SAVING MONEY WHILE MOVING ABROAD

Several million Americans have moved abroad to find a better and cheaper way of life. These people range from single, young nomads to those who have families with young children. Americans, Canadians, Brits, and Australians alike are looking for a more practical, comfortable, and inexpensive way of life and have found it hard to do so in their home countries

While most people might think it odd, crazy, or even dumb to move to a foreign country, the ones who have done so will swear by it. It is not a common practice for those who are comfortable in their structured and affluent communities to up and move to a foreign country. What many people don’t realize is that developed countries offer a better infrastructure and a “societal norm” by your paying more in taxes, housing, gas, medical bills, and daily living costs.

Smiling young woman in straw hat in her 20s waiting for flight in modern airport terminal building, holding mobile phone, looking at screen, using cellphone app or messaging

By moving abroad, you have the capability to cut your bills in half. With technology permitting jobs to be performed from abroad, you can either choose to work for yourself or try to find a gig teaching English. Be sure to bring the proper equipment—like a 110 220 voltage converter—to make sure your technology works.

Most Americans spend over half their salary on regular expenses while those overseas can usually get it down to a fifth of their salaries and use the rest as a travel fund or savings account. Even though you might make a bit less, you can most likely save twice as much or more.

Visit First

So, you’ve decided it’s time to move to Northern Thailand or a remote state in Mexico. It’s important that you spend some time in your destination to understand what you are getting yourself into.

Is it possible to make a living in this location? Is there a language barrier and, if so, how will it impact your daily life? Vibing with the locals is a crucial piece to understanding the culture and gauging how well you will fit in. It’s also important to use this time to get prepared in understanding the things you need to bring with you. For example, a 110 220 voltage converter will let you plug in your electronics without you having to break the bank investing in all new plugs.

Sort Out Your Income

Before traveling anywhere, having a savings account with some money to help get your new life started is important. A “nest egg” will assure your comfort while getting settled in your new home, your work, and your daily life. Perhaps you need to transfer banks. These are some things that should all be looked into before moving.

Working Abroad

If you are working remotely, lucky you! You can set up a budget based on your current income. If you plan to teach English or intend to find a local job, be sure you have the money to float you until you start getting paid regularly. Since it will be less than what you are used to, be sure to set up the appropriate budget.

Technology

Before leaving, it is important that you are prepared. Be sure to pick up your voltage converters. Knowing your new city is important. Whether you are going to India and need to get an India-compatible power adaptor or you are heading to France and need to pick up the right supplies for a French electrical outlet, doing your research is a crucial part of the puzzle.

While heading abroad, make sure you are doing it the smart way. Be prepared, go with a savings account, and stick to a budget. Welcome to your new life overseas!

Sources

1. http://www.nomadicmatt.com/travel-blogs/move-overseas-family/
2. https://www.currencyfair.com/blog/how-to-save-money-while-living-abroad/
3. https://www.vice.com/en_us/article/how-to-move-abroad-when-youre-young-and-broke