Moving overseas can be a very exciting prospect. That being said, it takes a special individual who is able to organize all of their affairs properly to be successful in their prospective move overseas. One of the most imperative aspects that you must set up and organize perfectly is your finances. Here are some tips to assist you in setting up your finances properly before embarking upon the exciting task of Moving abroad:
Tip 1: You need to plan beyond your initial Budget for the basics. The reality of moving abroad is that there are always going to be additional expenses even if you think you have planned your move to perfection. You should absolutely be setting aside additional funds to supplement these unexpected expenses to your budget.
One important aspect that is commonly overlooked is how various currencies can greatly affect your budget. It is imperative to know where to change your currency so that you are not overpaying for your exchange rates. Ideally, you should consider sending or exchanging money through Foreign Exchange companies. The reason for this is that they will give you the option to use a “forward contract,” which is a legal contract that agrees to buy or sell a currency at a fixed rate for a future date regardless of what the exchange rate is at that date. This is a great tool that allows you to anticipate exactly what you need to budget in wiring fees and the difference between various currencies.
Tip 2: Securing Housing. When going to live abroad, you must find housing; however, there is a way to save a great sum of money. In many parts of the world it is cheaper to negotiate your rent once you get there. The best way to do this is to use booking.com or Airbnb.com to stay for the first week. During this time, you can negotiate your rent and not pay the high Internet rates designed for foreigners.
Tip 3: Do not buy properties your first year. This is important because you may not want to end up buying properties at all. Carefully consider whether you are going to stay in this particular locale or explore the possibility of buying and then renting to tourists later on. This could be a great long term investment for you if you decide that you could make a business out of your property after your departure.
Tip 4: Consider learning the language and the culture. If you are going to be stationed in a Country that is very different from your own, more often that not, you are going to need to study the language. You should study the language for at least six months before you go so that you can communicate with the locals. This will end up saving you a great deal of money on negotiating your rent, market prices, and much more because the locals will respect your efforts and want to work with you. Additionally, you will need to study the culture of where you are going so that you do not offend the locals and they do not offend you. If you have a grasp on the culture before you go, you will avoid many problematic pitfalls that happen when you first move abroad.
Tip 5: Invest in an international phone plan. One of the most expensive things about being abroad is the cell phone. To avoid this, you must get an unlimited roaming plan from your home country or the country you are residing in. Many people prefer using one from their home country so that their friends and family are not charged extra fees. Make sure that the plan covers unlimited data and unlimited international texts. Then, when you want to call, turn on your data and use FaceTime or Skype through the data. This will allow you to call from video or audio on your data and not pay any additional fees. Additionally, you can call people regardless if you are in front of the Great Wall in China or the Pyramids in Egypt because the plan picks up whatever company is the local carrier to the country that you are visiting.
Moving abroad is a very exciting time and if you organize your finances well, you will have a rewarding experience that will greatly enrich your life for many years to come.
