Hybrid Finance & Corporate Finance News

Mardi 10 Mars 2020

Family Moving Abroad? Here's How You Can Help

The idea of moving to another country can seem impossible yet some people do it all the time. Maybe, your family is thinking of joining the club. You don't have to sit on the sidelines waiting to say goodbye. If your entire family or part of your family is moving back to India, Mexico or whichever country they want to call home, you can take some steps to help your folks out.

Saving is Vital

The first thing you have to do is ensure that your family saves money. Even if your family has already taken care of tickets, immediate accommodations, and all the shipping costs, there could still be expenses they haven't thought about. (If your family is shifting to a country which is not in Europe, you have PPP (Purchasing Power Parity) on your side. Thanks to the value of the dollar, each cent saved is going to add more to the piggy bank when the family reaches the destination.)

If they haven't thought about that yet, see if they can set up a budget so they have enough money to be okay for at least six months or more. You want to take everything from rent, food, to schooling into account. Six months gives them a cushion so that they can settle into a new home without worries. It may be a little hard to save at first, but encourage your family to do their best.

Have a Financial Backup

Your family probably already did their best to make sure they have a job waiting for them. They have probably done things right, ensuring themselves a good financial cushion as well to keep them safe, but that doesn't mean emergencies can't happen. An unexpected event may just invite a surprise expense and your family could well use some extra cash.

Since you are staying, you are going to have to become that financial emergency backup. Save your own money and learn about sending money to India from the U.S. or whatever country they are moving to. Be specific because each country has different exchange rates.

Try to Consider the Culture

Your family is probably doing a lot right now, so they might not have as much time as they need to read up on the culture they are about to become a part of. (Even if it was their ancestral home, things could have changed and the family might be required to be up to speed) Each country has its own set of social norms that people are expected to understand. Your family is foreigners, so they might not know everything there is to know about the country they are moving to.

It might be up to you to step up and do some research for them. Find out what is expected of your family, and make sure you pay attention to the details, like if there are differences between the way men are supposed to behave or women. No one is saying that your family should change who they are, but they should at least try to be respectful. Learning about the culture helps your family blend in a little more effectively, which is a good thing.

Be Sure to Make Those Copies

One thing that is sometimes overlooked is the importance of having copies of everything. Have copies of each passport, birth certificate, and any other official document that is necessary to make this move. Your family needs these copies, and it might not be a bad idea to keep a few copies yourself that you can easily email or mail back to your family should something happen to the original copies.

Of course, you can always request official documents again, but sometimes, this is a long process, and that could make this move even more inconvenient than it has to be. It isn't going to take much time out of your schedule to get these copies done for your family so that they can focus on other things.

Make it a Point to Deal With Medical Stuff

Every member of your family needs to take all necessary medical information with them, and it has to be up to date. You want previous prescriptions and medical history. When your family applies to a new hospital in this new country, it's going to be helpful to have this information already. If you don't, your family might have to wait for coverage longer than necessary, and that's not good for anyone.

You must keep in mind that vaccinations should be up to date as well. Some countries don't allow people to get visas if they aren't properly vaccinated. Try to make appointments for everyone so that they make sure they have had all the necessary vaccines. Mention where your family is going as your doctor may know if there are special precautions your family should take.

It may be a good idea to ensure that you throw a goodbye party for your family because they should leave in good spirits. It'll allow everyone to say goodbye and ensure that nothing was left unsaid before they leave.

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