How Much Money Do You Need to Move Abroad Alone? A Realistic Budget
One of the first questions people ask when they start seriously thinking about moving abroad is:
How much money do I actually need?
And I wish I could give you one cute little number.
“Save $5,000 and go.”
“Have $10,000 in the bank.”
“You can move abroad with $2,000.”
Girl...maybe. But maybe not.
Because the amount of money you need to move abroad depends heavily on how you actually live.
I have learned that there is a BIG difference between the cost of living somewhere and the cost of maintaining your preferred standard of living somewhere.
Yes, there are people living comfortably in countries throughout Latin America for much less than what I spend.
There are also people spending significantly more than I do.
Neither one means the other person is budgeting incorrectly. We just may not want the same life.
Somebody is perfectly happy with a room in a shared apartment, public transportation every day, cooking every meal, and a fan blowing in the corner.
Meanwhile, somebody else wants a furnished apartment with security, a balcony, good Wi-Fi, air conditioning, a washing machine, a nice neighborhood, and enough money left over to order food when they don't feel like cooking.
And yes, I am much closer to person number two. LOL.
So before you start asking, “How much money do I need to move abroad?” you need to figure out something else first:
How much does the version of your life that you actually want cost?
There Is No Universal “Move Abroad” Number
Moving abroad does not automatically mean your life becomes cheap.
This is probably one of the biggest misconceptions I see online.
People hear that Colombia, Brazil, Mexico, Vietnam, or another country has a lower cost of living than the United States and immediately start doing calculations based on the absolute cheapest numbers they can find.
But what kind of housing was included in that number?
Where in the city was it?
Was it furnished?
Were utilities included?
Did it have air conditioning?
Was that a year-long local lease or a three-month Airbnb?
Was the person cooking every meal?
Were they taking buses everywhere?
Because those details matter.
If somebody tells you that you can live somewhere for $900 a month, but the lifestyle required to live on $900 would make you miserable, then $900 is not your cost of living.
And THAT is the number we are trying to figure out.
Start With Your Actual Living Needs
Before choosing a savings goal, write down the things you know you need to feel comfortable.
Not what you think you should be able to tolerate because somebody on YouTube said they moved abroad with one backpack and $37.
What do you need?
Think about:
Housing
Food
Transportation
Phone service
Internet
Healthcare or travel insurance
Entertainment
Personal care
Laundry
Gym memberships or activities
Shopping
Visa expenses
Flights
Business expenses
Debt payments
Bills you are keeping in the United States
Storage
Mail services
Emergency savings
And don't forget the random category.
Because there is ALWAYS a random category.
A flight changes.
You need medicine.
Your luggage decides it has completed its earthly assignment.
You need to replace your phone charger.
A visa costs more than you expected.
You get invited somewhere.
You discover a restaurant you love and suddenly you're there three times a week minding your business and ordering the exact same meal.
Life continues happening after you move abroad.
Budget accordingly.
If Possible, Have at Least Three Months of Living Expenses Saved
Personally, if you are moving abroad alone, I would feel much more comfortable having at least three months of your expected living expenses saved before leaving.
That doesn't mean everybody has to wait until they have some gigantic savings account before they ever leave the United States.
But having a cushion gives you options.
And options matter when you're alone in another country.
If you do not already have consistent income coming in, I would personally want even more breathing room.
Maybe five months.
Maybe six.
Maybe longer depending on your situation.
Because moving abroad without an income plan is very different from moving abroad while working remotely and knowing another deposit is coming next Friday.
Savings disappear faster than you think when you're paying for:
housing + flights + food + transportation + setup costs + unexpected expenses.
You don't want to spend your first few months abroad panicking every time you open your banking app.
The purpose of your savings is not just to get you there.
It should give you enough room to live, adjust, and make decisions without desperation.
Research Three Places Before You Pick One
Before you buy the ticket, choose about three destinations you're seriously considering.
Then research what your life would realistically cost in each one.
Not just:
“Is Colombia cheap?”
That's too broad.
Ask:
What does a furnished apartment cost in the neighborhoods I would actually live in?
What does Airbnb show for one-to-three-month stays?
How much will groceries cost?
How much would I spend eating out?
Would I use Uber, moto, taxis, buses, or trains?
Would I need private health insurance?
What are the visa fees?
How expensive are flights back to the United States?
What does entertainment cost?
Are there seasonal price increases?
How much would I spend getting around the city?
I wrote an entire article called How to Become a Full-Time Nomad (Before You Book the Flight) that goes deeper into the things you should research before making the move, including visas, income, travel style, housing, and choosing countries.
Read that one before you start throwing clothes into suitcases because TikTok convinced you that it's time to disappear into the mountains of South America. 😂
My Santa Marta, Colombia Budget Is a Good Example
Let's use Santa Marta, Colombia as an example because I could absolutely see myself spending about four months out of the year there, after spending 1 month.
Now, if you Google the cost of living in Santa Marta, you may see some very inexpensive numbers.
But again...
Those numbers aren't necessarily based on how I personally live.
When I'm looking at the Airbnbs I would actually choose, with my preferred location, amenities, comfort level, and little upgrades, I would budget around $1,100 a month for housing.
Could I find something cheaper?
Absolutely.
Would I necessarily choose it?
That's the question.
There is a difference.
Housing: Around $1,100
My housing budget would be around $1,100 a month.
For long-term travel, I personally like having an actual living space.
I don't want every month of my life to feel like I'm camping.
I'm going to be working.
I'm going to be creating content.
I'm going to want somewhere comfortable enough that I don't feel like I need to escape my apartment every day.
So housing is one category where I know what matters to me.
Someone else may find an apartment for $500 or $700 and be perfectly happy.
Great.
Use your number.
Food: Around $400
For food, I would probably budget around $400 a month.
Could that be lower?
Oh, absolutely.
Especially if you grocery shop and cook most of your meals.
But I know me.
I order delivery.
I eat out.
Sometimes I cook.
Sometimes I look at the kitchen and decide that whatever restaurant is on the delivery app deserves my financial support that evening. LOL.
I would rather budget $400 and come in under budget than create some fantasy version of myself who suddenly meal preps seven days a week because I crossed an international border.
Budget for who you actually are.
Transportation: Around $150
My transportation expenses have gotten noticeably cheaper since I started using motos more often instead of always taking a car.
A lot of the time, the moto ride can be around half of what I would have paid for a car.
Those little changes add up quickly when you're living somewhere for several months.
Transportation is also one of the reasons you need to research specific cities.
Your expenses will look completely different depending on whether you're living somewhere walkable, somewhere with a metro system, somewhere where motos are common, or somewhere where you're constantly ordering Ubers.
Shopping Like a Local Matters Too
Another thing I have learned while traveling is that WHERE you shop makes a difference.
Tourist areas are convenient.
They are also very good at separating you from your little coins.
If you're staying somewhere for several months, start learning where local residents shop.
Find:
Local grocery stores
Markets
Produce stands
Pharmacies
Neighborhood restaurants
Local transportation options
Smaller stores outside of tourist districts
You don't have to live like you're on vacation every day just because you're living abroad.
Once you stop treating your destination like a seven-day vacation, your spending habits usually change too.
Don't Forget About the Bills You Left in the United States
THIS is the category people forget.
Moving abroad does not necessarily mean every expense back home magically disappears.
I still have expenses connected to the United States.
For example, I have:
Storage expenses
My U.S. post office box
Business expenses
Travel-related expenses
Insurance
Depending on your situation, you may also still have:
Student loans
Credit cards
Car payments
Car insurance
Property expenses
Subscriptions
Phone bills
Business software
Health expenses
Family responsibilities
Your cost of living abroad is not just what you spend in the country you're living in.
It's everything required to sustain your life.
That is why I would calculate your monthly budget like this:
Monthly Living Abroad Expenses
Housing
Food
Transportation
Phone/Internet
Personal care
Entertainment
Health/Travel Insurance
Visa expenses
Shopping/Miscellaneous
PLUS
Expenses Back Home
Storage
Mail
Debt payments
Business expenses
Subscriptions
Other U.S. obligations
PLUS
Travel Expenses
Flights
Baggage
Airport transportation
Visa runs or country changes
Travel insurance
Emergency transportation
That final number is much closer to your true monthly cost of living abroad.
Let's Look at the Numbers
Using my Santa Marta example, I already know I would have approximately:
Housing: $1,100
Food: $400
That means I'm already at:
$1,500 per month
before adding transportation, insurance, business expenses, storage, my mailing expenses, entertainment, shopping, flights, or anything unexpected.
That's why somebody else's “I live in Colombia for $900 a month!” budget doesn't automatically mean anything for me.
Our lives may look completely different.
And that's okay.
The goal is not to win the Who Can Live Abroad the Cheapest Competition.
There is no trophy.
The goal is to build a life abroad that you can actually afford and enjoy.
How Much Should You Save Before Moving Abroad?
Once you've calculated your realistic monthly cost, then you can create your savings goal.
Let's say you've calculated that maintaining your life abroad will cost approximately $2,500 per month.
Three months of living expenses would be:
$7,500
Five months would be:
$12,500
Six months would be:
$15,000
And I still wouldn't consider all of that your “moving money.”
You may also need money for:
Your initial flight
Checked baggage
Temporary accommodations
Apartment deposits
Visa applications
Passport expenses
Travel insurance
New luggage
Vaccinations or medication
SIM/eSIM setup
Transportation from the airport
Household basics
Emergency travel back home
I would separate those initial moving expenses from the money you're relying on for your monthly living expenses whenever possible.
Because spending $2,000 getting settled and then realizing that money was supposed to cover next month's rent is not the kind of plot twist we are looking for.
Keep a Separate “Get Me Home” Fund
This is one category I strongly recommend having when you're moving abroad alone.
Keep enough money somewhere accessible to get yourself out of the country if necessary.
That doesn't necessarily mean you expect something terrible to happen.
It means you don't want to become financially trapped somewhere.
Maybe you have a family emergency.
Maybe you don't like the country.
Maybe housing falls through.
Maybe your visa situation changes.
Maybe you simply decide:
“Yeah...this isn't for me.”
You should have enough financial flexibility to change your mind.
Freedom isn't just having enough money to leave the United States.
Freedom is also having enough money to make another choice once you're gone.
You Don't Need to Be Rich to Move Abroad
I don't want this article to scare somebody into thinking they need $50,000 sitting in the bank before they can ever leave.
You don't.
Plenty of people build their lives abroad while working remotely, freelancing, running businesses, teaching, creating content, or using several income streams.
You may also realize that your normal monthly expenses in another country are significantly lower than what you were paying in the United States.
But there is a difference between not being rich and not being prepared.
You need to understand your numbers.
That's the part I want people to take seriously.
Because once you know:
What your preferred lifestyle costs
What your monthly obligations are
How much income you have coming in
How much savings you have
How long that savings would realistically last
...moving abroad starts feeling much less mysterious.
Now you're making an actual plan.
The Number Is Personal
So, how much money do you need to move abroad alone?
There isn't one number.
Start by figuring out what kind of life you want.
Research at least three locations.
Price out housing based on apartments you would realistically choose.
Estimate how much you actually spend on food, transportation, entertainment, and personal expenses.
Add the bills that will follow you from home.
Add travel expenses.
Add a cushion.
Then look at your income and savings.
If possible, I would aim for at least three months of expenses saved, and if you're leaving without reliable income already coming in, give yourself even more room.
You are not trying to create the absolute cheapest life possible.
You're trying to create a life you can sustain.
And those are two completely different things.