Hi First name / Rebellious Soul!
This is a question that I get a lot.
How much money do I need to move abroad?
And I must say, when I moved to Cape Town I didn't have any control over my finances. I left without knowing how much was actually coming in or going out. To be honest… I took a leap of faith.
I had about 5000 euros in my savings account left (after I looted it for parties and to pay all my visa fees) and I had my job in Cape Town secured where I was going to earn 900 euros gross - a normal South African salary.
I don't really recommend this strategy - if we could already call this a strategy, lol - but on the other hand, I did survive and I did create an abundant life abroad for myself. So nothing is undoable.
However, this is how I would do it now:
Step 1: Create a buffer
Create a buffer to sustain yourself for a period of minimum 3 months, in case you lose your job or don't have an income. DO NOT TOUCH THIS MONEY! Act like it doesn't exist. This is your buffer in case you end up in a situation of life or death. Life or death ONLY. This money is here just to give you peace of mind. You basically never ever touch this money - did I already mention this? You'll be surprised what it does to your inner rest knowing that you have this buffer. It will enable you to think more clearly, have so much more control over your move abroad and enjoy your journey.
F.ex If I need 1000 euros every month just to survive, cover my bills and my living expenses (without any extras for myself like clothes or fun outings), then I would need a buffer of 3000 euros.
Put your buffer in a separate savings account.
Step 2: Save up your moving-money
Save up the amount of money your move will cost you. This includes:
- Your flight ticket or petrol for your car (in case you're driving)
- Extra luggage you'll have to pay for or a moving company for your furniture
- Visa fees
- The deposit for your house rent
- Household stuff you'll have to buy upon arrival
F.ex. a vacuum cleaner, kitchen plates, cutlery, a duvet, … - Start-up admin costs
F.ex fees to open up a local bank account, travel insurance, … - Buying a car, scooter, bike,… to get around abroad if public transport isn't an option at first
- An extra amount for unforeseen costs
Put the moving-money you saved up in a separate savings account.
Step 3: Secure a monthly income
Make sure once you start renting a place, paying electricity, buying food, having fun, … basically LIVING, that you have a monthly income you can live on.
A job at a local company in the country you're moving to, a remote job or running your own business are a few ways to create a consistent income.
Put your monthly income in a separate account (preferably your current account).
Let's get you moving abroad!
I hope this helped. I'm currently working very consciously on my own financial freedom and it feels freakin' amazing!
I truly hope this has given you more peace of mind and a better idea of how to prepare yourself financially for your move abroad.
In Good Vibes,
