My financial system in America was a bit hectic. With multiple bank, savings, and investment accounts I felt like I was failing to automate my financial life. I’d learned a lot about personal finance over the past year, but I always struggled to simplify my accounts. As soon as I found out I would be moving to Japan, I didn’t try too hard to correct my confusing financial situation.
Creating a financial system can be a difficult and time-consuming practice for people when they first move abroad. Moving to a new country is similar to starting a new life from scratch. Housing, food, medical, and visa are just some of the concerns you must wrap your head around when you make the move. Adding the concerns of money and savings to that list can be an overwhelming experience.
I won’t be able to mix my American and Japanese bank accounts so I’m essentially back at the start for creating a financial system. I struggled with this idea during the months before my departure. What about my savings accounts? What if I waste too much money at the convenience store? What about budgeting for travel expenses? I had come from a financial system that was mine and the idea of not having one in Japan for a couple of months was frustrating.
It wasn’t until I stepped back and realized the opportunity that was ahead of me, that I took a breath, and realized how simple it could be.
So far, I have not received any of my bills and have been unable to track my spending for an entire month. In the meantime, I am creating a simplified savings approach.
When I receive my first paycheck, I will take 35% out and place it in my savings account at the Japanese Post Office. The amount left in my checking account should be more than plenty for my bills and expenses for the next month.
It’s a goal of mine to not become stingy with my paycheck, as enjoying my time here is my first priority. My chosen saving’s percentage is not too high where it will stiffen any sort of events or plans for the next month, and I will still be able to sock away a good amount of money from my first paycheck as an adult. I could spend hours prioritizing my expenses and trying to squeeze out the most savings during my first months here, but I’d rather spend my time studying Japanese or hanging out with new friends.
For my first full month working in Japan, I will track all of my expenses and then re-examine my savings strategy from there. It’s as simple as that.
Letting money concerns ruin your first months living abroad is a mistake. Be practical about your money, but don’t sacrifice your first experiences in a new place for a few hundred dollars. The first weeks and months abroad are the best times for creating lasting memories, so simplify your financial life, and get outside and enjoy your time.
Photo: Borman818
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