I Moved To Canada: Here Are 5 Money-Saving Tips for Living Comfortably Abroad
Earlier this year, The Wall Street Journal shared that Americans are leaving the country in record numbers, with an estimated loss of 150,000 people. The article pointed out that this is a trend that hasn’t been experienced since the Great Depression.
In light of this statistic, we wanted to highlight some financial tips for someone looking to live comfortably abroad.
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We spoke with Timothy Jones, who moved from Chicago to Toronto, and here are the five money-saving tips he shared for living comfortably in another country.
1. Build Your Emergency Fund
“I would recommend having about $20,000 to $25,000 in your savings outside of your income and checking account because things do happen when you go to another country,” Jones explained.
You may need a few months to get established in a new country, including paperwork and setting everything up.
Jones advised preparing for the following situations:
You may not be able to find employment.
You may have to pay a few months of rent up-front as an international resident.
You may spend extra money on moving and getting set up.
Currencies fluctuate and your bank account balance could change.
The cost to relocate from America to Canada will range from $3,000 to $5,000 in moving costs alone, according to North American Van Lines. Jones also recommended saving up at least four months' rent so that you don’t get stuck without a place to stay.
2. Prepare For Medical Emergencies
Jones noted that you could get injured while playing sports or working out if you’re active, so you want to ensure you have some form of medical coverage. When you’re in a new country and are trying to apply for citizenship, you’ll want to figure out how you’ll handle any possible medical bills because these could add up.
3. Visit Ahead To Explore
Jones suggested that you'll want to learn about the neighborhood in advance by visiting for two weeks before moving. You don’t want to show up and feel confused about how to set up your new life because this could be expensive and stressful.
You want to get a feel of the local grocery stores, the food and the things that you’ll be experiencing on a daily basis. Jones recommended finding your favorite restaurants and local establishments so that you feel comfortable when you make the move and arrive in your new home.
4. Look For Work Ahead of Time
The harsh reality is that it can be difficult to find work in a new country, so you’ll want to plan in advance by securing an offer or sponsorship so you have income when you arrive. You don’t want to be stuck in a new country without proper paperwork or employment possibilities because the expenses will add up.
5. Find Unique Employment Opportunities
Jones was able to convince his American employer to let him stay on as a remote worker in Canada. The toughest part of moving to a new country is getting your work visa approved and finding employment. If you can convince your current employer to let you move, you can set yourself up. You can start off by exploring what opportunities your current employer offers before you make the move.
If you want to move to Canada, you’ll want to check out the official Government of Canada website to learn more about what options exist.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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