How to get your money right for moving abroad
Moving abroad can be exciting, scary, and liberating all at the same time. One of the most stressful parts is figuring out how to get enough coins together to transplant yourself. Here are a few tips to help you save enough money to move to another country
Figure out how much you needYou will thank yourself immensely if you set a target number for how much you need to save. It'll save you from guesstimating and potentially overwhelming yourself
Of course, you need to plan for your plane ticket, but also think about things like how much your visa will cost, where you will be staying, and when you will get your first paycheck. For me, I knew I need to have enough money to pay for a deposit and first month's rent, then wait another month before I got a paycheck. I also added in some money for food for a month and came up with a general goal
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Evaluate your "Latte Factor"Financial guru David Bach created the term "The Latte Factor" to explain that frivolous spending adds up over time and ends up eating a big chunk of our yearly income. His theory is instead of making those little purchases (i.e. lattes and eating out) every day, we can save that money and generate wealth
I canceled my cable and tried to make more meals at home using local (read: cheaper) ingredients from farmers markets. I can't say these practices immediately added $2,000 to my bank account, but being more aware of my spending habits definitely helped me save a couple hundred dollars each month. Calculate your Latte Factor to see how much you can earn with small savings