Emigration brings along its fair share of adventures, cultural insights, and personal growth. However, it’s essential not to overlook the financial implications that come with it. Indeed, moving to a new country can appear costly, especially when it’s a country known for its high cost of living like Norway. So, how much do you really need?
Let’s break it down.
Before anything else, prioritize insurance. Until you’re integrated into the Norwegian healthcare system, it’s vital to have your own coverage to avoid any financial strains in case of unforeseen medical emergencies. Particularly, if you’re moving from a country like the Netherlands, remember that you are no longer eligible for the Dutch healthcare system once you officially move out.
To estimate your monthly living expenses, you can use your current expenditure in your home country as a benchmark. Multiply this figure by at least six. We refer to this sum as the “runway,” which will help you navigate through the first few months comfortably.
The cost of physically moving your possessions from your old home to Norway can range from 2000 to 8000 euros, depending on your exact location in Norway. If you’re moving to a remote island with limited ferry service, expect to be at the higher end of this range.
Tools and Equipment
If you’re planning to settle in a more remote area, consider the types of tools and equipment you’ll need to live comfortably and self-sufficiently. These items tend to be more expensive in Norway, so it might be worth buying them in advance.
Regarding vehicles, let’s learn from our experience: don’t import your car. The process is more costly than you might anticipate. It’s more economical to sell your current vehicle and buy a second-hand one in Norway.
Thinking about leading a more self-sufficient life? Prioritize equipment like an ATV for snow plowing or a petrol-powered hand plower. While you might have a decent amount of backup cash when first moving, as you transition to a self-sufficient lifestyle and possibly lack a steady income, you’ll need to adopt a more frugal approach.
Once your runway decreases to the three-month mark, it’s time to actively start seeking a job or income source if you haven’t already. Don’t shy away from applying to grocery stores or similar job opportunities. Remember, no work is too low when you’re building towards your dream, and everything is easier with an income.
Moving to a new country, while exciting, comes with its share of financial planning. By keeping these points in mind, you can navigate this journey with more peace of mind and less financial stress.
I’ve included a screenshot of a spreadsheet below to serve as a template and inspire you to create your own financial plan, thus ensuring the feasibility of your ambitions from a monetary standpoint.