Moving to another country can be a wonderful experience, filled with new opportunities, cultures, food and people. But it can also be a costly time in your life, especially when considering the price of international logistics, not to mention moving your bank accounts and personal wealth across borders too.
So today we are covering some of the best ways in which you can save money when moving abroad, so you can get the most of your expat experience, without having to pay out the nose for it. Enjoy!
Only bring what you need
It goes without saying that the less furniture and other personal belongings you bring with you, the less you will need to pay for shipping and logistics.
We recommend downsizing within reason, but do not go overboard, as it can be important to have certain items and objects that remind you of home, and that bring you comfort in your new life.
Sell what you leave behind
If you have time enough before moving, consider listing your belongings that you leave behind on used marketplaces, in order to generate some extra funds, and also give your beloved items a second life when you explore your new life as an expat.
This will not only save you money for shipping overseas and provide a nice little extra cushion of cash, it is also environmentally friendly, as the people you sell to can avoid buying new and wasting resources that way.
Spend some time researching
The more you know about the country, people and culture of the place you are moving to, the more prepared you can be for any unforeseen expenses.
Some countries require foreigners to leave a set amount of money in a locked bank account as a form of security deposit, while some may have specific visa requirements that necessitate additional financial documentation.
Begin planning ahead of time
The sooner you begin scouting the real estate or rental market, the better in most cases. This can help you find the perfect place to call home, or the perfect agent to help you settle in.
If you are moving to a new country to start a job or school on a specific date, you will need to find accommodation before that period, and being under time pressure can lead to poor decisions, expensive ones, or both.
Keep an open mind
Once you are beginning to settle in your new home, don’t ignore offers from locals that wish to show you around the area or give you friendly tips. This can be small things, like which types of taxis to use or markets to visit, that will help you save money in the long run.
But establishing some personal connections will also help you networking, perhaps offering you a better deal on your rental situation through shared friends, or they can tell you which car dealerships or mechanics are legit, and which aren’t.
Learn the laws and rules
Not only should you of course avoid getting in trouble with the police, but this also applies to the tax authorities in the country you are moving to. By spending some time getting comfortable with their way of doing things, you can set yourself up for success, and avoid expensive back taxes or fines.
This also ties in to learning about which pension funds, healthcare insurances and other important concepts and social arrangements that you might want to make use of, as an unexpected accident can be extremely expensive in certain countries around the world.
That’s it! We hoped you liked the tips and tricks we had to share, and we hope you will enjoy your time living abroad as an expat. If you have any recommendations feel free to leave a comment down below. Take care!