[treefrog]

My partner and I have decided to move to NZ in the next 3-5 years. We've both recently qualified as teachers and have no savings and are renting a house.

How much should we save before moving? We're planning on buying a place in the UK soon so we'll have money available to buy a house in NZ after the UK house is sold.

Any advice on how much to save, how to do it or any other useful info would be very much appreciated!

[willsken]

This thread should help you. :)


http://www.emigratenz.org/forum/showthread.php?t=7287&highlight=cost

[Bergita]

We roughly calculated that we need to save about R100 000. We're in South Africa, that equates to roughly GBP7400. That is over and above our house which we'll be selling and using the money from that to put a deposit on a new house. Hope that helps.

[Avalon]

Treefrog:

Your best website from teh UK for help on savings is:
http://www.moneysavingexpert.com/

Its run my Martin Lewis - he does a segment on Fridays on Radio 2. Its a great site - lots of tips, and the weekly email that gets sent out to you is brilliant. Theres a forum attached to the site - and some of the stories on there are amazing. Theres information of debt reduction as well as savings, where to shop, which bank accounts are best for savings, debts, and current accounts. He also wrote a book called The Money Diet which you may find useful.

If you can get it - any books bu Anita Bell are worth thier weight in gold. Especially if you are going to buy a house. They are Aus / NZ books so I really dont know if you can get them - but try. You want "Your Mortage and how to pay it off in 5 years" (even if you arent going to buy a house) and "Your money - starting out and starting over".

HTH

[pinkpiggy]

I agree with Avalon - i'm still in the UK and subscribe to moneysavingexpert.com. His advice is brilliant - also, he's recently been appearing on BBC one's new magazine programme - The One - 7.00 p.m. - (although not every night). He also does the occasional stint on The Wright Stuff on Channel 5.

[treefrog]

Thanks everyone- I'll check out that moneysavingexpert site!

[Paul]

Hi treefrog

One point I would seriously consider is whether to buy a house or carry on renting. If you are buying and looking to sell in say 3 years time you have the purchase and sale costs to consider (stamp duty, legal fees, agents fees etc) - all of which could very easily negate any profit you may make on the house.

Also worth considering whether house prices are going to significantly rise over next few years - not personally convinced they will, whereas interest rates may well rise slighly making it preferable for savers

Just a few ideas to throw in the pot. Personally I would carry on renting the cheapest place I felt comfortable living in and trying to save as much cash as possible but that would be me!

Good luck!

[Avalon]

Just wanted to quote something from the latest MSE email which I thought may be interesting:
Hiya. It's DD Day! OK admittedly this is something I just made up, but stick with me. I've been filming some TV money makeovers recently and I'm constantly staggered that people have Direct Debits and Standing Orders dripping out of the bank for things long forgotten or no longer wanted. DD day means do a quick check that you're not paying someone for nothing. (Discuss your DDs).