Traveling is exciting. Going abroad is one of those crazy experiences that you read about in books and watch in all the romantic movies. You want to have the adventure of a lifetime while riding your Vespa through Rome, going to nightclubs in Berlin, or walking the streets of London. But what happens when you don’t want the adventure to end? What if you made the leap and decided to move abroad permanently? Whether it’s for a semester at school, a new job, to be nearer to family, or just for personal reasons, moving abroad is a big and exciting step in your journey.
While vacation is one thing, actually moving abroad is a different beast entirely. Relocating can be an expensive venture and you want to be sure you are financially prepared to take on this step. There are a lot of moving parts and pieces to consider. Know how long you plan to stay in that country, what job you may be able to get, and how many people are coming along with you. Just because you understand leasing and energy costs and taxes of your home country, doesn’t mean all that stuff stays the same in your new place of residence. Try to save up as much as you can before you choose to move abroad and find simple tips and hacks to understand the best ways to save money. Remember, you aren’t on holiday anymore. You may actually become a homeowner and executive when you move abroad. The possibilities are endless, so here are some tips and tricks to make all those possibilities affordable as well.
Find affordable housing.
Perhaps the first step to moving anywhere is figuring out where you want to live. Depending on what area of the world you’re moving to, you may have several different options that are in your price range. Maybe you’re just looking to spend monthly payments on rent or you may be interested in taking out a mortgage in your new home. It depends on how long you plan to be out of the United States and a resident of your new country. Do your research and learn about the life of the loan and interest rates that are standard in your new location. Look into what a conventional loan is local, compare home loan rates, and find how you can get a lower interest rate for your property. Just because you’re new in that country and area does not mean you can’t get the best rate. It’s a good idea to know your stuff as a homebuyer so you have an affordable monthly mortgage payment, the best deal, and gain the respect of lenders and real estate brokers.
Don’t get scammed on your energy bills.
Another thing that is different abroad is energy costs. Each country runs its electricity off of different programs and energy densities. Know and understand what the best way to get energy for your home is. Again, it is often easy to find direct comparisons online to make sure you’re getting the best deal with the most effective energy. In Northern Ireland (NI) for example, you have specific costs and tariffs that aren’t common in the United States. Do an electricity comparison in NI so you can see different prices side by side and understand the average rate in your area. This will help give you all the information you need so you aren’t scammed as a foreign homeowner.
Determine how you want to get around.
Now that you know where you’re going to be primarily located, it’s time to figure out how you’ll get around your new city. Luckily, a lot of bigger cities have excellent public transportation systems. You can even get from country to country quite easily on most other continents thanks to trains or quick plane rides. However, if you’re looking for an option that offers you a little more freedom, you may consider investing in a new car. This can be another loan term purchase where you want to get the lowest rate possible. Or if you find the right seller, you can even buy a used car from a Toyota to a Honda to a Hyundai. Places that offer used cars for sale in Nigeria can offer you amazing deals with great closing costs or lower monthly payments than your average car buying experience. Whatever your income ratio, you may be able to get a great deal on a new car abroad so you don’t have to worry about the cost of shipping a vehicle overseas.
Pile up some savings before you go.
Moving to a new place is always going to come with a cost. It may be time to get the calculator out to try and decide how much you want to save before you take the leap. There are some ways to actually make extra cash to help cover your expected and unexpected moving costs. As you’re packing up for the big move, consider if there are any items you don’t desperately need. Can you sell some furniture or get money for your electric vehicle? How can you take any active material that you don’t want to bring with you and make some money off of it? Try and build up that emergency fund and extra money up so you have plenty to spend once you’re abroad.
Try your best to buy local.
Living abroad will definitely mean missing some comforts from home. But remember, those imported goods will now cost a whole lot more somewhere else. Try your best to buy locally sourced products whenever you can whether that is at the farmers market rather than at the grocery or buying local beer rather than spending a lot on Bud Light. Little steps like this will help you save extra cash.
Remember you’re not on holiday, plan your meals.
On any trip, you usually try to experience everything right off the bat. You want to check out all the great activities and restaurants throughout the city. When you move abroad, however, remember that you aren’t on holiday. You can’t spend the maximum amount on dinner every single night. Plan your meals and decide to splurge every once in a while rather than every night.
Understand and budget for your taxes and fees.
Just because you move to a different country doesn’t make you an official citizen of that country. You’ll usually be moving and able to work thanks to a visa or other travel papers. That being said, you may be responsible for paying taxes in two different places. It is up to you to communicate with the governments of each location and know what you will owe every year. Budget for these needs and consider the exchange rate whenever you’re sending money back home.
Get a local phone plan.
Being abroad won’t mean you completely cut off ties with your old life. In fact, you’ll still have plenty of family and friends you’ll want to keep in touch with, not to mention new friends to contact locally. Consider getting a new SIM card for your phone or look for ways to save on your plan now that you’ll be in a different country because those international minutes can really rack up a big bill.
Overall, your move abroad is an exciting adventure and you deserve to live your fullest life. Just remember that the more money you can save, the more secure you’ll feel when you’re there.
