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Want to Move Abroad? Start Planning Your Finances

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Want to Move Abroad? Start Planning Your Finances
December 26, 2022

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Many young Indians seek to settle in Australia, Canada or America for a better quality of life. Making another country your home comes with certain costs. If you’re planning to move abroad, here’s how you can get your finances in order.

Planning Your Finances to Move Abroad

  • Research the Cost of Living

    Before deciding where you want to move, check the cost of living. Cities like Tokyo, Paris, London and New York have a very high cost of living, which can become a financial burden. If you’d like to work in one of these big cities, look for places to live nearby. Most people who work in New York City opt to live in New Jersey or Connecticut and commute to work every day. You can also move to a city with a low cost of living. Over time, save and invest your money to build a corpus that enables you to shift to a bigger city.

  • Check the Visa Requirements

    When you apply for the status of Permanent Resident (PR), many governments ask you to show proof of income or funds. Proof of income requires you to show that you have a job to support yourself and your family members and will contribute to the country’s economy. Proof of funds needs you to prove that you have sufficient funds to support yourself and family members moving with you until you can find a job. Each country has their own proof of income and funds guidelines. It’s a good idea to check the requirements before you apply. You may have to save and invest consistently to build up the corpus required for proof of funds.

  • Consider Healthcare and Insurance

    Some countries insist that you purchase health and life insurance policies before you make your move. Regardless of the requirements, consider purchasing a policy to safeguard your finances and your family’s financial future. A health plan can help you deal with the cost of medical emergencies. A life insurance policy provides your family with financial support and security when they need it the most.

  • Plan for Emergencies

    While moving, it’s prudent to plan for emergency costs and unexpected events. While budgeting your everyday expenses, ensure you put some money into a contingency fund. The amount should help you stay afloat after a theft, medical emergency or an unexpected trip back home.

Building the Required Corpus

Moving to another country requires careful long-term financial planning. You can start planning today for a move in the future with savings plans like HDFC Life Sanchay Plus. The non-participating and non-linked policy provides life insurance coverage and guaranteed benefit payouts in the future.

Moving abroad should be exciting instead of overwhelming. By planning your finances well, you can make the transition smooth and easy.

DISCLAIMER

HDFC Life Sanchay Plus (UIN:101N134V15) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

ARN: ED/12/22/31017

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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