles come your way.
I look forward to staying in touch with you and sharing more information about achieving success abroad. You can also check out my book Living Abroad Successfully. Meanwhile, let me know how I can help.