How to save money when relocating overseas?
April 12, 2016
Relocating overseas can be expensive. First you have to pack your possessions and even selling your home, then you have the pressure to shell out for the best new life abroad. Here are just a handful of tips for saving when relocating, 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.
Share containers 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 country bank account, you are able to transfer funds between the two and bypass expensive international transfer fees. A local country 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 be most affordable outside of the city centre, be realistic about the practicalities of setting up your new home. If you are looking to develop an active social life, the cost of regular taxis to the city centre may actually be greater than the money you save on living further out.
Want more advices on settling-in your new country? Get help from our local consultants.