6 money saving tips for moving overseas
March 18, 2019
Relocating overseas is a big project. You may relocate for work, for a lifestyle change, or to be closer to family. You might take your children or pets, or move as an individual. From packing your possessions and even selling your home, to creating a new life abroad. It can also be an expensive experience.
To assist you in your relocations, below are a few money saving tips to help you save some cash so that you can spend more on having fun in your new home.
Choose the best time to move
There are peak seasons for relocating – researching and choosing the right time for your move can be financially beneficial. Investigate the periods that are better seasonal markets for finding housing such as the end of the school year. You should also make a note of any key national events in your chosen destination, such as Chinese New Year or Thanksgiving, and steer clear of these dates if possible.
This is one great way you can be saving money when relocating. If you can be flexible about the delivery date of your possessions, then you may be able to make savings on shipping by using the groupage method. This allows you to consolidate your shipment with others and share a container, rather than having to carry the cost of your own dedicated container.
Set up a local bank account
Setting up an international bank account before you move can be an excellent way of saving money. By having an international bank account alongside a local bank account, you can transfer funds between the two and bypass expensive international transfer fees. A local bank account will also provide easy access to your money upon your arrival.
Get to know your local area
Local people have the best understanding of their city, along with invaluable money saving knowledge. Set about familiarizing yourself with your new surroundings at the earliest opportunity. From discovering the best local food markets to finding affordable shops and restaurants, getting to know your local area can help to cut costs in the long run.
Draw up a budget plan
Finding your feet in a new country can be a costly process, in fact it has been said that the first year in a new location is the most expensive. A simple way to streamline your spending is to create a budget, and then stick to it. Factor in allowances for exploring your local area and socializing as well as household expenses and food bills. Keeping track of your outgoings will help you to make savings if necessary.
Consider where you live
Although property prices may not be most affordable in Hong Kong, be realistic about the practicalities of setting up your new home. If you are looking to develop an active social life, the cost of taxis to the city centre may be greater than the money you save on living further out.
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