Moving to a new country: it’s exciting, it’s exhilarating, and maybe it’s just a little bit intimidating. Making sure you have all your finances in order before you hop on that plane will help you feel a little more secure and confident when you get to your new home. Here’s how to get started.
Define your goals
First thing’s first. Be clear about why you’re moving abroad and what you hope to get out the experience. Did you get a promotion? Or are you planning on being a digital nomad and freelancing your way through Europe? Are you working as a sailing instructor in the Bahamas and traveling the Caribbean in your free time? Knowing what you want to get out of your experience will help you prioritize your budget and allow you to spend more on the things that really matter to you.
Add up your debts
Make a list of any financial obligations you’re taking with you when you move. These might be student loan payments. If you’re a homeowner you’ll still need to consider that mortgage payment in your plans even if you’re renting or Airbnbing your house while you’re gone. Everything will probably turn out fine, but there’s always a chance your renter falls through or you can’t fill up your Airbnb schedule. You’ll need to have some savings set aside to step in with the mortgage payment if that does happen.
