Things To Consider When Budgeting A Move Abroad
*This is a collaborative post*
It’s a dream for a lot of people to move abroad, be that for a few years or permanently. Either way, it’s important to have a budget in place to make it run smoothly so you can enjoy the experience even more. Have a look at some of the things to consider when thinking about your budget for moving abroad below.
Think About Your Funding
You may already have employment lined up and know what your take home will be each month or you could have savings put away that you will be able to rely on for a few months but do you know what your living expenses are going to be? It’s a good idea to not only have an estimate of your income but also to put some time into researching how much it’s going to cost you to live. Some of the things to think about are, how much your mortgage or rent will cost, an estimate on what you’ll spend on utilities, the cost of a weekly food shop and how much traveling around is going to cost you. If you’re still going to be earning an income from the country your moving from then it’s really important to have an understanding of the exchange rates, you can often get this information from whoever you are banking with.
Your Existing Debts
No one wants to talk about debt but the fact is, almost every person has some sort of commitment that they need to pay each month. This is definitely something of importance to consider before moving abroad, are you planning on paying as much off as possible before going or are you taking the majority with you? You can check what you owe at the moment by using online tools such as Experian or Clearscore. You might even still have mortgage payments to pay because you’ve chosen to rent while away. If you have chosen to rent your mortgaged property out, on occasions your income might differ, especially if it’s sometimes left empty so it’s a good idea to have some savings put by to cover this. How you decide to tackle your existing commitments is down to each individual but it’s something that cannot be forgotten when making that move.
Finding The Right Home
Have a think about where you’re going to live when moving. Are you planning on buying, renting or maybe your going nomad and will find out as you go along. Whichever way you chose will determine what budget you are working with and give you an idea of what you need to save or what your income needs to be each month to live comfortably. Location can have a massive impact on your budget so it’s wise to find the best location house for sale to suit you. You should consider things such as how far a commute you will have and the distance to the local shops or schools as moving closer to these may reduce your overall living costs. Don’t compromise on what you want too much though, if you want to budget for an extra bedroom for the family to visit or for a big garden for the kids to play in then just make that a priority, it will make moving away much more enjoyable and exciting.
The Actual Move
When budgeting for a move abroad the moving part could take up a large chunk of your budget especially if you’re moving permanently and are taking personal belongings with you. If you are planning on moving a lot with you there are special companies that can help you organize this. What about pets? If your going away temporarily then maybe a family member will be able to help but you will still need to consider giving them some funds to look after your little fluff ball while you away. However, if your moving for good then taking your family pet will most likely be a top of list thing. All countries are different with regards to rules and regulations for bringing a pet so budgeting for additional vet visits, organizing separate travel or quarantine stays may be needed. Probably most important is to have a plan in place for how you’re going to arrive in your new destination, are you traveling by plane, train or maybe even car? Whatever way is best for you, include this in your budget, if your able to travel by car it may reduce your moving expenses as you could pack the car full of your belongings rather than having them shipped but remember to consider the cost of petrol, food on the road, ferry trips and any extra insurance that may be needed.
Got any tips for budgeting a move abroad? Why not share them in the comments section below?