Moving abroad and starting a new chapter in your life can be extremely exciting and it may even be the best decision you’ve ever made. The only regret you may have is that you didn’t do that sooner. But, there are several things you need to know about moving abroad, and in the following article, we’ll go over everything you need to know about moving when money is tight.
Moving Abroad on a Low Budget
Renounce US citizenship
If you consider moving abroad, you can cut down some expenses, and the biggest of them is probably the US taxes. If you want to free yourself from paying taxes in the US, think of the possibility of renouncing your US citizenship. If you are no longer a US citizen, taxes won’t apply to you. But, there can be some advantages and disadvantages to this decision. Therefore, the best option is to consult a tax expert at 1040 Abroad that can help and guide you through the process.
Save up all you can
Moving abroad can be extremely expensive, depending on the country. As a future expat, you need to save up all the money that you can. Preferably, you need to have enough savings to last you for a comfortable life for around six months. There are tons of ways on how to save money before moving. One of them is cutting down all the expenses you normally don’t need. Those take-out coffees can save you up a bunch if you bring your own coffee from home for a while. Cooking meals at home is much cheaper than eating out every day, and using public transport can cut down your traveling expenses to a minimum.
Find a place to stay and a job
If you consider moving abroad on a low budget, you need to have a brief outline of all the expenses you’ll be having. That is why having a place to stay and a job waiting for you abroad is so important. You can always have a remote job, both full-time or part-time, that will bring you some money on the side, or it can be your main job. Working two jobs will bring you some extra income, but you need to have a balance between work and rest. While remote working has tons of benefits, the greater benefits come from working onsite. You’ll socialize and make new friends.
With digitalization finding your new home online is pretty easy. Just make sure that the page where you’re browsing is verified, has tons of customers, and always make sure to read the reviews on the houses and the apartments. If you want to save up, try looking for some cheaper alternatives until you get back on your feet. There are some pretty nice apartments with low prices, depending on their location.
Less means more
You’re leaving your previous home, and there are lots of things that you’ll have to leave behind if you want to save up. You cannot take all the furniture and every single thing that is left there. When traveling abroad, especially overseas, you need to know that less is always more. Over time, you’ll buy even better furniture and you can always replace all those towels and bed sheets you’ve left behind. By traveling with only the essentials, you’ll save up tons because you won’t pay extra for all the things you’ve packed to come with you.
Don’t dip into your saving if you don’t have to
The first months after moving, you’ll be exhausted, both from the moving and the emotional stress as well. Expat depression is common, and it takes a couple of months to get used to the new home and people. But, during those months you need to find the strength to move forward and eventually, to start making money.
You’ll have some savings that you’ve accumulated earlier, but you shouldn’t drain them to the bottom. It’s great if you can divide the savings into living expenses and emergency funds. The latter one is for emergencies only, like medical bills or situations where money is really tight. Other than that, you’re completely left on your paycheck and your living funds. To avoid sticky situations like this, you need to know how much money you would need for the first couple of months living as an expat.