So, you’ve decided that you want to live abroad. You’re thinking about which country to call your new home and you’re figuring out the logistics of moving all of your belongings across the world. Moving abroad is not a decision that should be taken lightly. It requires a lot of careful planning, time, and money.
Often, it’s not planning or time that’s the issue when people want to relocate to a new country. It’s the financial aspects of the move that are the most difficult to navigate.
Ways To Save Money When You’re Moving Abroad
Unless you’ve saved up for several months (or even years) before your relocation, you can end up with a very limited budget. Planning your move carefully and knowing how to save as much money as possible can be the answer to any money problems.
In this article, we’ve got a list of the best tips to save money that you need to know for when you move abroad.
Also, Read | Choosing the Best Master’s Degree Program in 2022
Find the Cheapest Insurance Quote
When you’re moving abroad, you’ll need international Travel Health Insurance. Your insurance will provide you with medical coverage in the event of accidents and injuries while you’re abroad.
In some countries, you are unable to access healthcare facilities unless you have valid travel health insurance. Even if you have private medical insurance in your home country, it may not be valid in your new country.
Travel insurance is a necessity when you are relocating to a new country. However, you can save money by finding the cheapest quote.
Different insurance companies will provide different levels of coverage. Search around to find a plan that offers the best coverage for your needs as well as the most affordable price.
Ideally, you want a coverage plan that enables you to access medical services 24/7 and covers travel delays or lost luggage. You may also want a plan that covers you regarding covid-19.
Clear Out Your Wardrobe
For obvious reasons, it’s in your best interest to cut down your belongings before you move. The more things that you have to ship, the more the international courier company will charge you.
Transporting luggage to another country can get expensive when you own a lot of things, especially if they are heavy and bulky, such as furniture items. Ideally, before you move, you should get rid of about half of your belongings. You can always buy new items when you reach your destination.
Go through all of your cupboards and drawers to see what is non-essential. Create two piles of items, one for the charity shop and one to throw away in the trash.
You can also create a pile of things to sell on second-hand websites, such as Poshmark or Depop. Selling your items will enable you to generate some money that you can use to help with your move.
While you are going through your belongings, you will need to be brutal. Now is the perfect time to throw away the useless knickknacks that you have been keeping for years.
As a general rule of thumb, get rid of any items that you haven’t used within the last six months. Remember that you can also repurchase the basic day-to-day items when you’ve arrived in your new home.
Search For the Best Exchange Rates
If you’re moving to a foreign country, it’s likely that they use a different currency to the one in your home country. Exchange rates can vary significantly depending on what services you use.
Shop around at a few different places to see which place offers you the best exchanges rates for your money. Reduce your losses and get the most out of your money so that you have more to spend on your move.
Stay On Top of Your Taxes
You might not fully understand the taxes in your home country, let alone in a completely different country. Every place has unique tax laws and it can get complicated when you’re figuring out how to organize your taxes.
There should be some information online about the tax system in your destination country. As long as you have registered yourself under the right category (such as employed or self-employed), you should be fine.
If you own your own company, you’ll need to register your business too. Most of the time, when you have made your initial registration, the authorities in your new country will get in touch with you to continue the process.
It’s essential that you register for taxes correctly to avoid any hefty legal fines. If you have no idea what to do when it comes to sorting out your taxes, speak to an accountant or financial advisor.
Although hiring a financial expert will cost you in the short term, it’s worth spending this money to avoid running into legal issues once you have moved. And we all know that legal issues are never cheap to resolve!