How to Finance Your Tropical Relocation

There isn’t a special formula for getting to a position where you can afford to relocate to that exotic island. It’s simply a matter of changing the way you think about things, shaking off the constraints of the 9-5 and everything that life encompasses.

With a little planning, you’ll start to see that you don’t need to be a millionaire property tycoon to achieve that palm tree view from your bedroom window. In fact, it’s likely that your dream of living in a jungle lodge or Caribbean hideout will be less expensive than you think – certainly less expensive than your current life.  Here are some simple, money-focussed tips for financing your tropical relocation:

Get to know your financial self

Debts, monthly commitments, savings – you need to get to grips with them all. Understanding your finances will enable you to start working out a plan.

Understand how much your new life will cost

Create a list of all the expenses for your tropical relocation. Rent, Internet, daily travel – you know the drill. Perhaps you won’t have a car to pay for anymore because you’ll be working from home but you will need to pay for language lessons; whatever it is, list it and cost it up. Once you know what your monthly outgoings will be, you can start working out how you’re going to afford them.

 

Reduce your current outgoings

Cell phone? Cancel the monthly contract and instead, pay as you talk or use Wi-Fi.

Switch your daily Starbucks for a free cup of instant in the office or brew up a flask at home. Make your own lunches, switch your car for public transport and quit public transport in favour of walking or biking. Anything you can do to streamline what’s leaving your bank so that you have more to play with will help the cause. This applies to your debt too. If you can consolidate or reduce your debts with the money you’re saving from your new on-foot commute, you will find the relocation a lot easier.

 

Rethink how you make money

When you leave to fairer shores are you keeping your current job by becoming a work-at-home contractor for your company or are you planning on going it alone? Making money in a foreign country doesn’t have to be through a low or non-skilled position.  Could you sell a service online? Could you sell a product online? Perhaps you’re a web developer for a large corporate – this is a great example of a job that you can do independently but you can earn without working online. You could join the thousands of location-independent workers who work from anywhere. Diversify and protect yourself against failure.

 

Sell anything you’ve not used in the past year

This is a good tip for anyone who needs to declutter but it will also bring some helpful cash to the table. The furniture in your spare room, your comic book collection and your vast array of designer shoes are all wonderful but what if they could pay for your flight to paradise? That’s one less bill to think about and one step closer to starting afresh.

What are you doing to finance your tropical relocation?