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How Should I Save Money to Move to Another Country?

Thinking of moving to another country? Many Americans are leaving the U.S. for a lower cost of living and/or a better job opportunity. In some countries, a lower cost-of-living and a booming economy mean you won’t just save money, you could stand to make money, as well.

Below are ways to save money to prepare to move to another country.

Decide Where You Are Moving

Location is the biggest consideration in the cost of moving abroad. How much it cost to move abroad to somewhere with a higher cost of living like New Zealand, Australia or Europe will mean you’re going to need to save more than moving to some places in Asia. Whether you enjoy relaxing by the beach, hiking in the mountains or living in a big city, you should already have a good idea of the type of place you wish to explore.

Create A Budget Spreadsheet

You can go old school and write out a moving budget in a notebook, but creating a budget with today’s technology is simple and convenient. You can easily customize rows and columns in Excel for a simple budget template or download and use a budget-specific app.

Budgeting apps can be as detailed or simple as you need; you can customize rows, columns, automatically create charts or graphs and categorize expenses. You can use the same process for multiple cities and fill them out in the spreadsheet. By doing this, you can start to compare cities and see which option is best for you.

Housing in a Foreign Country

One of the trickiest aspects of buying a home overseas is figuring out the financing. If you’re planning to go through a foreign bank to get a mortgage, be prepared to shell out a big down payment and potentially pay a high-interest rate.

Consider getting a pre-approval ahead of finding your realtor so that you can get the ball rolling right away. If you’re wondering about real estate in Toronto, this is going to give you a realistic idea of what you can actually afford.

Prepare With Visas, Passports, Customs and Budget Travel 

One of the biggest costs of moving abroad can be your plane tickets and other travel necessities. Keep an eye out for good deals so you can (potentially) save hundreds on your plane tickets and hotel stays. If it doesn’t bother you to have a layover or two, you can save a lot of money by purchasing plane tickets that stop more and have longer layovers. Look up ahead of time what exact documents and visas you need in preparation to land in your new country.

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