She Strengthens

Financial Freedom Abroad: Lessons Learned from a Seasoned Expat

As a seasoned expat, I’ve had my fair share of financial ups and downs while living and working in various countries around the world. From internships to real jobs, I’ve spent a small fortune moving from one place to another, chasing career and educational opportunities. But, I’ve also learned some valuable lessons about the importance of financial planning and preparation when making an international move.

The Dangers of Underpreparedness

My first major move abroad was to Kenya, where I had a modest $18,000 saved up to sustain me for six months. However, that amount quickly dwindled, and I found myself struggling to make ends meet. I repeated this pattern in South Africa and Cambodia, where I barely scraped by with minimal savings. Looking back, I realize how reckless and naive I was to think I could survive without a proper financial safety net.

A New Approach

Fast-forward to my latest move to Nepal, where I was fortunate to land a decent job with a salary, flights, insurance, and a settlement allowance. This time, I made a conscious effort to prioritize my finances and build an emergency fund. As I prepare for my next move to Europe, I’m determined to avoid the financial stress and anxiety that plagued my previous adventures.

Key Strategies for Financial Success Abroad

To ensure a smoother transition, I’ve identified three essential strategies for achieving financial freedom abroad:

1. Secure a Job Before Arrival

I learned the hard way that having a job lined up before arriving in a new country can make all the difference. This time, I’ll be networking extensively, researching companies, and sending out resumes to secure a job before I even step foot in Europe.

2. Save Up Enough Before Leaving

Many working holiday visa programs require applicants to have a certain amount in their bank account. While it’s tempting to try to get around this requirement, I know that saving up enough money will give me peace of mind and financial security. I’ll be setting aside enough for an emergency fund and a flight back home, just in case.

3. Develop a Sustainable Side Hustle

Having a location-independent side hustle can be a game-changer for digital nomads. I’m investing time and effort into developing my skills and building a solid portfolio, so I can have a reliable income stream regardless of where I am in the world.

Breaking Free from Financial Stress

By adopting these strategies, I’m determined to break free from the financial stress and anxiety that often accompanies living abroad. I’m choosing to ignore the irresponsible advice of those who advocate for reckless spending and instead focus on building a stable financial foundation. With a solid plan in place, I’m excited to embark on my next adventure, knowing that I’ll be able to enjoy the experience without worrying about money.