Although
many expats leave their home countries for employment purposes, many relocate
for the different lifestyle options. Either way, before deciding to move
overseas it is always important to consider your financial position, both the
one you are leaving and the one you are moving towards. This guide will help
you make informed choices.
Having
the option to move abroad is exciting! There may be a new language to learn,
the destination culture could be hugely different from that of your home
country, perhaps the weather is better? These are all significant factors that
will play a huge part in determining the success of your expat life, however
the one thing that affects us all enormously is the cost. What does it cost to
be an expat?
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| Shopping at the market in Istanbul, Turkey |
Research,
research, research!
How
much can I earn? What do things cost? How much is food? These are sensible
questions and a little research can find you answers to each. The internet is a
great tool for finding information about another country. Search for real
estate agents to discover the rent prices, local supermarkets to compare the
cost of grocery shopping, job listings in your industry to evaluate your
potential income. You can also search for information from tax offices and
health care systems. Travel guidebooks provide information about the costs of
meals in restaurants that can guide you on how much your social life could
cost. Several agencies that assist people with international relocation can
also provide information, and international cost comparison charts are helpful too.
Prepare
Keep
an eye on the news in the year or months ahead of your departure and try to
develop an understanding of the economy in the country you are moving to. You
may be optimistic that the economy is in better shape than that of your home
country; you may not. However you see it, it is often sensible to save a bit of
money ahead of making an international move, to provide a financial cushion to
avoid stress about unexpected costs or enable you to settle in before you seek
employment.
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| Florist, Aix en Provence, France |
Enjoy
Experiencing
expat life teaches you so much. Whatever the financial costs involved, your
wider knowledge of different cultures, better language skills and improved
confidence and independence enrich your life. Personally I find the experience
more fulfilling, and desire it more, than accumulating money in the bank.
Ultimately,
of course, what your life costs, is up to you. There are so many variants
between people in terms of what they consider necessities and what are
considered desirable that it is impossible to say living in one country will
clearly leave you in a better financial situation than another. However, with a
little research, it is possible to learn a lot about your destination and be
confident about your move abroad. Good luck!
