Let’s talk money! In this episode we discuss the financial side of moving abroad: how can you prepare yourself financially to move abroad and how much money do you need? We talk about our biggest financial fears before moving to Portugal and what helped us feel more financially secure. We open up about our first ‘financial anxiety’ moment abroad, our financial mistakes and wins so far. Also we discuss if moving abroad changed our relationship with money. Last but not least we have some financial advice for anyone wanting to move abroad.
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With love, April Betts & Anna Jirina.
About From Lisbon With Love
A podcast about real stories of love, laughter, and life in Lisbon — from women who have left it all behind. We share real stories about moving abroad, starting over and figuring life out along the way. We talk love, dating, friendships, breakups, healing, growing, all of it. Basically, the stuff we usually talk about over coffee ☕️ or vinho 🍷. If you’re thinking about moving to Lisbon, already here or just love honest conversations with heart: you’re in the right place! Learn more about our story here.
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The financial reality of moving abroad
Especially when you’re moving overseas, you’ll have to deal with heavy upfront costs. Experts advice to have at least 3-6 months of living expenses at hand before moving abroad, to deal with hidden costs, such as visa fees, international banking fees, exchange rate fluctuations and dual-tax obligations. How much money you exactly need for your move abroad obviously depends on the country you’re moving to and the country of origin.
Financial fears before moving abroad
It’s very common to have financial fears when you’re thinking of moving abroad and it’s nothing to be ashamed of. Also we had to deal with some fears and insecurities in regards to our finances – as we discuss in this episode. Unfortunately, financial fears are the number 1 reason for people to postpone their move abroad or never make it happen, which is a pity!
In this episode we talk about how to overcome financial fears when moving abroad. Financial fears can have to do with currency volatility, a different tax system and unexpected costs of living. Of course there’s many more fears one can have, depending on your current financial situation.
How to prepare yourself financially to move abroad
If you’re thinking of moving abroad, it’s super important to prepare yourself well, especially when it comes to finances. This can help you a lot to feel more secure and to take the leap! We definitely recommend saving as much money as you can. Depending on the country you move to, you’ll probably need to pay a deposit to rent an apartment.
The deposit can vary from 1 to even 6 times(!) the monthly rent. For example in Portugal it’s very common to pay a large deposit if you don’t have a Portuguese guarantor. Also it’s smart to have some extra money for unexpected costs that come with relocating, such as buying furniture if you end up renting an unfurnished apartment.
We can also recommend sorting out your job situation before moving abroad. If you have an online business (that’s going to move with you), you’ll might want to invest more time and energy in building passive income. This will make the transition to a new country a lot smoother and removes financial pressure.
More advice on moving abroad
Do you want to hear more advice on moving abroad? In this episode we talk about how to overcome the fear of moving abroad and in this episode we discuss the current cost of living crisis in Portugal.
