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 need
You 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.
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.
Perfect your side hustle
The best way to save money is simply to have more money to save. If you’re an artist, work on selling more of your pieces. If you’re a web designer, look for ways to get more clients. Doing this will also help you continue to make money when you move. If you haven’t quite found a side-hustle yet, the internet offers a plethora of odd jobs, like online juries, surveys, and other side gigs. I worked at the football stadium and basketball arena in my city to bring in a little extra cash flow, which added up quicker than I thought.
Use your time wisely
You will definitely need time to save your money. Don’t start figuring out your financial situation a month before you hop on the plane. It took me about a year of two jobs and limited spending before I had enough savings to leave the country without a job. Some people can do it in less time; it all depends on your income and spending habits.
Let technology help
There are some great apps to help get your money right. Mint and Digit are popular free apps that pull together all your bills, cards, and savings goals. Just having your bank’s app on your phone will help if you check your balance every day and make sure you are staying on target.
What money saving tips do you have? Share in the comments below!