Being brave enough to plan and execute moving abroad is worthy of respect. It’s a huge challenge. However, aside from bravery, you also need to be informed. There’s a whole lot that goes into relocating overseas. One of the most important things is knowing your budget and how big of an expense to expect. Of course, most people don’t keep much money on the side. Not for moving, at least. So, this begs the ultimate question – how much money should you save before moving abroad?
At the risk of sounding like a modern-day philosopher, everything is relative. This simply means that, no matter what the rules are, you are a variable. Depending on many different factors, including your own preferences, the amount of money you should save before moving abroad will vary. You need to be ready for everything. And if you’re looking into this matter to estimate when you need to start saving, the time is now. Well, actually, it was yesterday.
The answer to how much money you will need for a relocation abroad is simple: a lot. Luckily for you, we’re not here to get the simple answer. The truth is, no one can tell you the exact amount of your upcoming expenses and, therefore, how much money you should save before you consider every single detail of your financial status and your plans. Thankfully, you can always contact someone more experienced if you’re a complete newbie when it comes to managing personal finances.
Factors to consider before figuring out how much money to save
To figure out how much a relocation abroad will cost you, you need to consider various factors and what expensed the relocation itself entails. Here are some life-related factors to think about:
- Are you purchasing a home or renting?
Saving money for a down payment requires some dedication. So, it’s essential to know what your plans are regarding your living arrangement.
- Does your upcoming move come with a job offer?
If you’re moving to an already planned out situation, there’s a lot less than you need to worry about. Many companies take this weight off your chest and onto their own budget. However, if you’re moving without a plan or a steady income waiting for you, that might be a bit more challenging. If you’re working remotely, you can try to take on a loan for the time being. Just don’t go too overboard.
- Are you moving alone or with your family?
If you’re single and trying to save for a move, things might seem a bit tough. However, don’t get discouraged. There are also significant benefits to living a single life abroad. You’ll be freer to explore whatever opportunities come your way.
- What is your lifestyle?
Instead of asking how much money you should save first, start by asking yourself a different question. What is your lifestyle? What are you expecting from your future home and workplace?
- Where are you moving to?
Location is another huge factor to consider. If you’re moving to a busy, expensive city, your costs will be much higher.
The greatest moving expenses when moving abroad
When it comes to moving itself, there are two major expenses to include in your calculation.
Find a reputable moving company
A moving company that’ll help you relocate accounts for a considerable chunk of your moving budget, true. However, finding reliable assistance for this important task is imperative. A reputable company will also give you a precise estimate of your relocation cost, without hidden fees and unpleasant surprises.
Whatever you do – insurance is key
When considering relocation expenses, many people fail to include insurance. Nonetheless, once you take the time to acknowledge all the benefits you’ll get from this single expense, you’ll quickly realize that it would be insane not to do it. After you have insured your belongings, you will feel much calmer. Hopefully, you’ll be lucky enough never to find out how much insurance actually helps.
Qualities to look for in a moving company
Make sure that they’re affordable as well as reliable. Look for movers who can offer precise quotes, who are insured, and have an individual approach to each client, such as U. Santini Moving and Storage, and you will ensure a smooth, stress-free move.
- Don’t do this if you’re in debt
If you’re in debt of any kind, it would be best to pay it off before starting your life overseas. Another good piece of advice is to try and not go into any amount of debt during the first year post-move. It will be a stressful time, and you’ll want to purchase some items to feel more secure or comforted. It would be best if you didn’t.
- Keep saving up after you’ve moved as well
Many people estimate how much they’ll spend without taking into consideration what’ll come next. Include the expenses that are coming afterward as well. Don’t splurge on unimportant things. Stay humble and wait out this period. You can do this!
So, how much money should you save before moving abroad? Well, there is no definite answer. Each relocation and each situation are different. The important thing is to know what aspects of the move you need to think about and what expenses to expect. Then, you can proceed to calculate an approximate sum.