Understanding and Managing the Cost of Temporary Relocation

As the global economy continues to showcase robust signs of recovery, international business links are becoming increasingly strong and far reaching. This is reflected in the rising frequency of business travel, which according to the Frequent Business Traveller and Global Business Travel Association (GBTA) has experienced significant growth during 2012 and 2013.

An official survey revealed that 33% of business travellers were expected to venture overseas more during 2013, reflecting a trend that has been prominent for the last two years. Another key trend is a rise in the number of return visitors, as employees are regularly forced to temporarily relocate for specific commercial purposes.

temporary relocation

The Costs of Temporary Relocation: 3 Steps Towards Organizing your Finances

When it comes to relocating temporarily overseas, there are multiple costs at the point of origin, at the destination and during travel. While some of these may be shouldered by your employers, however, your own financial liability will be determined by your employment status and existing contract. For the costs that you are responsible for, it is important to develop a detailed perspective and manage your finances accordingly. Consider the following: –

Invest in Flexible Storage Units and Space

For those of you that own property, you may decide to sub-let your living space during regular period of temporary relocation. This may require the use of storage space, although the costs of this can prove prohibitive if you are not selective in your approach. This is unless you invest in flexible units that are temporarily available and leased for a predetermined period of time, as this enables you to maximise savings and maintain access to adequately size storage space.

The Cost of Car Rental or Alternative Transportation Options

Whenever you intend to purchase a car, you can take the relatively simple step of using a loan calculator and establishing a viable amount to borrow. The situation can become more complicated when you are forced to relocate temporarily, however, primarily because you will need to create a more flexible transportation solution that incurs additional costs. With this in mind, you will need to balance the financial costs of renting a car and storing your domestic model against those associated with transporting your vehicle overseas. This will depend on several factors, so you should conduct thorough research based on your type of car and precise destination prior to making a decision.

Changes to the Cost of Living

It is well known that the cost of living varies depending on location, and temporarily moving abroad may well expose you to higher levels of inflation. This may demand a change in your spending philosophy, as you look to minimise the everyday cost of living and ensure that your disposable income is stretched as far as possible. This is especially important when you consider the aforementioned cost of storage and transportation, as the saving made on everyday expenses and reach a considerable cumulative total over time.

Author Bio: This article was written by Laura, who is a finance and business blogger based in Birmingham, UK. She has a keen understanding of everyday living costs and advises consumers on how to minimise them.

Leave a Reply

Your email address will not be published. Required fields are marked *