How much did you have saved up when you moved?

Posted by No_Acanthisitta9261@reddit | expats | View on Reddit | 23 comments

For the people that have done it, how much did you have saved up before you moved? Do you wish you had saved more or could you have done it with less?

Im a single 24 year old American planning to move to Italy at some point in the future. Its been my dream for years, I've spent some time there and I've done a bunch of research on it. I've thought this through and if I could leave tomorrow I would in a heartbeat.

Long story short I have a plan and the only thing stopping me is the cost. I have a lot of anxiety in general so I feel like I overestimated how much I personally want saved when I go. It's just me going, no family, no partner, and I wouldn't be shipping anything big like a car or something. I'd be going on a blue card and I know someone who'd be willing to help me find a job.

I hate my personal situation here in the US and this dream is the only thing keeping me going some days. I would love to move sooner rather than later but my preferred financial plan has me here saving money for at least another 3 years.

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FrauAmarylis@reddit

Just remember that if you plan to rent a place solo, you do not have a credit score or rental history there, so you will likely need to pay several months of rent upfront to get someone to take the risk of renting to you.

Theft is extremely high in Italy so make sure you have enough to replace your phone and stuff if it gets stolen.

MidtownJunk@reddit

Lol what? I've lived in 5 countries and have never had to pay "several months rent".

Accprova@reddit

My first big move I probably had less than 15k in the bank, BUT the company paid for the relocation (truck) and paid for my rent for 6 months. So overall I was pretty covered.

wapera@reddit

That’s crazy! A company paying relo is fine, but paying for rent for half a year is unheard of!

I think they knew that nobody would have accepted the offer unless they provided at least some sort of accommodation solution. The housing crisis in every capital of Europe (and the world) is bonkers.

This was still during covid, so let's say that the job market was a bit more in our favor.

Awkward_Passion4004@reddit

Needed to show income of $2,000/months from assets to get residency permit.

BGW_18@reddit

I've moved twice. The first time I only had like 5K saved but I had housing and a job provided for me when I got there. The second time? 20K because I had neither of those lol I wasn't playing.

400€. I'd lost my job in the UK and went to Spain in the desperate hope of finding seasonal work there.

16 years later and I've lived in 5 countries, currently in Costa Rica and starting to think about buying my own property.

nadmaximus@reddit

It really didn't matter, if we'd had twice as much or half as much, we still would have run out and found ourselves in the same spot.

elysiancat@reddit

Moved to Europe with around 3.5k euros, just enough to cover our first month rent and deposit. Already had a job starting so we lived frugally for a while but it was fine

Herr_Poopypants@reddit

I moved to my wife’s home country where she already had a job and an apartment so I really didn’t need that much. I probably had about €12k saved, but used about €3500 of that almost instantly to buy a car when we got back.

I blew through most of it as I wasn’t working for about 6 months trying to find a job (and partying/traveling way too much)

Catcher_Thelonious@reddit

I've immigrated multiple times but always had an employer waiting for me on the other end. Most recent move in 2023, we carried USD10,000 cash plus several credit cards. We spent perhaps USD3000 before the first paypacket hit the local bank.

Pale-Candidate8860@reddit

You need to do an in-depth post on your experiences in Central Asia and why you recommend them. You're an OG immigrant/expat when it comes to the stuff I've seen you talk about randomly on these forms.

Willing-Boat-700@reddit

I moved with enough money for first months rent and security deposit. Slept on a bench on a beach my first 2 nights somewhere until I signed a lease and showered in a gym whose desk people had pity for me as a not member who admitted to sleeping on a bench and just needing a shower.

You can do anything you put your mind to.

averysmallbeing@reddit

Don't be this person.

Easy-Sun5599@reddit

Im planning to move permanently to the EU in about 5 years (working to build up a steady freelance OBM/PM service business and pay off my home here first) but aiming for 50-75k liquid.

Last time I did it, I was in my early 20s and went to France with about 15k saved? I had a teaching job and apartment lined up though and my parents to fall back on since I had just graduated so wasnt as concerned with long term finances.

I think Id try to have at least 10k for housing/living expenses while you are getting set up and something earmarked for emergency return home fund depending on where you're going

Hausmannlife_Schweiz@reddit

Needed about $50k US for our move to Switzerland. I am guessing you will need nothing like that for Italy depending on where you go.

BusyOnGreen@reddit

Around 20,000€ together with my partner. With that amount we could buy our house except for the rest we had to borrow to the bank.

Massive_Role6317@reddit

$6k if that. But I had family where I was moving (dads an immigrant) and citizenship so I had support if needed. I only had so little because I only saved for 7 months or so after deciding to impulsively move. Spent it all on living in hostels until I met someone in one who just rented a place and offered me a very cheap room until I got a job the. 50/50. Was that or move back home ahaha. I was 22 and winged it. But it worked out. Still here 8 years and a month on.

Glass_Confusion448@reddit

Enough to move back if the new job didn't work out.

HVP2019@reddit

Depends how well you are hoping to live in Italy.

There are many immigrants from poor countries who manage to live on extremely tight budgets, who manage to hustle for any employment opportunities nonstop, who have high tolerance for hostility, intolerance, negative attitudes from their bosses, landlords, roommates.

SnooCats3468@reddit

$7k. I was 25 and already romantically involved with a person living here. Ran out of money fast working in the black market and I had a lot of visa issues that an extra $500-1000 would have easily solved.

Should have saved more and the moved but I wanted to get after it and was incautiously optimistic

Then-Negotiation-682@reddit

I left for Asia with a few thousand dollars in my bank account. Ended up staying for close to a decade. Have you been to Italy before? Maybe spending a month there on a trip would give you a better sense of what you will do there and how much you actually need to budget. There may be a disconnect between your US lifestyle and budgeting and what your new lifestyle and budget will be over there. I.e., something may be cheaper or not necessary over there whereas other things you didn't need in the US become necessary over there.