How to save money when relocating overseas?

Relocating abroad to a new country is an exciting experience, but the cost that comes along with it can be quite overwhelming. Getting your current property rented out or sold, finding the ideal home in your new destination and looking for a suitable moving company to manage your move are just a few examples of things that would require you to fork out money. 

To help ease things, below are a few tips on how you could save some cash while planning your move:

There are peak seasons for relocating – researching and choosing the right time for your move can be financially beneficial. Investigate the periods that are better seasonal markets for finding housing such as the end of the school year. You should also make a note of any key national events in your chosen destination, such as Chinese New Year or Thanksgiving, and steer clear of these dates if possible.

If you can be flexible about the delivery date of your possessions, then you may be able to make savings on shipping by using the groupage method. This allows you to consolidate your shipment with others and share a container, rather than having to carry the cost of your own dedicated container.

We all sometimes have the habit of hoarding one too many things thinking we might actually need it in the future, or because of sentimental reasons. Moving gives you the perfect opportunity to get rid of belongings you don’t need Marie Kondo style! Re-evaluate if you really need or want to keep the items in your home as it would incur a higher cost to move them with you. A few things to consider and help with the process, ask yourself:

Once you have your move date confirmed, keep in mind to check in with your utilities provider to properly schedule the cut-off dates. Utility bills take up a huge percentage of our monthly expenses, so plan it well to avoid paying an additional cost unnecessarily. 

Although property prices may be most affordable outside of the city centre, be realistic about the practicalities of setting up your new home. If you are looking to develop an active social life, the cost of regular taxis to the city centre may actually be greater than the money you save on living further out.  

When settled in your new home, take the time to explore the city and your local neighbourhood. Find out where to buy groceries at a cheaper price or which restaurants to go to for a value meal. Getting to know the locals will also help to speed up your research as they will have the best knowledge on the city you have relocated to.

Setting up an international bank account before you move can be an excellent way of saving money. By having an international bank account alongside a local country bank account, you are able to transfer funds between the two and bypass expensive international transfer fees. A local country bank account will also provide easy access to your money upon your arrival.

Finding your feet in a new country can be a costly process, in fact it has been said that the first year in a new location is the most expensive. A simple way to streamline your spending is to create a budget, and then stick to it. Factor in allowances for exploring your local area and socializing as well as household expenses and food bills. Keeping track of your outgoings will help you to make savings if necessary.