Staying financially stress free as an expat

Two things are for sure, emigrating is everything from rewarding to difficult, and even good things invariably come at a cost.

The dream of leaving the stress of a Northern life and settling down in a laid-back, inexpensive tropical haven is shared by many, some of whom simply don’t appreciate the fact that nowhere’s perfect and challenges will still arise. Covering your back by setting aside enough cash to deal with problems as they develop is the only way to avoid the same stress which caused you to give up and leave your home country.

Research into your selected destination before you even visit is essential, as it gives an idea of the costs involved in living the life you’ve yearned for. Whether you’re emigrating via a job offer, retiring or desperate for a change of emotional as well as physical scenery, determining an appropriate budget is the first move. Estimating the costs associated with owning or renting a property is one thing, but pitting aside enough to cope with the unexpected is another, often ignored, necessity.

For example, if you’re planning on owning a car, just considering its retail price is a mistake, as running costs, fuel, services and repairs and replacements need to be factored in rather than ignored until they hit home. It’s the same with healthcare, however inexpensive, as accidents do happen and humans don’t stay fit and healthy for ever. Even gifts, potential travel costs and seasonal expenses need to be taken into consideration, and if your much-loved dog makes your house a home, vets’ bills need to be allowed for.

One thing’s for sure, unexpected expenses come at unexpected times, causing stress if the budget hasn’t allowed for them. Checking whether there’s a way to borrow, opening a new credit card and paying it off regularly or even borrowing from family are all ways out of a crisis, and often result in more awareness as regards planning for emergencies in your new laid-back, almost stress-free life.