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Budgeting for your move to the U.S.: A guide for international healthcare professionals

  • Publish Date: Posted 9 months ago
  • Author:by Conexus MedStaff

​​Planning to make a move to the United States as a healthcare professional is an exciting and potentially life-changing decision. However, it's no secret that moving across the world can come with its fair share of financial challenges. When you’re establishing a new life, it's crucial to have a solid financial plan in place.

By following these actionable steps, you'll be able to track your expenses, create a budget that aligns with your income, identify opportunities to save, set achievable savings goals, and prioritize your financial objectives. Our aim is to equip you with the knowledge and tools necessary to make informed financial decisions and embark on your new journey with financial security.

Saving money for your move to the United States does not have to be an overwhelming task. With the right mindset and proper planning, you can build a solid foundation for your financial future while pursuing your professional aspirations. Let's dive in and discover how you can make this transition financially successful.

Estimate your expenses

With the aim of saving for the move to the United States, it’s important to begin by carefully assessing how much money you spend. Tracking every expense – including rent, household items, food, transportation, healthcare and even cash tips – is essential. Use a simple spreadsheet, pencil and paper, or a free online spending tracker or app to record your expenses. Categorize the expenses based on their types like groceries, gas, mortgage, rent, and utilities, and keep a record of each amount you spend.

Include savings in your budget

Once you know how much you spend, you can create a budget that shows your expenses relative to your income. Be sure to factor in expenses that happen regularly, such as monthly house payments or rent, car maintenance, insurance, etc. Also, create a savings category in your budget, aiming to save an amount that feels comfortable for you in the short term. In the long run, increase your savings to 15 to 20 percent of your income to build a strong financial base when you relocate to the United States.

Reduce unnecessary expenses

If you struggle to save as much as you planned, it's time to start cutting your expenses. Identify the non-essential expenses that you can do without, such as eating out and entertainment and find ways you can save on fixed monthly costs, such as medical insurance, cable, and phone plans. Reduce everyday expenses by opting for free activities, canceling subscriptions or memberships you don’t use, preparing meals at home rather than eating out, and holding off on non-essential purchases for a few days to determine what you can do without.

Set savings targets

One of the best ways to save money is to set goals. For example, short-term goals may include saving for rental deposits or furniture for a new apartment. Start by estimating how much money you will need and the time it will take to reach your targets.

Define your financial priorities

Your goals will significantly impact how you allocate your funds after considering your income and expense estimates. When planning your financial priorities, remember to account for both short-term needs and long-term goals. Prioritizing your financial goals will help you identify how to allocate your funds and determine which goals to achieve first.

Use available resources to help with financial planning

Our onboarding and deployment team specializes in assisting each individual with customized concierge relocation services, allowing for acclimation into your new community as a nurse or medical laboratory scientist. We will all assist in many areas of your deployment, including housing search and on the ground support once you arrive in person to guide you through your first days in the U.S. As you prepare for your arrival into the U.S., we recommend to save anywhere from $5,000 to $7,000, which will help cover housing rental deposits and initial expenses as you get settled into your new home. As part of our services, we have the tools to connect you with local resources and financial advisors that can give you a better understanding of financial planning.

You can start your journey to becoming a U.S. nurse or medical laboratory scientist today. Apply now, and someone from our team will follow up soon.