I currently live in Eastern Europe and work in ICT in a global company. I have wanted to get experience from the wide world and now, with help of my company, I am hoping to make it happen (expecting to move for ~5 years or so with my 13-year old son). I have chosen my preferred countries to be USA or Canada, but I don't have a specific position offered yet - so I have no idea where exactly I would be moving to (all main cities in both countries have my company's offices). Of course I will know ahead of time which it will be and then I can be more specific with my research, probably rental prices are somewhat different etc, but so far I'd like to get an idea:
how much I should consider for my various expenses (then I can calculate how much should the salary there be to be sure I will cover my expenses and have something left over to put into the emergency fund/other funds each month, too)
how big should the emergency fund be starting out - I have a bit set aside, but I'd like to have a better understanding if this is enough or I should wait a bit more before going for this, until the fund has grown
how much should I consider the costs of move itself to be - I've understood that my company will help a lot with relocation (visas will be taken care of by them, apartment to live in for first month or few as well), but it would be better to at least know what to expect for myself
what are special requirements for someone temporarily in USA/Canada?
My point is that if this would put me into a financial hole, I'll rather stay here, but I would really like to do it. What makes it difficult is that in my current country the wages are so low compared to more highly developed world (even though my current salary here is still more than twice the average salary in my country) that it would take me forever to be financially safe to move on my own, but the salary whenever I get there will likely be big enough that with job waiting for me and the relocation assistance from my employer it should be safe enough. Then again I don't want to risk too much so I want to know how much is the limit under which I should not accept.
So for the more specific questions:
Expenses
I have trouble estimating the following costs:
medical - My son requires visit with psychiatrist once a month, psychologist 2-4 times a month and prescription medicine Concerta. We also use some supplements (vitamin D, fish oil, pro-biotical, Mg) etc. Once a year dental checkup for both of us. Plus random visits with GP or anything else that arises. Currently it's just ~40€ monthly for us as most healthcare is free or subsidized in our country, but I've understood the costs could be enormous in USA and I haven't found what this free healthcare in Canada includes and what not.
transportation - I will probably try to get my apartment close to work and his school will be probably closest public school as well. Is it feasible to only use public transit or is a car required? If car, then how much should I consider for a simple small car for such everyday use? Rent/lease/buy? How much should I consider for gas? What additional costs there will be (insurance/maintenance/...)?
basic mobile plan with unlimited data
internet connection with no data limit (my son watches a lot of videos on youtube and I will probably be watching some of my country's TV over internet)
food - what would be a normal amount to plan for two people? Currently we're using just 300€ monthly without really having to look at the expenses too much, but it's difficult to compare food prices like this.
how much should I pay for somebody to look after my son in case my work requires some travel sometimes?
Relocation expenses
When renting an apartment, how much is the upfront cost usually (related to rent)? For example, here it is usually 3x monthly rent (one month up front + one month's rent for guarantee + one month's rent to the broker). How long is it normal to be looking for an apartment?
How much should I consider for the most basic furniture (2 beds, 2 closets, kitchen table and chairs, 2 desks and computer chairs)? I know you have this wonderful craigslist there as well, but it might be just much more convenient to buy this in one place at once than to go hunting for this - we may not have time to get these only whenever such offers are available.
What is normal to be expected to be in a rental apartment already? For example, washer, dryer, kitchen cupboards, stove, refrigerator, ... - and what I should expect I should buy once I get there.
I expect to take only two suitcases of stuff with us so no utensils or household items etc... How much for the basics?
Temporary resident's special requirements
What should I consider my credit score to be starting out in a foreign country? It's perfect score for me here, but I can't expect this to be available to other countries.
Will I be able to get a credit card (for extra backup besides emergency fund itself), what should I consider when choosing banks, credit/debit cards?
Which of the common advice applies to somebody moving to USA/Canada or what I should be doing different?
How should I keep my emergency funds and "tickets back" fund so it would be safest? Cash at home or in a bank?
Are there any specific risks that I should consider / any specific insurances I should take?
And finally, I should have a plan in place in case it becomes necessary for me still to quickly move back to my current country (the position won't work out the way me and my new manager hoped, my son can't handle school there, something happens with my parents so they need me to be nearer, etc). What would be the quickest, easiest and most cost-efficient way to back out of all contracts and extra belongings gathered during our stay in case this need arises?
Thanks to everybody in advance for any helpful replies! I'll try to answer to all replies, but be warned that I am in a different time zone here so I will be sleeping soon. But keep on commenting - I will answer whenever I get up again.
(edit for better formatting)
Submitted April 10, 2015 at 11:52PM by plan2move http://ift.tt/1D4fwOs personalfinance
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