Moving abroad brings with it a wealth of opportunities. Whether it’s the chance to explore a totally new culture, visit exciting new places, or make friends you’d never have had the chance to meet otherwise, there are a host of benefits to migrating overseas.
In order to truly make the most of this new life, it’s important to make sure you’re managing your finances properly. Money isn’t everything – but having a healthy amount at your disposal does tend to make day-to-day life that little bit easier. That’s especially true when starting life somewhere new, as you’ll want to have enough to dive into your new social life.
In this informative guide, we’re going to look at 30 practical tips for making sure you’re staying on top of your finances. Whether you’re looking to build on what you have already, or just how to manage your existing income in a more sensible way, this is your first port of call for keeping your head above the financial waters.
1. Start with a local bank account
One of the first things you should do when migrating is open a domestic bank account in your new home. This gives you a financial presence and grounding for wherever you’ve moved, making it possible to start earning, saving, or paying off any debts. It also means you can start making international money transfers. You can look for banks and accounts which are specifically tailored to immigrants. These might include lower fees or multilingual customer support options.
2. Transfer money in a cost-effective way
Some estimates highlight that more than $905bn was sent in remittance payments in 2024. Sending money overseas, either to or from your new country to your old homeland, can sometimes be expensive. You’ll face fees, as well as processing times which can delay the transfer. Some transfer platforms also offer fluctuating exchange rates – even after your transfer has already started. Turning to a reliable remittance service for this kind of transfer is a good way to ensure your money reaches its recipient.
3. Create a budget sheet
In order for your money to go where it’s most needed, you need total visibility of it. The easiest way to achieve that is by creating a detailed budget sheet. This can help you to know where you need to concentrate funds, how much you have at your disposal, and also makes it possible to set yourself financial goals. It might take a little bit of work, but tracking your spending, working out where most of your money is going, and creating savings goals for bigger purchases can have a monumental impact on your day-to-day financial health. There are lots of budgeting templates to choose from, or you could even create your own on Google Sheets or Excel.
4. Always have an emergency fund
Emergency funds aren’t something we always build into our monthly spending or saving. That’s largely because, by their very nature, emergencies tend to be things we aren’t expecting to happen. Recent research we carried out showed that in the US, the average emergency fund sits at around $16,800. While that’s likely more than what a lot of new immigrants can afford, it’s nonetheless still smart to put a small fraction of money aside every month to cover any potential future expenses. Whether it’s home repairs, vehicle maintenance, or a hidden fee you weren’t expecting, having this money sitting ready to go can bring peace of mind.
5. Understand how taxes and national schemes work
Taxes are different in every country. Understanding tax brackets, deductions, and allowances makes it easier to pay the right amount, meaning you aren’t wrongfully deprived of applying for benefits you may be eligible for. You will also want to work out what the tax implications are for your home country. A lot of nations have a double taxation treaty (meaning you won’t get taxed twice), but this isn’t always the case. Knowing roughly how much money is going towards these different areas will make it easier to plan and budget for the year.
6. Look at your credit score
Your credit score is what’s used to determine whether you’re eligible for loans and mortgages that you’re applying for. The best way to know if your score is trending in the right direction is to keep an eye on it as much as possible. Most online platforms will give you pointers when it comes to what you can do to improve your score, while knowing your standing will also mean you won’t apply for loans when you’re likely to get rejected.
7. Talk to a financial expert
When it comes to money, good financial advice pays for itself. Reaching out to an expert – especially one who specialises in giving support to immigrants – is one of the smartest things you can do if you want to manage your money effectively. They’ll be able to provide you with an overview of all the basics, as well as more complex subjects like tax obligations, investment opportunities, and available grants or benefits. Financial advisors can support with major factors like:
Retirement planning
Investing or putting money into savings accounts
Management of a large lump sum, such as inheritance or a redundancy payment
Buying property
Knowing where’s best to put your money as you begin to build a financial profile in a new country
8. Look into specific insurance options
While countries like the UK offer universal healthcare through the NHS, there are still private healthcare services available through certain insurance plans. Beyond this, you’ll also need to take out things like renters' and car insurance in order to keep your assets safe in the unlikely event of an emergency. Do your research to find out what kind of insurance options are available to you. This is something which can be tied into your work contract, so be sure to ask your employer if they have any schemes operating.
9. Understand your foreign pension
If you’re working abroad for an elongated period of time, you may want to pay into your new homeland’s national pension scheme. In some cases, this will be compulsory. It’s important to know how much money will be going towards these pots every month, as well as what the total returns might look like in the future. You’ll often need something like a national insurance number (NIN) or a social insurance number (SIN) in order to access and pay into these.
10. Research financial investment options
National pension schemes are not the only way to invest for the future. Most countries will operate savings schemes that make it possible to bank money in a way that will help it grow in the future. These savings accounts are usually available through both banks and independent financial institutions. Do your research to find out which will provide the best options for you.
A sensible way to invest as a migrant is to diversify your portfolio. That might look like:
Investing across multiple currencies
Spreading asset classes across things like stocks, bonds, and real estate
Tax planning on things like capital gains (these rules change on a country-by-country basis)
Staying compliant with the laws of both your old homeland and your new one
Using cross-border platforms that make it easier to support international money management
Again, a financial advisor can be the best person to support you with this.
11. Look for online resources for your new country
Very few people are naturally savvy when it comes to the ins and outs of financial management. While the basics are easy enough to get to grips with, more complex factors need to be researched. That’s why you should think about turning to online financial literacy hubs, which are designed to provide immigrants with an outlet to learn more and be better prepared for both the present and future. You should be able to find resources specific to your new country online.
12. Automate any recurring payments
Late payments can mean extra fees and a potential ding to your credit score. If you have regular payments you know you need to make every month – such as rent, utilities, subscriptions, or tuition fees – setting up an automatic payment system saves you a job. This is usually an option with most payment services, or you could even set up a standing order through your bank account. With that taken care of, all you need to do is make sure the money is in your account every month to cover the bills.
13. Understand what the average cost of living is
Every country has a varying cost of living. And that doesn’t just apply to the wider nation itself, with some bigger cities or regions being significantly more expensive to live in than others. For example, someone living in London will face a much higher cost of living than someone living in the North of the UK. This needs to be factored into your budget, as well as how much you’re looking to earn.
14. Think about moving to an area with a lot of other immigrants
Familiar faces, cultures, and customs can make the transition to a new place that little bit easier. While that will have a big impact emotionally, it can also play a role in helping you feel financially more secure as well. Your fellow immigrants will be able to point you in the direction of employers who work with expats, while also being able to educate you on what they’ve learned about the financial landscape of your new country. These connections can prove very valuable over time.
15. Keep debt and credit spending to a minimum
Although it can be easier said than done, it can be smarter to keep yourself out of debt, especially if you are not financially stable. That extends to credit as well, where carrying a balance could see you forced to pay more interest over time. Being in debt makes it harder to be approved for loans, while credit payments piling up will mean you have less money free to spend on a month-to-month basis. Both will also impact your credit score.
16. Pay off debts as soon as you can
If you do find yourself in debt, you should try not to panic. Coming up with a repayment plan (either on your own or with the help of a financial advisor) is the best way to begin paying them off. There are generally two popular ways to repay debts:
The snowball method – paying off your smallest debt first (regardless of interest payments), while making the necessary minimum repayments on your debts. Once the first is paid off, you move to the next smallest and the cycle continues.
The avalanche method – paying off the debt with the highest interest payment first, even if it’s the smallest amount. Again, you need to keep paying the minimum on all your other debts at the same time.
By using these methods, it’s possible to climb out of debt. The one that works best for you will depend on your exact circumstances. Good charities to turn to for advice are places like:
17. Keep updated with currency exchange rates
If you’re regularly sending money home, or getting remittance payments sent to you from overseas, it’s vital to stay on top of exchange rates. Currency rates can fluctuate, meaning you might not get the best bang for your buck when making a transfer month-to-month. For some, depending on when and where you are sending, it may be beneficial to wait for periods where the currency you’re transferring money from is stronger, as this will mean more goes into the account of the recipient on the other end. You can use a number of online exchanges to keep tabs on the currencies of your choosing, or compare the current exchange rate for a precise transfer using a remittance website.
18. Look for financial assistance programs
Some countries offer specific financial programs that are tailored to immigrants. Even if it’s just a small amount, the money or financial relief you can get from these kinds of systems might make a big difference to your monthly budget. Housing assistance, child benefits, or unemployment benefits are all common examples of financial support systems that a government might provide.
19. Use technology to help manage your money
Online apps can be your best friend when it comes to both saving money and earning a little extra. Budgeting apps are designed to make it easier to track expenses, and often show you a detailed breakdown of exactly where you’re spending the most. You’ll also be able to utilise apps with cashback incentives, which can either give you discounts on your purchases or provide you with a cheque at the end of the subscription year to spend on what you want. Make sure the apps are verified and trusted before you use them.
20. Try to keep transport costs low
It’s easier said than done, but public transport costs can quickly add up if you use it regularly. Sometimes taking this kind of transport is unavoidable – but, if you do, you can look into seasonal, monthly, or annual passes which might help you save. If you can avoid catching a bus or taking a taxi somewhere in favour of walking, it might help your wallet to do so. It’s also good exercise if it’s a comfortable distance, and can help you get to know the local area. In some cases, public transport might also cost less than the running of a vehicle. If that’s the case, it can make sense to turn to this kind of transport method to get around instead.
21. Don’t be afraid to negotiate bills
When you’re hit with a flat fee from a very official-looking organisation, it’s only natural to assume you have no wiggle room. In reality, the final decision on how much you have to pay will usually come down to an individual person (with algorithms only used to calculate what they think you should be paying).
Whether it’s by comparing prices with a rival provider, or even just asking for a reduction in how much you think you should be charged, you may be able to haggle for better. Some tips for negotiating bills are:
Look at your contract. If your circumstances have changed in the past year, it could be that your contract is no longer relevant to your exact situation. It could even be that your service provider is trying to implement a change that isn’t allowed according to your existing agreement.
Shop around. Speak to other providers and see how much they would offer you for the same service. It might be that they’re willing to cut you a deal and do something at a cheaper rate to lure you in as a customer.
Speak to them directly. The best way to see actionable change is to reach out and speak to a representative from your provider over the phone. Use the information you’ve gained from steps 1 and 2 to make a firm but fair argument. They’ll either cut you a deal or politely say there’s nothing they can do.
22. Think about real estate options
Some immigrants will be fortunate enough to invest in a home in their new country. Unlike rent payments (which see your entire amount handed over to a landlord), a portion of your mortgage will go towards buying your home – effectively meaning that it stays in your pocket, and could even grow in value over time. If buying a home is an option, it’s definitely one to consider seriously for long term protection. Just remember that some countries have rules about foreign nationals buying property, so this is another factor that needs to be taken into account.
23. Set yourself specific financial goals
Sometimes just saving money isn’t enough. If you’re putting money aside without any sort of target in mind, it might be harder to stay invested, or even end up putting it to good use when the time comes. Having specific goals and savings pots means you know where your money is going, and what it’s ultimately going to help you achieve. Without goals you may become aimless, and lose sight of why you’re saving in the first place. Some clever financial goals for immigrants are:
Building your credit score so you can hit a specific goal
Saving a certain amount on money transfer fees
Having a specific amount in an emergency fund
Working towards a level of income that gives you a good quality of life
24. Take a staycation
A new country means new and exciting places to explore. You can save money on trips away by sightseeing to locations which are close by, or, at the very least, in the same country that you live in. International travel can be more expensive, owing to the cost of the travel itself. Taking a domestic holiday gives you the much needed rest and relaxation you deserve, but at a potentially slightly more affordable price.
25. Set aside a budget for returning home
If you’re not intending to stay overseas for the long haul, it’s smart to think about the costs associated with your eventual return home. That might mean having enough money for your first and last month’s rent at a new place, time spent living back home without a job, or the general costs of having to travel between countries. This is something which you need to think about during the goal stage of your budgeting.
26. Set up automatic find and save payments
Some bank accounts will have a system that takes a set amount of money every month from your regular bank account and moves it into a savings pot. If you aren’t able to make the most of this system through your bank, you can set up an automatic payment in the form of a standing order or automated payment from your main account to your savings. Just make sure it’s an amount which you can afford to spare every month, and ensure it’s in an account with a strong interest rate.
27. Think about education fees
If you’re attending university or college overseas, there may also be fees associated with your course or maintenance loan. It’s best to find out what these are going to look like well before they become a factor. This will make it easier to plan for and manage them, mitigating the impact they will have. Knowing how much higher education costs around the world makes it easier to know what these kinds of costs might be.
28. Adapt your lifestyle around your budget
We’d all love to live the best version of lifestyle possible. However, sometimes compromises have to be made to stay financially stable. The way you live and what you spend needs to tie into the money you actually have at your disposal. That might mean cutting back on the number of meals you have out, or going shopping for luxury items slightly less often.
29. Watch out for scams
Unfortunately, there are scams targeted specifically at immigrants. People who’ve moved to another country can be less aware of what is or isn’t a legitimate message from organisations asking for money. There are also more entry points through which a scammer might be able to target an individual (such as when opening a bank account online for the first time). That means you need to be extra vigilant and ask as many questions as possible when someone approaches you about money. Remember, any payment requests should be in writing, not over the phone. They also need to be verified by the organisation reaching out to you. It’s always wise to double check if something is legitimate or a scam.
30. Keep in contact with your homeland
Staying in contact with your loved ones back home means you have an emotional support network who will make it easier to adapt to your new home. Knowing you have this group of loved ones to turn to gives you the freedom to fully embrace your new life. What’s more, it also means you’ll be able to support each other financially if one party needs it. That might be to help with things like school fees, medical bills, or even family emergencies.
Are you living in a new country and want to make sure your money goes as far as it should? Use this list as your starting point for healthy financial management, and be sure to turn to a tried and trusted money transfer service like Remitly whose global footprint reaches over 170 countries around the world.
This publication is provided for general information purposes only and is not intended to cover all aspects of the topics discussed herein. This publication is not a substitute for seeking advice from an applicable specialist or professional. The content in this publication does not constitute legal, tax, or other professional advice from Remitly or any of its affiliates and should not be relied upon as such. While we strive to keep our posts up to date and accurate, we cannot represent, warrant or otherwise guarantee that the content is accurate, complete or up to date.