Taking a leap of faith and choosing to move abroad can be an exciting step to take and the start of a new chapter. However, to ensure that the dream of living abroad works out, it’s important to do a little work beforehand and get organised with your finances.
The truth is that moving your family abroad to start a life in another country can be an expensive step to take, and can come with a lot of admin. On top of all that, you have to take the time to get to grips with living in a country that has a different currency to the one that you’re used to.
When it comes to moving abroad, there are a number of financial mistakes that a lot of people make, which is why we have put together this guide to help you to make moving abroad and managing your finances while doing so, a little easier.
For everything that you should know, have a read of this!
Go online with your finances
Opting to use online banking can make the process of managing your money – regardless of where you are living in the world – a little easier and less stressful.
If your bank has an online banking system, consider setting up your online banking ready for when you move, to help make managing your money that little bit easier for you.
Obviously, eventually, you will swap to a new bank account in your new country, but in the meantime, you will want to retain the account that you hold in your home country, which is where online banking can come in useful.
Save for legal costs
Don’t make the mistake of forgetting that moving abroad can come with a range of administrative costs, including some legal costs that will need covering.
When it comes to your family’s legal costs, including the process of getting a green card, there are three options that it’s worth looking into, and it’s important to take the time to look into and understand each of them.
Before you move to somewhere new, it’s a good idea if possible to make sure that you are debt-free. The last thing that you want is to move somewhere new and have old debts following you, which is why it’s worth taking the time to try and clear any old debts before making the move abroad.
Or, if you’re unable to clear them, it’s important that you take the time to update your debtors in your new contact information. The last thing that you want is to end up being chased with letters and emails and phone calls because you’ve failed to update anyone who you owe money to, where you have moved to.
Moving abroad can be an extremely exciting step to take, however, it’s also one that comes with a lot of financial implications. That’s why it’s so important that you take the time to plan carefully, to ensure that when it comes to your family’s finances, that you’re all set to move abroad and start your new life somewhere new.