When we relocate to a different country, we should try to save as much money as we can. Saving money helps us settle into the new society we choose to migrate to easily. Besides that, it is always good to be cost-efficient and to make the most out of your old life back in India.
From researching your taxes to looking for a local bank, it is always good to do adequate research before you relocate out of India. If you’re planning on living in another country, this article will be beneficial for you! These 5 tips will help you to save money when you relocate out of India!
The importance of doing research
Before moving out of India, it is always good to know about the living standards of the country. Research helps you broaden your knowledge of the country you are moving to. It is always good to know safe areas and cheaper neighbourhoods to enjoy a better lifestyle overseas.
In fact, before relocating out of India and deciding on the destination, you should take your time to do sufficient research to find out both the standard and cost of living. A tip from us is to read up on blogs or experiences that other Indian expats have posted online.
With that being said let us take a look at the 5 tips to help you to save more money before you move out of India!
1. Budgeting
One of the best ways to save money would have to be budgeting. Before moving abroad, cut down on your expenses. When you move out of India, you would definitely want to have enough money to live a comfortable life. Thus, it is recommended that you try to budget your finances! A few ways to do so would be the little things like eating at cheaper food outlets and shopping less.
Besides what you can do in the present, whilst you are in India, you can start creating a monthly budget plan for your life abroad. The internet is filled with information about the cost of living in the country you are moving to. Learning about the cost of living helps you plan and create a budget easily, this ensures that you will be given the best and the cheapest option which definitely helps you save money.
If you are not sure how to plan a budget, try out apps on your phone like Mint. This app can be linked to your bank account where it monitors your spending habits. It then helps split your finances into categories for which you can add or change to your liking. It is voted as the best budgeting app on BusinessInsider and is a must-try if you’re not good at handling your own finances.
2. Chosing the right bank
Before you relocate out of India, you should set up an international bank account. With your local and international bank accounts set up early, you will be able to save money as you will not pay the pricey transfer fees that other organizations have.
However, before you do so you should check for the most reliable banks within the country that you are moving to. Ensure that the bank you chose participates in consumer or partnership networks that have a shared ATM and payment clearance network. The deposit guarantee should be reliable as well, make sure to check the reliability of the government or private organization that you ensure your money with.
3. Taxes you need to pay
Even though you are overseas, you cannot run away from taxes in India! It is good to know the taxes that you need to pay and the taxes you may be exempted from. This will help you save money when you move out of India.
Generally, It is stated that Individuals working abroad for an Indian company will be liable to taxes. This also applies to individuals who receive their salaries through an Indian bank account. Taxes will be applicable to these two situations. You can, however, apply to the DTAA to avoid double taxation and save some money for your stay overseas.
To read up more on the Taxes that you may be liable to, click here
4. Find the best moving deals and relocate during the off-peak days
Relocation can be a tough and pricey process. If you do the right research and if you find the best relocation deals, you will definitely be able to save money for your move out of India.
There are many relocation services in India that offer reliable services. However, it may be a bit more costly during the peak periods when there is a high demand for relocation services. It is recommended that you leave India during the non-peak periods. Preferably nowhere near the festive periods so as to book cheaper flights and shipping costs.
To find out more about affordable relocation companies, check out our articles to find out more.
5. Sell your unwanted furniture and items
Taking your furniture with you abroad maybe both be inconvenient and costly. Selling them will be one of the best options for you to save money when you relocate out of India!
Should you decide to sell them, there are a few websites that can help you find a buyer easily.
Furnituredekho
Furnituredekho is one of the best and most trustworthy furniture websites in India! The website allows you to sell your furniture and the best part is that it’s free of charge. With the aim of selling items needed for a home, your furniture will be visible to people right away once you’ve listed it. This website is open to 54 states in India which means that you will have a bigger pool of people to sell your furniture to.
Quikr
This website is used by many Indians to purchase used items. From cars to even homes and the furniture you intend to sell, it is very likely for what you intend to sell to be sold quickly! Their ads are free, however, if you do want to gain more visibility, we definitely recommend you to pay a small amount to get your furniture sold!
Relocating out of India is a tough process, with the right research and the tips provided, you will be able to save a sufficient amount of money for you to move out of India and to the other country to live your new life comfortably!
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