When Moving Out in 2022, Carry These Tips with You
Congratulations! They awarded you a master’s scholarship on the opposite side of the continent. Or maybe you just read an email with a fantastic career offer overseas. These scenarios are occurring more often than ever among millennials. But what happens when you move far away? Here are some tips for moving out in 2022.
How Often Do Millennials Move?
According to a study involving 1000 adults made by Porch.com and published by Housingwire, Millennials, on average, move every two years, Baby boomers, every four years, but Gen Xers remained in the same area for almost six years.
While mortgage rates remain low, Millennials are not purchasing houses as early in life as previous generations, which they attribute to school loan debt and other expenses piling up. They are also the generation that goes from the suburbs to the city and back again.
Here is one thing: I don’t want to dampen your enthusiasm (and I promise to give you all the answers to the questions later), but:
Even minor activities, such as purchasing a monthly transport ticket, may cause trouble when you live far from home.
You may enter either a spending frenzy fueled by lower prices or a feeling of being ripped off by larger expenses.
Then you become ill and find out that your new health insurance doesn’t cover even simple checkups.
Maybe you’re taking a long-term medication (as anti-baldness drugs like finasteride) and it’s over 300% more costly where you moved. When I relocated to Poland, this was my case.
Adapting to a whole new culture already requires a lot of work and might be stressful. Why not make your life simpler and prevent the issues listed above?
Many years ago, I left my tiny hometown, which smelled like orange cake. I made many mistakes when moving to different continents. I’ll teach you how to prevent these blunders and save hundreds, if not thousands, of bucks.
Tip 1 – Remember the questions to ask before moving out
New places may provide new possibilities, jobs, and friendships. But it also can be costly and bring headaches.
So, before you move to another place, ask yourself these questions (and here are a few more others):
1 — Does it fit my budget even in a pessimistic scenario (eg: unemployed for a few months)?
It seems simple, but the thrill of relocation may cloud your financial judgment. Credit card, mortgage, and student loan payments should not exceed 36% of your annual income.
2. Is it worth relocation to your job, and what are the other professional opportunities there?
Examine similar jobs’ salaries in your new city, since management and remuneration vary.
3 — When is the best time to move?
I moved during winter in Poland and I almost freeze my fingers assembling furniture since I still didn’t have heating. Check your local conditions.
4. How will you get around?
You can use the subway in London to go nearly anywhere, but not in Sao Paulo. Before you move, consider the price, availability, and convenience of public transit, as well as the costs and bureaucracy of automobile registration.
7. Is the city’s culture suitable for you and would you be happy there?
Every city has its own flavor, and it’s vital that your new home feels like home. If you’re unhappy in your present city and want to move somewhere better, think about why you’re unhappy and what makes the new area appealing.
9. What are your backup plans?
A move may be a mistake. Relationships end, jobs are lost. So save money or have a backup plan in case the new city doesn’t work out.
Tip 2 – How to Estimate Your Living Expenses and Plan the Perfect Budget
Numbeo and Expatistan are two outstanding websites that I have been using since I moved out of my country a decade ago. Both sites create large pricing databases of everything by combining user-generated material and online cooperation.
Users enter the prices for each item (from food to housing and transportation) in their respective areas onto the websites. The tool’s accuracy improves as the number of consultations increases. Numbeo contains about 6 million values spread throughout around ten thousand cities on the earth. Expatistan provides information on the cost of living in over 2,000 places.
Using those methods, I can verify Doha is 99% more costly than Warsaw. This is consistent with my experiences of paying exorbitant rates for a drink in the Qatari capital.
With this wealth of information, it is simple to compare living expenses between your current location and your previous one. You’ll find out whether your budget allows you to enjoy a thrifty, easygoing, or opulent lifestyle.
If you are a remote worker and want to make the most out of your income, check this article with 8 great cities for remote workers where you can save money and enjoy life.
Tip 3 – Make all the pre-departure appointments.
A buddy in the medical field once told me how crucial it is to have access to a patient’s historical information. He meant former exam scores, diagnoses, and comparable data.
As a result, even if you are moving to a nation with universal healthcare, such as Canada or the United Kingdom, schedule an appointment with your local doctor and dentist.
This is important if your location has expensive medical bills (yes, this is about you, America). Nobody wants to hear bad news from a doctor, but you’ll want to know if there’s an issue before you leave and have to utilize your foreign health insurance.
Dentist fees are lower in my own country than in Europe. As a result, whenever I visit my parents, even if just for a short period, I attempt to arrange a visit to the dentist. He can conduct minor repairs and alert me if anything is wrong.
Make a consultation with your dentist, a medical examination, and a blood test. Check to see whether your immunization card has been updated. These aren’t the most entertaining aspects of a trip, but they may save you money and perhaps your life.
Tip 4 – Examine prescription drug costs.
There aren’t many things cheaper in my own country (Brazil) than they are elsewhere. There is one item, though, that is substantially cheaper in Brazil:
Drugs. Medical drugs.
(And beachfront apartments, but this is a subject for this article here).
The reason for this is that the government encouraged the formation of national laboratories producing pharmaceuticals with expired patents, also called “generic drugs”. A generic does not have a brand name; instead, it is named by the active component. The most crucial aspect is that it may be half the price of its branded equivalent.
I use a generic drug called Finasteride. It prevents hair loss, and Hollywood celebrities such as Bradley Cooper have been using it for quite some time. The monthly cost of using finasteride in Brazil was roughly 30 Brazilian Reais, around US$8. When I went to Poland, I didn’t check the prices before boarding the plane. I grabbed my one-month package, as well as my prescription (as it was required), and relocated to Europe.
After the first month, I needed to purchase more. When you stop using finasteride, your hair falls out again. In Poland, finasteride is available under the brand name Propecia (the same as in other markets like the USA).
The cost of a month’s therapy was (hold your seat): 180zl. 43 dollars, which was 537 percent of the price in Brazil.
When I stopped taking it, my hair began to fall out. Fortunately, I had a vacation to Brazil planned for a few months later. Following a visit to my dermatologist, he prescribed finasteride as a continuous-use medication, enabling me to purchase and transport more boxes to Europe.
I still have my curling, black as obsidian hair on top of my head. Victory.
Conclusion of Tips for Moving Out and Living on Your Own
1 — Ask the proper questions before moving (see list above).
2 — Visit Numbeo or Expatistan to compare the pricing and living expenses of your future and current cities.
3 — Make an appointment with your doctor and dentist for a general checkup.
4 — Check beforehand the prices of any medications, treatments, or therapies that you need. Ask your doctor for a prescription if required by the local legislation.
5 — If your destination has a different language, hire a sworn translator to translate the prescription. This will come in useful if airport security stops you because of medicaments. Otherwise, you run the danger of being mistaken for a drug dealer or smuggler. Never, ever travel with medicines unless you’ve double-checked that they’re completely legal in your destination.
And the most important of all tips for moving out: be patient. It takes some time for you to settle.
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Levi Borba is the CEO of expatriateconsultancy.com, creator of the channel Small Business Hacks, and best-selling author. Subscribe to my articles (for free) and receive (also for free) the ebook “The Blueprint for First-Time Business Owners”.