HOW TO BUDGET FOR YOUR MOVE ABROAD

Let’s face the reality of moving abroad. Moving abroad goes beyond the idea of buying your flight ticket and sipping coconut water on a beach like a boss. To move abroad without stress, you must understand all the costs involved and figure out how to handle them before even getting there.

A lot of people only care about processing their visa application and admission status, if they are going to further their education. As for the rest, they simply choose to “figure it out” when they get there. It’s a trap. This is why many people are stranded and miserable in foreign countries.

In this article, we will be examining what must be done when budgeting for your move in advance, to make your stay abroad as blissful as possible. You may need a notepad and a spreadsheet for this one.

Define Your Travel Goals

Not all travellers are the same. The goal of your travel will greatly influence how your stay would be. This will naturally influence your budget. So, ask yourself why you’re travelling.

If you’re travelling because you want to study abroad, you can’t compare your budget to someone going on a vacation. Expats moving abroad because of a new job opportunity can’t plan the same way as a person who got a job promotion and a transfer to another branch of their company.

Plan according to your goals. What would you need to achieve your travel goals? This should be among your first questions.

Decide What To Move

At some point in your planning, you have to decide which of your properties move with you and those which wouldn’t. Moving your properties abroad attract some costs. Decide whether the cost is worth paying. You may have some sentimental items you can’t let go. Can they go with you on the flight?

Sometimes, what you need is a moving company. Try talking to some and figure out the deal. When it comes down to it, you’ll have to decide if it’s more affordable to move your old items or buy a new one. This would really depend.

Another option you may want to explore is selling properties that are costly to move. By selling these properties, you can put the money together and buy new items abroad. Make sure you understand the cost first.

One other thing to consider about your properties is your lifestyle. Have you been trying to practise minimalism? If yes, your travel might be the perfect opportunity to explore this. A lot of people travel light. You may just live this option as well.

Decide On Where To Live

Before moving, do your research on your preferred location. Where would you love to live? Houses in different parts of a city would cost differently. Determine what your budget is for housing.

Another thing to keep in mind is proximity. If you are travelling for school, consider how close the apartment is to school. If you are an expat, ask yourself how easy it would be to get from the apartment to your place of work.

Would you be renting an apartment in your preferred apartment or buying one? Would you be living alone or considering a flatshare. Determine what your goals are, figure out what it costs to acquire your apartment, and plan accordingly.

Determine How You Would Live

Your day-to-day lifestyle plays a big role in your budget. Do you go to the gym? Do you visit clubs? Do you go to the bar? What kind of diet are you on? You may need to figure out how much things cost there. All these little things add up to influence your budget.

Your lifestyle will affect how much you spend on transportation. It would affect how much you spend on entertainment. It would determine how healthy you are and how much you may spend on healthcare.

Figure out your lifestyle and plan accordingly.

Figure Out Your Cashflow

How much money do you make per month? Yes, this is a good question. It might be the most important question. Your Cashflow plays a big role in what you can afford to budget for.

Beside what you make as income, do you have any debt you are servicing? Do you have to pay some mortgages. Be clear on these before budgeting based on just the gross income. Also, determine if your income would change after you move.

Moving abroad isn’t just about the flight ticket. This is important, but it’s just one of many factors. By carefully budgeting around your lifestyle, you can easily see what you can afford and how to live the best life you can.

Only those who budget wisely get to send good money to family and for projects. Luckily, you can budget on how you send and receive money too. With PassTo, you can enjoy low transfer rates when sending and receiving money. What’s more, the platform is built to be secure and reliable. What better way to appropriate your hard-earned money!

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