If you are seriously thinking about living abroad, now is the time to start saving. It's great to have seven to nine months of living expenses at the bank or in an easily accessible, low-risk savings vehicle before moving abroad. You may need more or less depending on your lifestyle. If you're serious about wanting to move abroad, it's important to have adequate savings.
Ideally, you should have enough savings to cover seven to nine months of living expenses before you move, although the exact amount will depend on whether you're going to have a job, your family size, and lifestyle considerations. At a minimum, you'll need enough money to cover your initial housing costs, including security deposits and other installation costs, as well as enough to cover emergency medical care costs and the costs of moving back to the UK if you decide expat life isn't for you. Start by calculating how much money you need to move, and then move toward it by paying your debt first. Your ability to move may ultimately depend on your ability to ensure an affordable rent, so think seriously about the idea of roommates.
Just because your friends spend thousands of dollars on a 3-4 week trip abroad doesn't mean it's expensive to move abroad. It's possible to move abroad without money, but it's risky, and I'd say having a job to go to is the only way to do it. You can hire state-to-state carriers for full moving services or, if you are arranging your own transportation, only for packing services. A crucial step in moving smart and safe is creating an emergency fund, a pool of money that you can leverage to pay for unexpected expenses, so you don't have to borrow or spend on retirement savings.
But you'll get the actual amount of money you'll need to move when you add up the cost of long-distance moves, three months of your future rent, how much you'll spend on other necessities. You should have enough money saved to cover your moving expenses, including advance rent payments or security deposits. In the case of credit cards, I consolidate them or transfer them to a new bank that offers an interest-free rate on credit transfers. There are many ways to travel the world while still earning money, and moving abroad is just one of them.
If you are qualified, TEFL jobs in Asia are an option if you don't have a lot of money and want to move abroad. I was very lucky when I moved abroad, since I already had a job pending in New Zealand and then I moved to Colombia and Mexico for a job as well. Waiting until you've saved enough for that designer dining set or leather sofa may discourage you from moving on your preferred schedule. A well-thought-out plan for how to move can ensure you pack in good time and live comfortably on your own.
If your debt-to-income ratio substantially exceeds the ideal figure, you may not want to move yet because you may want to use the money left over from your budget to pay off the debt instead of paying for your own home and associated expenses. In some countries, it's relatively easy to open a bank account from the UK, while others don't allow you to do so until you move and have a permanent residence address.
