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Prepare your finances for moving abroad with this guide


6th Apr 2021 Managing your Money

Prepare your finances for moving abroad with this guide

If you are giving some thought to moving abroad, then you need to know that you are not the only one. So many people are now contemplating moving abroad because they think that it will give them more opportunities.

If you are moving abroad and you do not have a good financial plan in place, then you may well find yourself without any kind of financial security and this is the last thing that you need. If you want to turn things around for yourself then the only thing that you need to do is take a look below.

Make sure that you have enough money

The first thing that you need to do is ensure that you have enough money. If you are serious about moving abroad then you have to make sure that you are not struggling for money. Ideally, you will have enough to cover your first 9 months of being abroad. Of course, this amount may well change depending on the job you have, the lifestyle you live and even the size of your family. You will also need to prepare for your security deposits and any other costs of settling in. If you want to give yourself even more protection, then you may want to cover any healthcare costs and the costs of actually moving your stuff with companies like 1st Move too. If you are not able to prepare yourself for all of this then this is understandable, but you should at least be smart about your situation. One thing that you can do to try and help yourself would be for you to try and take out a loan. Prekredit is just one of the many such services that you can use to try and help yourself to obtain the right credit.


Create a Budget

While it’s very important for you to have a lot of savings, you also need to work out how much it is going to cost you to live in your new apartment. If you do not understand the cost of living in the new country then your savings might not last as long as you’d think. Before you move, you need to think about the cost of food and the cost of your utilities as well. You also need to account for any other recurring expenses that you may need to pay out for at your destination too. This information will help you to create a budget for your monthly expenses and it will also help you to calculate your income in a much more practical way.

Choose your bank

Choosing a bank that is at your new location will simplify things for you when you get there. You have to make sure that you research your banks before you get to your destination if you can. You need to try and determine which international networks they use and whether or not they are able to issue you a Visa or a Mastercard. It’s also helpful for you to find out if they have an extensive network for ATMs. As if that wasn’t enough, it’s also important for you to look to see if you need a guarantor, as sometimes you will need to have someone who can vouch for you when you take out a card. Of course, in some countries, it is very easy for you to open a bank account. Others will not allow you to do it until you move and have a permanent address. If you can’t open the account before you move then do your checks and find out what documents you need before you make the move. If you can do this then you will be able to simplify things greatly for when you do make the jump.

Expat taxes

Moving from the UK does not mean that you won’t have to pay National Insurance. Even if you are exempt from this, you may still need to pay out for your taxes. Of course, if you know that you are going to exceed your personal allowance then you need to try and research as much as you can so you can avoid any potential issues.

Sort your pension

If you know that you are going to retire overseas then you will have to arrange for your pension to go into your new bank account. You can get your state pension, but you will not be eligible for any kind of automatic payments in the future. If you plan on moving overseas, then make sure that you book an overseas removal service. If you can do this then you will soon find that you can get the help you need and that you can also find out how much it is going to cost you when the time comes for you to move.

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