Manage your money easily across borders! Open a free account with Wise and get your first transfer FREE up to £500: wise.prf.hn/l/9O5mz0D (new customers only)
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).
My average cost of living budget has grown a lot as my desire for comfort and flexibility has increased. But it's still possible to live abroad on a budget no matter what :)
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.
Wow thanks for sharing your experience! This is great info. You have certainly crunched the numbers and paid attention to all the details! I believe Wise is available to use in Colombia, however your debit card would need to be sent to the US.
I also didn’t include a trip to Texas to start my residency change from Maryland for state tax purposes. Or flights to even get to your new country. I could cut my health insurance in half, but I’m still debating that. Depends how much I start traveling once 2025 gets here. I’m done after this August. Have to recover some after my August vacation. This is not on most people’s list but you also need to figure out how you’re going to handle mail and packages. I’m paying around $339 a year with escapees, a mail scanning service. They don’t send packages to Colombia, just mail. so I use Caribbean Shipper for packages📦.
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.
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.
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
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!
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?
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.
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.
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 :)
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?
Great question, Yulia! I recommend opening a Wise account regardless of which traditional bank account you use. So if you have a Schwab account or a Bank of America account, it's also beneficial to open a Wise account to be able to access your money easily, exchange it to foreign currencies, and send it internationally. Schwab doesn't charge ATM fees but they charge for forex and transfers.
Yes there are many places to live with that budget. I have some here! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-poCy4FSWP1g.htmlsi=mHihN9ZKoT066POW and here ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TGhWHG8YO5I.htmlsi=-VGDbv8KzpQjz9uQ
Tax-wise, things are changing for foreign retirees who want to stay longer than 180 days / year in Thailand. In the Philippines as my permanent hub in SE Asia, my income from my home country is tax-exempt. Also, to become a permanent resident (SRRV visa) is way easier than in Thailand 😊
I’ve been following you for a while learning tips and just saw the link for the download but there’s nothing there except it ask for your name & email.
