How To Save Money When Moving To The US

Moving to the US has been a dream for many people. When the opportunity presents itself, there is a tremendous amount of excitement coloured by a healthy dose of anxiety. This apprehension probably stems from managing the mountain load of paperwork and the staggering finances. Many people moving to the US usually think about money-saving measures and ways to protect their investments. 

While you may have to start from scratch at a junior level, you can still plan for it in advance. Pursuing your goals and dreams does not mean sacrificing your bank balance. As with any new destination, shift, or move, it is necessary to budget, plan, and save money, so you are secure in the long term. 

Let us look at some ways to save money when moving to the US.

Reduce Current Stuff:

Since you’re living in another country, there’s a good chance you have plenty of stuff. Everything from furniture to white goods can be sold, and the money saved or used towards your shift to the US. Selling large and bulky items will help save on packaging costs, shipping, and more if you plan to have some of your things shipped to the US. 

Packing everything, arranging for the valuation, insuring it against travel, and moving it across international borders is a headache, not to mention quite costly. There will be plenty of things you cannot let go off- these usually have heavy sentimental and emotional value. These are primarily old photo albums, sentimental objects, cherished gifts and more that can be packed with you. However, you should start downsizing everything else holding you down unnecessarily. 

Tie Up All Loose Ends:

Adulting is hard; everyone knows that. However, if you don’t plan in advance and take care of all your expenses, you’ll be crying about it even in America. Once you’ve taken care of significant recurring expenses like light, water, rent, and more, you should look at other subscriptions, bills, and any outstanding payments.

While you may feel this is counterproductive to saving money, it is not. Closing down recurring expenses, cancelling subscriptions, and paying off old bills will help reduce the outstanding costs, reduce your outflow, and allow you to save more and invest. Taking care of all due payments will help ease your shift to the US. 

Budget:

Budgeting is critical when it comes to saving money. Anyone wanting to save money first must decide where to spend existing funds. The best way to arrive at a budget is to start by making lists. Once you know where to spend, you can begin allocating a figure to it.

At the end of the list, you should have an approximate figure for expenses. Ensure you also include all the health insurance, annual policies, and other payments. Once you have your costs planned, start allocating funds to the move to the US. Doing this will give you accurate figures that pertain to your shift. Include points like packing materials, shipping, insurance, customs, taxes, medical, and more. Having a figure in mind will help you save money during your move and reduce current expenses. 

Find Furnished Places:

If you don’t have a fully furnished house, it’s best to avoid spending too much in USDs for new furniture. Considering all your expenses for the first few months, finding a fully furnished house on rent would be in your best interest. Doing this will help you save money on your home while you get your bearings.

If you get a reasonably priced house on rent but unfurnished, you should opt for thrift shops and discount stores for furniture. Buying good quality secondhand furniture will be better than brand new pieces. You always have the option of redoing the interiors of your home at a later date once you have a steady income and are comfortable in your town or city. 

Keep Your Credit Score High:

Your credit score plays a huge role in your ability to secure loans, buy property, get a job, and sometimes, even in securing a job! As an expatriate in the US, you may not have a credit score, but you must start building one. To find your first home without an up-and-running credit score, you may have to pay a larger deposit or find a co-signer for the home. 

The same goes for purchasing a car. You could be asked to put in a larger deposit to ensure a lower EMI without a good credit score.