{"id":21027,"date":"2018-08-23T12:00:23","date_gmt":"2018-08-23T16:00:23","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=21027"},"modified":"2020-05-09T08:08:35","modified_gmt":"2020-05-09T12:08:35","slug":"7-ways-to-effectively-manage-your-finances-as-you-plan-to-settle-abroad","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/7-ways-to-effectively-manage-your-finances-as-you-plan-to-settle-abroad\/","title":{"rendered":"7 Ways to Effectively Manage Your Finances as You Plan to Settle Abroad"},"content":{"rendered":"
The trend of <\/span>settling abroad<\/span><\/a> for better career opportunities, better standard of living at low costs, and savings is not entirely new in the U.S. This is actually a viable option in certain countries which have a great economy along with a lower cost of living. Settling in such countries may ensure that you not only save money but earn some profits too.<\/span><\/p>\n These countries include the BRIC nations (Brazil, Russia, India, and China). With lucrative incentives like encouraging opportunities in terms of investments, easy <\/span>personal loans<\/span><\/a> with a low rate of interest and other financial incentives, settling here does ensure a bright future. However, before making any full-proof plans in investing abroad, a thorough understanding of the financial implication of leaving the U.S. is essential. And, as always, a sound planning and early preparation are also very helpful. Here are a few pointers to refer to:<\/span><\/p>\n 1. Time to start saving!<\/b><\/p>\n Before contemplating the idea of moving abroad, it is <\/span>recommended to save<\/span><\/a> as much as possible in your savings account. A general estimation is, at least seven-nine months of living expenses to be saved in the bank beforehand. However, this amount is completely dependent on your lifestyle, job, family status and most importantly, the local currency exchange rate.<\/span><\/p>\n The idea is to cover the primary requirements through these seven-nine months savings, which includes housing costs and necessary healthcare.<\/span><\/p>\n 2. Create a budget plan.<\/b><\/p>\n You\u2019ve streamlined your savings, great! Now it is time to streamline your budget for your stay in the new country. All considerations for expenses in the new place should be made carefully otherwise your savings would not last as long as you had projected it to.<\/span><\/p>\n Online expat blogs, comparison charts of the cost of living and cost of daily essentials should be taken into consideration while planning the budget.<\/span><\/p>\n A few months\u2019 time is all you need after settling there to understand the nature of your expenditure and then you can streamline your expenses accordingly.<\/span><\/p>\n 3. Decide your bank beforehand.<\/b><\/p>\n The local banks\u2019 international clearing networks, availability of U.S.-style credit cards, participation in consumer-tailored networks or partnerships are the things that are needed for consideration. Also, banks offering good interest rates on personal loans or mortgages, good ATM access, and guaranteed bank deposits should always be put on the top of the list.<\/span><\/p>\n Make sure that the <\/span>bank of your choice complies<\/span><\/a> with the Foreign Account Tax Compliance.<\/span><\/p>\n 4. Set up your bank account.<\/b><\/p>\n