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November 27, 2017

What do you need to do on a budget and live abroad?

Expat Budgeting

Before moving to your new home

If you have planned to move to a new country, then the very first course of action when you want a good budget is to start to save up as much as you can, this will help you pay for moving services as well as your visa application. You should also consider saving some money for emergencies when you settle in, or if you decide you want to go back home.

It may also be wise to regularly check the exchange rate, especially if you are about to exchange a large amount of money into a different currency. You should also take note of any sort of economic or political events that may affect the exchange rate, for example Brexit and the Pound Sterling. Keep a close watch on the news to help you.

It will be much easier to change your money if you have already set up a new bank account in where you’re planning to move to. You may have trouble with doing this with the local banks in your new destination. It is however easier to find an international bank that operates in your country and find if you are able to open an account with that bank before you need to leave. Remember you must provide the necessary documentation when opening an account.

You should also check the frequency of ATMs of the bank you have chosen. Find out if you are allowed to take money from other bank’s ATMs as well. The country you choose to go to may not have an ATM as frequent as your home country.

Your bills

When you plan your desired budget, and have found a job before you leave, it may be hard to figure out what your real budget might be until you have found a permanent accommodation. You will also need to have a bank account in order to set up standing orders as well as direct debits to make bill payments much smoother and automated.

Most people find it best to go for temporary accommodation when they arrive. This decision is great as it lets you view properties in person so you know what you will be getting. You will also be able to plan and research more on your budget and costs. Research the costs for the rent and utilities, internet, food, general lifestyle etc.

You will need to also find a good insurance plan that works in the country of your choice. From health insurance, to car insurance, its always best to be protected financially in any case of an accident.

You can either get travel insurance for a short term stay, or international health insurance for the long term. You should choose one that is best tailored to what you need as an individual, or as a family.

Budgeting

When you have completed your taxes and bills, you will need to plan/budget what you have left. This is so you know what you have for food, travelling costs, and other daily living expenses.

You may be able to save some money by going to local markets to buy cheaper, local food products. You may also compare the price of products at different stores to find the best. It is also best to minimise food wastage and only buy what you need. You should also plan your meals every week so you will know what you’re eating. Another benefit is that you won’t have to rely on potentially expensive restaurants if you haven’t pack your food.

This article has been kindly sponsored by MajorCompare

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