Cost Of Relocation
When I was first asked to relocate for my job, I thought that it would be a cinch to determine whether or not it was a good idea. I knew that I had the option of staying where I was, but that I was expected to make a little more money compared to the cost of living if I helped open a new office overseas.
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I never knew how complicated it would be to calculate living costs. There really is a lot more to it than I thought.
The problem is you can't really determine the cost of living until you get there. You can come up with some pretty good estimates, But they are only estimates. You can find out, for example, what food costs, what housing costs, how much it costs to see a doctor there and other things like that. There are other intangibles, however, that are hard to calculate. For example, if there are items that you need or habitually use which aren't available there, you may have to import them at considerable expense. If public transportation is much better or much worse in your destination than in your point of origin, it will make a difference in your cost of living. And, of course, if your lifestyle changes as a result of the new location, that will affect things too.
Nonetheless, cost of living charts actually can be a lot of help. The key is not to depend on them totally. When you are looking at estimates of costs, the best way to figure it out is to handle it in two steps. First of all, come up with an estimated cost of living. Then, actually take a trip down there. See how good those estimates are and what unintended additional expenses they are. Take detailed notes. Plan out where you could eat, where you could shop, and where you might want to live. In that way, you can come up with a really realistic estimate of costs of living.
Of course, the cost of relocation involves more than living costs. A lot of the time, it is not practical to take all of your stuff with you – particularly if you're moving overseas. Fortunately, most companies out there will help you to the defray moving costs if they are planning and relocating you. The only other thing you have to worry about its economic instability. If you are living somewhere where the current suddenly goes sour, you can lose all of your savings! Be careful, and keep tabs on the local currency.
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