Pages Navigation Menu

Everything Personal Finance

Money Moving Matters: Financial Advice When Going to Live Abroad

Deciding to make your home in a foreign land can be both exciting and daunting in equal measures. With so much to consider, you want to make sure that you are fully prepared for the task you have ahead of you. In this article, we are going to be focusing on one crucial aspect of living abroad: money. After all, you don’t want to arrive in your new country, only to find that you are struggling to make ends meet.

Create a Budget

One of the first things that you want to do is to develop a detailed budget for your relocation, taking into account everything including housing, transportation, food and drink, schooling, household bills and anything else you can think of. Living costs vary wildly from place to place, so you need to ensure that you measure your incomings and outgoings so you can enjoy a decent standard of living.

Check Out Your Banking Options

Every country has a different banking system, so you should work out what is involved in opening up an account in your new country. Other questions that are worth asking are ones involving interest rates, bank fees and ATM availability. You will be in a better situation if you can set up your account at the earliest possible opportunity, so don’t leave this particular task until the last minute.

Get to Grips with Your Tax Responsibilities

Before you move to a new country, you should make sure that you understand whether or not you still have tax responsibilities in your home nation. It is always a good idea to speak with a qualified accountant or financial services expert before you move abroad so you can get the fullest picture of what your responsibilities will be.

Save for Your Golden Years

Though you may not feel it is one of your top priorities, you should put retirement savings on your list of responsibilities. After all, you may be staying for an extended period of time so you need to ensure that you look after yourself during your golden years. Look at the different savings options that are available to you so you know the best place to start saving your money for the future.

Maintain Your Credit Score

The last thing that you want to happen is for your credit score to go south after you have moved abroad. Making sure that you don’t rack up any debts and you pay your bills on time every month goes a long way towards this. And to maintain your record in your home country, you can make some purchases on your home credit card and pay them off on time too.

Making sure that you are financially stable when you make the move abroad should be one of your top priorities, so use this guide as a starting point. Do as much preparation as you can before you go and if you can, speak to some people who already live there so you get first-hand advice.