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7 money moves for living abroad

Retirement » 7 Money Moves For Living Abroad

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Never underestimate the need for adequate savings. Megan Fitzgerald, founder of CareerbyChoice.com, a website offering career advice for expatriates, generally advises her clients to have seven to nine months' worth of living expenses in the bank or in an easily accessible, low-risk savings vehicle prior to their departure.This amount varies, however, depending upon your job, family status, lifestyle, the current exchange rate and your local network abroad.

"One of the top reasons why people fail to build a life for themselves abroad is finances," says Fitzgerald. She adds that future expats shouldn't just plan for the costs of moving abroad, but the costs of moving back, too.

What if you have an opportunity to move abroad before reaching your savings goal? According to Fitzgerald, at a minimum you should have funds to cover housing costs, including security deposits and other settling-in costs, plus emergency health care and repatriation expenses.

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