How Much Money Do You Need To Live Abroad? (FREE BUDGET DOWNLOAD)

If you’re planning to move or slow travel abroad as a digital nomad or roving retiree, you need enough money in the bank - but how much? In this video, I’ll show you exactly how to budget for your move and estimate how much you’ll need once you arrive in your destination - plus how I’ve saved money during 15 years as a digital nomad. If you’re looking for concrete, realistic information you can use to budget for your trip, you’re in the right place. And at the end of this video, I’ll tell you how you can download my detailed Digital Nomad and Moving Abroad Budget Template.

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Watch next: 👀
The Hack Expats Use To Bank Overseas
10 Cheap Places For Digital Nomads
The World’s First Country on the Internet
10 Places I Would Live with $1,000 per Month (or Less)
10 Cheap Places To Retire Abroad (on Social Security)

Chapters:
00:00 How Much Money Do You Need?
00:42 How To Budget
1:20 Pre-Departure Expenses
3:40 International Online Account and Debit Card
7:35 Calculating Your Cost of Living
11:02 Location Change Fees
11:50 Online Business Expenses
12:49 Additional Expenses to Consider
14:00 Free Online Account

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👱🏻‍♀️ About: Kristin Wilson is the author of Digital Nomads For Dummies, the host of Badass Digital Nomads Podcast, and known as Traveling with Kristin on YouTube. She's traveled to more than 60 countries and has been helping people move abroad since 2005.

PS: This video is for entertainment purposes only and is not consulting or advice. Video descriptions may contain affiliate or refer-a-friend links for products I use and recommend. Thanks for supporting the channel!

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#digitalnomad #movingabroad #costofliving

[nunuvyurbiz]

As I get older I’ve realized that my desires are changing - I want more comfort, more convenience, more comfortable weather, etc. That all costs more. Three hots and a cot isn’t going to work for me. I mention that as a caution for everyone: don’t base your lifetime budget based on only your current needs (or wants).

[WrldExplorer]

Hey Kristin.
Moving to Colombia for me personally was expensive or not. Depends how you look at it. I spent $1000 shipping 10 boxes of items here. It was cheaper than replacing them. I made $600 selling my 3 year old vehicle, so that cost went down to $400. $300 to move the boxes to a friend’s place before being picked up to be shipped. Also paid my friend $600 for the two weeks I needed to stay there. $200 to rent a car after selling mine. I sold the vehicle 2 days before leaving to limit the cost on the rental. The whole visa process cost $1200. Since everyone situation will be different when it comes to moving abroad, I already had a partner I would be living with. She took care of the mortgage of about $600, car is paid off. Since we live in the country side, we do need a vehicle, and Uber is available here. I take care of electric $100, internet $40, cell phones x4 $73, groceries for 3 $300, car fuel $35x2 monthly average, car insurance $70, my health insurance $300(includes travel insurance). I budget $300 for dining. That’s about $1253.
My USA rent in Maryland was $1830, which included water $18, and storage $50. $600 car payment, $102 car/ rental insurance, $74 internet, $65 T-Mobile, groceries $400, dining $350, electric $95, fuel $175, Hulu+live $74, other streaming services $40. $3805.
The savings is $2552 per month, or $30, 624 a year. That will go towards a new property together here, or hopefully in Portugal 🇵🇹 in 3 years. Sometimes you can pay off debt just by moving abroad. I’m sorry I’m a detailed person, you help viewers with information, sometimes I like to pitch in with real numbers to validate to people on what you’re saying. 😊
Wise is not available here so I use my Fidelity cash management card. I transfer money to my account, and withdraw thru 🏧 here because they reimburse fees. I do pay attention to the currency rate before withdrawing. Come September will be signing up with a gym membership, which I going to be approximately $150 that’s getting a personal trainer for my partner several times a month. Keep in mind also if you eat out too much and take advantage of too much lower cost of living, as It can add up quickly.

[shawnm]

Really hate using apps. Trying to rid dependence on a smartphone forever. Nothing from from your personal life should be put on a phone.

[lindadorman]

As of July 3, 2024, US-based customers with eligible Wise accounts can earn up to 4.95% annual percentage yield (APY) on their USD balance by opting into the Wise interest feature. This interest is added to the account's USD balance the following month. Customers can also earn interest on their GBP and EUR balances. Not an investment, but it can help offset transfer fees.

[annastayziaa]

yes please discuss wise business account/card perks and experience! ❤️ I was always curious but too lazy to research it. but if you make a video, I'll trust and watch it :)

[davesites]

I spent years using wise, to get paid from work. And then I seen you talking about it, it is good. Great video.

[malcolmnicoll]

A colossal thanks Kristin. This video has helped me get more clarity on what I need. I still intend to book a consultation with you prior to taking the leap. At any rate, most grateful for all you do.

[agasque]

I would love for you to make a video about the Wise business account! I have both personal and business accounts, but I know that I’m not getting the most out of them.

[colettelongo]

Travel light! The things you really need will be available at your destination. While living there, you'll gain knowledge of what's needed and how local fill their needs.

[rocketdude]

Thanks for the information. I'm in the process of looking at how much things cost and what I would need to move overseas. It's sort of a pre-retirement plan. I'm looking at retiring from my current job and permanently moving overseas. It's something I've been looking into as I get closer to retirement. I figure I can move and then find myself a job there and work for a few more years . I'll look into everything thing you talked about and more . Thanks

[scottman]

These are all great tips! I really like how there are sites out there which can help estimate the cost of living in a particular place. That is definitely helpful for sure!

[FG-yloj]

Stumbled across your channel today and love the interviews that you do with nomads. Great content. Subscribed!

[kjvisual]

Thanks for another very helpful video.

[MrBCWalker]

Fantastic video. Saved for later reference.

[davidpristupa]

1 suit case a ticket a visa that is all I need.

[jaynair]

Hi Kristin..Happy to see you. Budget is of course the main criterion before planning any trips abroad..no matter if one's a digital nomad or a tourist. By the way..when do you begin your journey?

[yulia]

Hi Kristin! Thank you for your videos! Would you say that Charles Schwab is comparable to Wise in some way since they don't charge any fee for international withdrawals? Or do you still recommend to open up a Wise account?

[EzziEllis]

I’m moving outside the country any ideas in gov grants to start a free electric 🚗 service in South America

[linotom]

Hi Kristin, do you know of other good alternatives to Wise??

[lbunnygordon]

I dont have anything can i go on 900 gbp.a month?