Working Abroad Without Going Broke

If you are going to live abroad, you’ll definitely need to look for a good, reliable source of income. As with anywhere, your earnings will determine the level of your lifestyle. Your chances of landing that ideal job will depend on your effort, talent, and, of course, a bit of luck. Some of the prerequisites for doing so are a solid educational background, a handful of skills and a likeable personality. A relatively high level of education is crucial if you want to qualify for a well-paid job. Good communication skills, participation in extracurricular activities and additional experience in various fields will enhance your range of skills.

If your skills are just the same-old-same-old, or you just don’t have a lot of them, spend some time stocking up your skills set whenever possible. A charming, amiable personality is the most significant asset that will help you succeed. Make sure you do some socialising with the local residents. Networking is crucial. You can also use social media platforms, but be wary of whom you choose to trust.

People on the web often just put on a trustworthy face, so be conscious of safety issues. Your ability to network will open up countless opportunities for you. Your conviction and personal appeal might just impress someone enough to land you a good job.

How to Legally Earn Your Keep While Living Abroad

It is always helpful to determine your own must-have criteria of a job before applying for it or agreeing to take it if you get an offer. This strategy will help you cut down on costs. For instance, try to go for jobs where you won’t need to travel too long or too far. If you do live far away from the workplace, will the company cover commuting expenses or arrange for transportation? What sorts of employee benefits does the company offer?

For example, does it offer health care benefits or insurance? You can try to go for an additional part-time job teaching English as a Second Language if you are a native speaker who has moved to a country where English is not the national language.

In terms of remuneration, the most strategic occupations might be those of writer, designer or online publisher. These types of jobs allow you to earn more in well-developed countries with a strong currency such as the United States or the United Kingdom.

Managing your Money when Living Abroad

Getting a grip on finances is harder when living overseas since there will be an initial period when you’ve not yet downloaded all the details of everything that you need in your brain’s knowledge bank.

It’s always best to try living temporarily in a selected neighbourhood before signing a long-term lease or purchasing house or an apartment. Rent a place through a vacation accommodation rental company like Airbnb or VRBO. This approach will prove to be relatively cheap and efficient. While you live in a temporary home, search for local houses that are up for rent. You should be able to find your ideal home relatively quickly. Check out the neighbourhood facilities like shopping centres, gyms and sports clubs to get yourself better acquainted with your new surroundings.

Read: Budget Hacks to Boost Your Savings and Improve Your Life

Keep your fixed costs in mind. Rent, groceries and phone bills will always need to be paid. If you are not fortunate enough to have good employee benefits through your workplace, you will need to manage the additional expenses of insurance, health care and transportation costs too. Make sure you open a bank account. Save enough money in your account for your monthly expenditures.

You will most likely find that eating out at restaurants or spending lots of time in cafés and bars will cost you more than what you might pay to eat and drink at home. It is understandable that you’re craving the local flavour of meals and refreshments in your new cultural surrounds. However, it will be best to suppress those cravings until you’re sure that there will be a permanent and steady flow of money coming your way.

Until then, check out the local area for some unique ingredients and learn to cook them with some local guidance. It will be an interesting exercise to try! Once you have mastered your new cuisine, you can cook a variety of meals reflecting your new culture as well as your own native one, and you can invite your new friends and neighbours over for a meal.

All of your expenses will vary depending on the location where you choose to live. If you decide to move to a highly populated big city, your expenses will be very high. On the other hand, living costs in more remote, less populated small cities or towns are much lower. The prices of rent and real estate may be less than half of those in big cities. Groceries and the cost of eating out will be much less as well.

However, there may be fewer convenient services in small places compared to those in a metropolis. Keep these differences in mind before settling down in any one place. If you are a foodie, then small cities and towns will be perfect for you!

General Advice about Living Abroad without Going Broke

The best advice to take seriously in order to survive any potential catastrophe in a foreign country is this: develop the power to communicate and socialise with everyone. “The biggest lesson I’ve learned by living abroad for the last four years is the importance of communication,” advised the Japanese athlete Hidetoshi Nakata. Getting acquainted with people might appear to be difficult at first since many not seem to always be welcoming. Some people might even try to take advantage of you. However, the more you interact with those in your new world, the more you’ll learn and the better you’ll be able to watch out for yourself.

Related: How To Save $10,000 A Year By Making Small Changes

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).