Moving to a foreign country is far different than moving locally. In addition to finding suitable housing, you also need to be financially stable prior to moving day. Here’s how to finance an international move and how to keep yourself stable.
Budget Accordingly
Moving across the globe is a huge investment, so going in blind isn’t a good idea. Much like moving to a new neighborhood, this isn’t something you can rush. You need a solid game plan as well as the right amount of money. Creating moving budgeting is the best way to prepare yourself. Here’s what needs to be included in your moving budget:
- Moving company fees
- Airline tickets
- Acquiring your visa
- Cost of housing
- Travel insurance
- Storage costs
- Lawyer fees
- Education costs
Getting a lawyer, specifically an international lawyer, is an optional expense. They’re mainly there to help guide you through the process and let you know what your legal rights are in other countries. If you’re moving abroad for education, you’re going to need a way to pay for it. Having Earnest private student loans available is a great way to finance your education. Private loans are ideal for people moving across countries, not only because of the lower interest rates associated with them, but also the repayment terms. They also offer refinancing options for those who are already paying off student debt.
Find Your Dream Home
Getting your finances in order is only the beginning. As you’re getting everything organized, you need to look for a new home. This process can take a while, so it needs to be done in conjunction with preparing your finances and the necessary documentation. Regardless of the country, you’re moving to, you want to find a place that’s both comfortable and convenient.
You will also want to make sure it is a safe and sound financial choice. You should always hire an inspector to look over the home and discover any potential for your next space to be a hidden money pit. It’s possible an apartment or house may not have everything you’re looking for, so try to be flexible in your wants and needs. This is especially true if you’re a little strapped for cash. Research listings in the area and decide what you can and can’t live without.
Maintain a Solid Credit Score
Your credit score is one of the most important factors when it comes to your finances. However, living abroad for a decent amount of time can lower your score. Your credit score can still be lower even if you don’t use it. Granted, that doesn’t mean you should spend more than you can afford to pay back. The key to maintaining a good credit score while living in another country is to balance out your spending. If you can’t use your credit card in a physical store, you can always shop online. The main reason why you want to keep your credit score in check is that you don’t know what can happen in the future. If you need to return to the U.S for some reason, having a decent credit score can be a lifesaver.
