Living and working abroad is a fantastic opportunity to embrace a different culture and broaden your horizons. You can experience things that you can’t on holiday and find out just what it’s like to be a local.
Moving to a different country temporarily or permanently can be tricky to navigate financially. But with the right preparations and guidance, you can continue to bolster your financial situation while you’re abroad. What are the best ways to go about this?
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Build your savings before you go
Packing up and moving abroad is a big step, so having a financial cushion behind you is always a good way to reduce the risk. Put away as much as you can into a tax-free savings account to fall back on if required.
Starting your new way of life without savings will make it difficult to begin putting money away because there are always things that need paying for. Avoiding debt is crucial to keeping you on good financial ground.
Get advice from other expats
Talking to other expatriates who are already living abroad is always a good idea. They can tell you what to expect regarding getting settled and the cost of living. They may also have some handy money-saving tips! Any insight is valuable in helping you to budget before you move.
Understanding immigration processes and the legalities in the UK and abroad can also be hurdles to overcome. Finding someone who’s done it already should help you to make the transition more smoothly. Otherwise, just ensure you do all the necessary research before you leave.
Budget like you would at home
There’s no alternative to simple budgeting, even if you are moving across the globe. You’ll still have to work out your income and expenditure to make sure you protect your financial stability. Get a good idea of your living expenses and create a rough budget before you leave – you can always correct it when you get settled.
Budgeting is one half of the battle – sticking to it is the other. Being abroad can feel like a holiday at times, but try to remain disciplined with your finances. You’ll be in a much better place if and when you return home.
Live like a local
You might stick out like a sore thumb at first in some places around the world. However, the more you can embrace the culture, the cheaper your lifestyle is going to be. Avoid the tourist traps by eating, drinking, shopping and relaxing like the locals.
You’ll enjoy cheaper purchases and you can gain a much deeper appreciation of what life is really like in that country or region. Sounds like a good deal, doesn’t it?
