Shaeann just wrapped up her first year abroad in Lille, France and her experience so far has been nothing short of an adventure.
When it comes to moving abroad, one of the most frequently asked questions from our Caribbean Millennial community is always:
…. and as you can imagine, the answer always varies! As Shaeann explains, there are quite a few factors to take into consideration that will determine the budget you’d need to ensure that you’re not putting a financial strain on yourself as you make such a big move.
As you start planning your move abroad, it’s a good idea to really reflect on your finances and figure out what are you going to be spending money on, your sources of income – and how you spend your money – and also, what steps you can take to make sure you’re not putting yourself in debt or any unnecessary financial stress during your move.
Some questions to consider:
Why am I moving abroad?
If you’re moving abroad to study you will have to factor in things like application fees, enrolment, housing, cost of literature etc. In the case of moving for a career opportunity, you will be able to budget on how much you need until you start getting a steady stream of income to support yourself abroad.
What is the visa application process like?
In Shaeann’s case, getting her French visa required an unexpected trip to St. Lucia to get her visa stamped in her passport. This was an additional cost that not just included visa fees but also the cost of a return flight from Port-of-Spain.
What kind of lifestyle do I currently enjoy?
Don’t take this question lightly. Our lifestyle informs our spending habits and vice versa. If you enjoy going out for afterwork drinks with your friends twice a week and clubbing and brunch on the weekends, perhaps if you need to save money for your move abroad a good place to start is by cutting back on these costs.
Your answer to this question will also give you some insight into what you should be budgeting for when you do move abroad.
Remember, this is only the beginning of your close relationship with money.
If you’re considering a move abroad, these questions are just some things you can start asking yourself to prepare for budgeting and bringing your dream of living in France (or elsewhere) to life.
Tune into this episode to listen in as Shaeann gives us a quick breakdown of all the expenses she had to save up for, what tricks helped her reach her money goals for her year in France, and invaluable advice about all the small things you probably hadn’t considered saving up for as you think about your move abroad.
Shaeann recently launched her very own travel blog Shae Gone Foreign, the perfect resource for any of the travel curious Caribbean Millennials in our community who have their hearts set on a life in France! Be sure to check out her page for everything related to living and studying abroad!
What bigger challenge than to immerse yourself into a country where you know no one with a language you don’t speak?
Bacchanal Abroad is for the curious Caribbean Millennials who want to pursue a life abroad. Tune into for conversations that explore all the possibilities that await you on the other side of fear. If you’ve enjoyed this week’s episode, leave us a review on Apple Podcasts or Spotify!
What do you think will be the most expensive part of your move abroad?