Deciding that you want to move abroad, for relationships, a big adventure, or for work, is very exciting. However, there does tend to be a number of costs involved when relocating. The question is, how do you mindfully prepare your finances to reduce stress? Well, with a little bit of time and some effort, you can make sure that all of your finances are calmly in good order before you move. Learning to mindfully manage your money will keep you calm and relieve the stress of moving. Not only that, but with the right planning, you can save plenty of money too.
Make A List Of Expenses
First things first, you’re going to want to make a list of possible expenses. Spend some time thinking of all the initial moving costs. Make sure that you are thoroughly researching moving companies so that you can be sure the one you choose has all of the services that you need.
Prepare Your Paperwork
Secondly, you need to get all of your paperwork in order. Start a file and be sure to make copies of your documents. Maybe scan the original paperwork and hand a copy to a trusted member of the family to keep incase yours ever get lost. It becomes much more complicated to get your birth certificate if you no longer live in the country of your birth. Many registry offices aren’t willing to send such sensitive documents to unknown addresses abroad. So before you leave, invest some money and time in getting all of your certificates and other documents in order. This will save you money and stop you getting stressed further down the line if you ever need a copy of your paperwork. Here are some documents that you are likely going to need.
- Birth certificate for you and your whole family
- Payslips, bank statements
- Driving License and papers
- Any change of name certificates
- Education certification
- Medical records
- Any work permits
- Marriage certificate
Consider Your Bank Accounts
Often people make the mistake of closing their home country bank accounts. If you ever intend to move back to this country, this is a mistake. Your credit rating will benefit from you either slowly closing your accounts, or keeping your account open and making the bank aware that you have moved abroad. There are many bank accounts that can be managed totally via your mobile. As you prepare your finances for the move, you might want to opt for one of the online global banks that operate across multiple currencies. That way they can help you set up an account before you leave.
Research Living Costs
The more you know about your new country, the better. If you have been able to secure a job, then you are in a very great position. Many countries have a lot of opportunities for expats, even when they don’t speak the same language. You will also need to make sure that you are fully aware of the potential ongoing living costs. Here are a number of things that you may need to consider as you prepare your finances ahead of the move.
- Rent/ mortgage
- Furnishing your place
- Exchange rates
- Any required paperwork for the country
There is nothing so useful as the advice and information that another expat can give you. They have likely stayed in the country for many months or years and understand the culture as well as the processes. There are many Facebook groups that you can join to help you get acquainted with other people. They will share their experiences, and sometimes arrange meetups. Attending these meetings will be the start of your social circle within your new country.
When moving, there are always unexpected costs that can surprise you. So saving money in advance, taking the time to mindfully prepare your finances and getting advice from experts and locals is going to save you time, money and stress when the time comes.