Emigration can be a very romantic idea. Leave everything behind, start over and finally be free in a new country. The reality is, however, that even with a fresh start abroad, obligations do not end completely.
Of course, life can change, but many factors remain the same. No matter what country a person lives in – money is always needed for everyday life. If you want to work as an immigrant in Germany and still want to save money, the Outbank mobile app will be the first step.
But how much money is needed to emigrate to Germany? What is financial life like there and what if I didn’t save enough money but have already emigrated?
Know the requirements
Finding out how much money is needed to emigrate depends on your lifestyle. Personal requirements determine whether one is satisfied with more or less in life. In general, applications change with age, so that, for example, the younger generation cannot be compared to the elderly when it comes to emigration. Who emigrated as a pensioner have different desires and dreams as young people who emigrate, for example, after training.
The cost of living
If you are now aware of your requirements, you should get an accurate picture of your own cost of living. This means that all the expenses of daily life are summarized in a list. This is offset by the current income at the moment.
It provides an overview of revenue and expenditure, as well as a possible amount of savings per month. This allows future emigrants to find out how much money they have to save each month and how long it takes to set aside money for emigration.
It takes four steps to find out how much money is needed to emigrate.
- The current cost of living
- The cost of future life
- Potential savings
Calculate the initial capital for emigration
The cost of living is the only part that is particularly relevant when it comes to everyday life in the new country. But before that can happen, migrants must successfully overcome many other obstacles. A certain amount of start-up capital is required, among other things, to buy furniture or to exceed certain periods.
Real estate prices in Germany
Many potential migrants cite as a positive argument the low-interest rate on mortgages, which greatly simplifies the purchase of housing in Germany.
But if we remove Moscow and St. Petersburg from parentheses, it turns out that German real estate prices are, on average, significantly higher. Germans pay mortgages for life. Due to low-interest rates on mortgages, Germans prefer to pay a month the amount that would be spent on renting this home. It turns out that for a year of monthly installments, they pay 1-2% of the total amount of a fairly large loan. It takes decades to pay off the debt, during which time the loan is refinanced, a new one is received for repairs, and so on.