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What should you do with your relocation budget?

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More useful information for your move abroad

 

So you are moving…

You have landed that new job and you are heading for your dream career move. Relocating for work can bring many long-term career benefits and is a wonderful learning experience for you and your family. One thing is for certain, you don’t want to start out in your new life with financial worries.

Start the negogiation yourself

If a relocation package isn’t discussed with your job offer, then it’s up to you to start the conversation with your employer. And remember a lot of variables go into negotiating a successful relocation.

Relocating can be more expensive than you think

US companies spent an average of $20,000 to move employees who were renting accommodation and $70,000 to move homeowners in 2012. Don’t assume anything check just what and what is not covered by their relocation policy. You may well be able to use your relocation budget for much more than just than your move and airfares. Be sure to discuss your ideas with your new employer (remember they often have far more experience of relocations) and make sure understand clearly what the company will cover. And if you have negotiated a fixed budget then can you keep anything you don’t spend you may keep to help you settle into your new location? Don’t forget both you and your employer want the same thing – a happy settled employee in your new location. Here is a simple checklist for your negogiations.

Cancellation Fees

Check that your employer will cover any charges you may incur when cancelling any subscriptions or rental agreements at your current location. Things like gas, cable and internet contract, termination terms for your apartment or any other services you pay for on a subscription basis.

Transportation

If you are paying a moving firm don’t forget to budget for boxes, tape, blankets and any other special equipment for move may need. Make sure that you have the price for these ancillaries up-front and approved with your employer. And if you have a pet then don’t forget that the transportation of pets. Make sure that your employer will pay for the professional transportation of ‘Rover’ or ‘Kitty’.

Travel Expenses

What is covered under travel expenses? Don’t forget that your will be asked to pay for more than just your airfare or ferry. You may need to stay in a hotel, either underway or at your destination before you can move into your new accommodation, and a stay in a hotel can include additional charges, meals. And of course are there limits to these expenses. 

Check how you should pay for everything.

Will this be on account with an invoice to your new employer, with receipts for everything and declare these costs afterwards, or using your company credit card.

Move-In Fees

Don’t forget that once you arrive at your new home, you will still have expenses. You might need to pay connection fees for gas, electric or water for instance, along with rental deposits and cleaning fees. Again, check just what your employer will or will not cover.

Storage

If you plan on moving your processions into storage whilst you work abroad ask if your company will pay the storage fees, and for how long.