When we consider travel abroad by ourselves, or with our families, we tend to focus on the positives: adventure, new experiences and building connections. As a coach, I am rather fond of concentrating on the positives yet I also love it when people remain financially robust throughout their travel adventure.
Before you move countries, please consider the financial impact of living abroad. Budgeting and forward planning is a sobering but ultimately empowering act of self-care.
So how much does it cost to move aboard? The short answer is much more than you would anticipate!
When the idea of travel first emerges, we tend to scribble down some costs related to the flights, accommodation and initial set up costs like phones and services. This list represents a good starting point yet some additional thinking is warranted.
Here are 4 additional costs you may not have factored into your sums!
Ongoing flights home
While you may budget for holidays in your new country, remember that most people like to take a trip back home to attend important celebrations or occasions (births, deaths or marriages) or experience some top-up time with friends and family. Be honest with yourself. How regularly will you visit your birth country? Calculating future flights costs is complex so err on the side of caution. For example, if you are travelling with children, most flights become more expensive as your children age. And many workplaces will only let you travel at certain times of the year, like Christmas, when ticket prices are high.Maintaining wellbeing
Relocation is stressful. Loneliness is real. Engaging with new friends, taking much needed holidays and keeping up with your exercise regimes all require money and effort. Expenditure on socialising or a gym membership represents enormous value in terms of your health, positivity and resilience. And they cost more than you think!Hidden housing expenses
Most people will rent when they first arrive in their destination country. Renting is rarely straight forward - even if an employer is sponsoring your first few months! As a newcomer, you will be navigating unfamiliar rental contracts and agents fees whilst simultaneously identifying a locality that suits your preferred way of living. You will probably move more times than you ever thought possible, and in the process, see quite a bit of money evaporate.Expenses arising from navigating a new financial, legal and taxation framework.
Will you navigate new employment contracts, send money back home or set up a new business while living abroad? Perhaps you may adopt or give birth to a child in your new country. Living in a new legal, regulatory and economic system feels like learning a new language. You may need to buy additional specialist services (like an accountant, lawyer or business advisor) to help you stay focussed, informed and financially protected.
It's impossible to anticipate every cost associated with living in a new country but conducting some research into wages, employment conditions and health rights is well worth the time. Don't be afraid. Be informed. Use the information you collect to drive your ambition and squeeze every opportunity out of your next life adventure. Of course, if you wish to explore your financial future in greater detail, a coach is always useful!