Relocating overseas is an exciting and somewhat scary task. Whether relocating abroad for work, or personal reasons, creating a new life abroad is typically pretty expensive.
Beyond plane tickets and the costs of shipping your belongings, you might also need to consider the costs of relocating your pets, potential medical costs, and much more.
To help you spend as little as possible when relocating abroad, we’ve listed a few helpful savings tips.
Create A Budget
Your direct costs will include shipping your belongings, packing and unpacking, removal insurance, shipping insurance, storage space rental, financial transfer fees, accommodation costs, customs, and duty fees, visa costs, and flights.
However, you will probably have a few additional costs, depending on whether you need to relocate pets, get travel vaccinations, or buy new furniture abroad.
The best way to keep these costs low and know what to expect is to create a detailed budget that itemizes each cost.
Opt For Travel Medical Insurance
Travel health insurance is a worthwhile policy to invest in when moving abroad. This kind of medical insurance is essential for anyone that travels frequently or wants to relocate.
With travel medical insurance, you’ll be able to seek medical treatment with healthcare practitioners or a hospital of your choice. You will also have access to emergency assistance, emergency evacuation, routine checkups, a medication allowance, and much more. Beyond covering the costs of your health care needs while abroad, this policy also offers coverage for travel delays and lost baggage.
Relocate During Off-Peak Seasons
By planning your move strategically, you can save a small fortune on your flight fees. It’s much more affordable to travel during off-peak seasons. Moreover, you’ll also spend less on temporary accommodation when booking your stay during these periods.
Depending on the country you relocate to, off-peak seasons can differ. So be sure to confirm off-peak seasons before booking your flight.
Share A Shipping Container
One of the highest costs to consider when relocating is shipping your belongings. If you decide to rent your own container, you will spend quite a bit of money.
On the other hand, consider the option of sharing a container with a grouping method. This will allow you to save substantially by consolidating your shipment with others.
Travel With The Bare Minimum
As mentioned, one of the high costs will be shipping your belongings. As a result, it’s wise to consider parting ways with some furniture and personal belongings to reduce the amount of space you need in a shared shipping container.
You will find that it’s cheaper to buy new furniture than it is to ship your current items. So sort through your belongings and decide what you can sell before relocating. It’s typically best to only relocate with items of sentiment and those that are essential, such as your clothing, toiletries, electronic devices, and chargers.
Choose Affordable Accommodation
You might need to opt for temporary accommodation until you are able to find a home that fits your individual needs.
Instead of choosing a hotel or other accommodations that charge per night, consider short-term rental apartments or private rentals that are a lot more affordable. Short-term rental apartments are also more convenient because they are fully furnished, ideally located, and generally quite spacious.
Setup A Local Bank Account
You can save a bit of money by setting up a local bank account and transferring money from your current account to a foreign account. Transferring funds between the two account types will help you bypass international transfer fees.
Having a local bank account will also be more convenient as you will be able to access your funds upon arrival instead of having to wait for an international transfer to clear.
Choose An Affordable Area
Within any country, some areas are substantially more affordable than others. More often than not, cities and neighborhoods surrounding cities are more expensive when it comes to real estate and general living costs.
On the other hand, areas further away from cities and hotspots are more affordable. Even though you might spend a bit more on travel costs, you will save significantly on your everyday living costs.
Relocating abroad can be pricey, but when considering the many benefits of moving abroad, such as career growth, meeting new people, a safer environment, better education opportunities, and the chance to start a new chapter, the benefits of relocating should outweigh the hefty costs.
Nevertheless, it’s as essential to prepare mentally and emotionally as it is to prepare financially. Research your destination thoroughly, consider planning a visit before the big move, and be sure to keep in contact with friends and family back home. It’s also a great idea to plan a trip back home within the first two years to prevent feelings of homesickness from becoming overwhelming.