Moving abroad is exciting and often quite a daunting experience. With the multitude of arrangements and logistics, it can all seem quite overwhelming at the best of times. From the starting point of identifying the best countries to live in, to the final steps of finalising bookings with a reliable shipping company, you will find yourself exhausted by the many challenges involved.

 

One of the aspects that factors into every facet of moving abroad is detailed budgeting. Things can become extremely costly; it is easy to lose track of the many expenses involved in moving abroad. Mainly because many of the costs are unrelated to each other, and some may often come as a surprise. This is why we have put together this quick and convenient guide to managing your moving budget.

 

Manage Your Move Like A Project

To try and keep mental track of all the arrangements and logistics of a big move is to plan for failure. This is why it is essential to start your planning as you would a professional business project. Whether you decide to make use of an innovative project management app or you prefer to jot down all the details on paper, the way that you manage your budgeting will affect your spend. There are also tons of user-friendly budgeting apps readily available that will ensure the essential accounting factors involved are as accurate as they should be.

 

Set up the software on your PC, laptop, phone and tablet. Make sure to synchronise your account across all your devices for easy access and add your family members, children included, so that you can assign and manage even the smallest of tasks. Keeping track of your budgeting with the help of software will reduce errors and ensure all your information is stored in one secure place.

 

Basic Expenses First

There are several costs involved with moving abroad from the initial transport costs to the shipping and delivery of your belongings. However, you will find that while some expenses are basic necessities, others may be secondary costs that could be reduced or completely removed. Your basic expenses will include the costs of your visas and travel permits, travel insurance, essential travel vaccines, possible taxes on shipping your belongings, and pet vaccines.

 

Because of the high costs of shipping taxes and the standard shipping costs, many families consider the extreme savings and convenience of instead selling belongings and purchasing new household items upon arrival. Therefore, only travelling with items of sentiment and other items such as clothing may be a great decision.

Use Your Project Management Tools To Track Costs

It is imperative to keep track of various costs, quotes etc. By using your project management software, you can link corresponding quotes or invoices to the appropriate tasks. More importantly, you can reference these costs to keep a short calculation of projections for the costing of your move.

 

Understand the Value Of The Currency Conversion

Expensive is a relative term. Doubly so when it comes to currency exchange rates, understanding the cost of living in your destination country will inform the expenses you will feasibly be able to incur during your move.

 

Considerations such as the cost-effectiveness of replacing your household goods versus shipping them depend heavily on the value of the currency in which you are paying. It could also be the less expensive option to sell everything and buy anew as it may be to ship everything based solely on this factor. You may even find that you need to implement savings tactics to afford the move and adjust to the cost of living in your desired region.

 

Budgeting for the Unforeseen

This has become a popular term, although in and of itself a meaningless tautology. So what do we mean when we say budgeting for the unforeseen? Although you cannot budget or in any way prepare for the unforeseeable one can make informed predictions as to potential pitfalls.

 

We recommend that you start this process by asking others who have moved abroad. You can get some beneficial information on several online forums dedicated to expats, many of whom will gladly share any surprise expenses they incurred. Armed with as much knowledge of this nature as possible, you can calculate a general minimum average budget for unforeseen costs.

 

Planning For Your Arrival

Once you arrive in the new country, you may assume that all the sticky details are over and you will be able to finally enjoy your decision, although, you will need to sort out a bank account as a top priority. You may need to stay in a temporary residence for a few days while opening a bank account as you won’t be able to rent or purchase a property without a local banking account. However, there are a few ways that you can sort out your accommodation before your arrival. Therefore, it is vital to evaluate all your options well in advance.

Tweet

July 23rd, 2020 by financetwitter

If you enjoyed this post, what shall you do next? Consider: