One of the hardest things of emigration is money. Nobody likes talking about it, therefore a lot of people don’t know what to prepare for when it comes down to the financials.
In this post I will tell you what you can expect in terms of costs and how you can make sure that you are ready to face them all
Financial starting point
Let’s start with how much you would want to save. The money that you want to have is different than the money you need. Out of experience I have learned that it is better to have a bit extra in case something unexpected happens. Life is unpredictable and full of surprises and sometimes these surprises can cost you money. So instead of running out and maybe even having to cancel your plan, let’s make sure you have plenty to go around with.
So where do you start?
You start with a list with all the things that you need for this emigration to become a success.
This list includes everything, literally everything, that you need for your emigration. I have listed a few examples below:
– Fees for your team of helpers (read more about them here)
– Fees for visas (more information on different visas here)
– Flight costs
– Basics, such as health insurance, phone costs, costs of your stay,
I assumed I wasn’t going to find work in the first 3 months, so I made sure I had enough money to fund my basics. This takes pressure of your job hunt, so you can take time to find a job that covers your costs, but is also enjoyable.
For you to be able to save this money, you need a plan. This plan will be a guideline that you can hold on to. It is a way to keep track and also keep you on track.
You need 2 things for your saving plan: a time line and a forecast of your income.
The time line is needed so you are aware how long you can save money for, before your adventure starts. I had a little less than a year to save for my emigration, went to the emigration fair in February and moved in December. I would recommend to take at least 12 months from the moment you make the decision to when you fly.
It gives you 12 months to save and prepare, but also, you can experience a whole year ‘for the last time’ as you usually spend it. I had my last Christmas with my family, without realising it would be the last one and I think it would make it more special knowing it will be the last Christmas/Birthday/Easter before you move.
So the time of saving will decide how much you need to save per month to eventually have enough at the moment of the move.
Forecast of your income
This forecast shows you your monthly income, as well as what you spend a month. Take your salary minus all your monthly expenses, such as rent, phone bill, petrol, groceries and see what’s left. Take another 50-100 dollars/euros off that you can use to do fun things with (dinner, movies, going out etc. and what is left is your savings amount.
Salary -/- monthly expenses -/- FUN money = savings
Now you have established your time line and the forecast of your savings, you can work out if you will have enough.
If you do, that is great. Stick to it. Create a separate savings account at your bank, so you don’t use the money until you have to.
Give it a boosting name: AUS ADVENTURE MONEY – keep yourself motivated to save it, because you will need it!
If you don’t then you are in the same boat as I was. I had a short period, but I didn’t wanted to change my time line, so I changed my savings forecast.
I started to cut into my monthly expenses and my FUN money. What did I do?
To save more money, I changed a few things. I moved back to my parents, so I would save money on rent as well as groceries.
I sold all my furniture, tv and other bits and pieces that I wouldn’t need at my parents place (and I would never bring to Australia).
And I stopped buying clothes. This might sound like a small thing, but over the period of 10 months it can make a difference.
I made the decision to not buy anything that I wouldn’t be able to bring to Australia. This kept me from buying things I didn’t need and made sure I could save as much as I could.
Here are some of my best tips to help you make your dream come true.
I know we say that money doesn’t make us happy, but sometimes we do need it to go to our happy place.
- Keep a list for one month with your expenses and have a critical look at it at the end of the month
let go of things that you don’t need – we all want to live in our own lovely place, but if you are going to move to a different country you have to give up your place anyways. If it’s an option move back home to save money, move in with a friend that might split the cost of rent and electricity.
- List all the things you definitely need
this way you have an overview and you know what you need to pay for. Ask your adviser/parents for any expenses that they can think of, you don’t have to do everything by yourself
- To ease your mind and give yourself a deadline, I even bought my plane ticket to get the expense out of the way, as well as giving myself a permanent deadline. No more excuses it is happening and I know when and I need to sort myself out before that happens
- Sort out your stuff in sections
From clothes to kitchen stuff, sort out what you don’t need and sell as much as you can. Use Facebook groups to advertise stuff that is for sale. I also donated a lot of my clothes. It made me feel good to clean up and get myself ready to pack, but also to do some good with the things that I was getting rid of.
Don’t cut yourself off totally. You can allow yourself to do fun things and spend money, just limit it. Instead of going out for dinner, invite friends over and instead of that beautiful coat, thing about the Australian adventures you can have for that money. If you don’t need it, don’t buy it.
- Stick to your plan
This is the most important one. Create your plan and stick to it – it is all worth it!
I hope this helps you to start saving and realising your dream. It is all possible. Don’t let the expenses scare you away. If I can do it, you can too!
Another post that might be interesting is In this post COSTS. I wrote about all my personal costs. The costs of the emigration process are different for each person, so your costs might be less than this. It is just to give you an idea of what types of expenses could pop up during your process. Read it here and let me help you to create an overview in this hectic but exciting time.