Setting Money Goals So You Can Move Abroad

So you’re ready to get out of the US, but your bank account is telling you, “Not anytime soon.” Like it or not, money is a big part of moving abroad. Therefore, successfully moving abroad takes some financial planning​

If you want to move abroad this year or within the next two to three years, creating financial goals is one of the biggest steps you can take toward starting a new life abroad.​

In general, having at least one financial goal for the year can help you improve other areas of your life as well.You can skip to the bottom if you want more general financial tips that aren’t linked to moving abroad.​

For now, let’s focus on setting some money goals​

3 Money goals to help you move abroad

1. Set a savings goal

This goal will cover how much you need to save to cover your costs to move abroad and include some money to cover at least your first month’s expenses. This is a good goal to have if you plan on moving abroad and finding work or moving abroad with a remote job.Start by creating a savings total by calculating​

• The cost of your move, such as plane tickets, visa costs, accommodation for the first month, food, and transportation costs.

• Whatever that total turns out to be is your savings goal for the year, six months, or whatever length of time you need.​

2. Create a spending goal

Chances are, your savings goal is a significantly large number. The easiest way to start saving for that amount, without getting a sugar daddy or selling a kidney, is by curbing your spending habits. Creating a goal around your spending can look like:​

• Eating out less

• Canceling subscriptions you don't use

• Not buying the latest iPhone when your current phone is perfectly fine

• Avoid using your credit card

Along with this, another goal can be around paying off debt. Eliminating your debt is ideal, but if you can’t do that before you move abroad, then set a goal to lower your debt by 20% or something similar. As someone who moved abroad with debt, you want to aim to lower your debt to an amount you can afford, even with a lower income.

3. Save money for an emergency fund

This is something I wish I had better planned for when you moved abroad. You want to have some extra money put aside in case you have to buy a last-minute ticket back home or move to a new place because your Airbnb has an upstairs neighbor who struts around in her heels at 3 a.m. This is your fallback money in case things don’t go as planned.​

To create this goal, figure out how much you need to save. You can come up with a number based on the cost of last-minute return flights, the average cost of rent where you’re moving to, the cost of medical procedures, or whatever number makes you feel the most secure.​

Let me know in the comments which money goal you're going to work on this year.

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My name is Kiersten and I help digital nomads plan out their finances so they can move and thrive abroad.

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