What financial planning a new migrant should do while migrating to New Zealand

Discover how to prepare financially for your move to New Zealand and navigate its tax system as a migrant.

Making the decision to migrate to New Zealand is a huge step. For many people, it's a life-changing event that comes with a lot of excitement – and worry. One of the biggest concerns for new migrants is financial planning. How will you support yourself and your family while you're getting settled in a new country? What are the best ways to save money and make your finances work for you?

In this blog post, we'll share some top tips on how to financial plan as a new migrant to New Zealand. We'll cover everything from budgeting and setting up savings accounts, to applying for credit cards and finding the right insurance coverage. Whether you're moving here alone or with your family, these tips will help you make the most of your money and get off to a good start in your new home. So let's get started!

Open a New Zealand bank account before you leave your home country

If you’re a new migrant planning to move to New Zealand, it would be beneficial to open a New Zealand bank account as soon as you can. With a local account, you can access better banking services than what is available when using an international account and avoid high currency exchange fees. You do not even need to be in the country yet – in most cases banks will allow you to open up accounts remotely. As well as convenience, a local New Zealand bank account will provide reliable access and peace of mind for your new life abroad.

Get a New Zealand driver's license and car insurance

For new migrants in New Zealand, one of the next steps is to acquire a New Zealand driver's license and car insurance. While obtaining a new driver's license may be intimidating, with a bit of knowledge it is quite simple to accomplish. Start by researching what you need to do in order to apply for the driver’s license, such as getting an eye test or gathering necessary documents like your old driver’s license or passport. The same process applies to purchasing car insurance - make sure you know what type and level of coverage you need before committing to a plan. In the end, if done correctly, new migrants can expect an efficient process in acquiring their new driver's license and car insurance while making sure they have the proper coverage needed.

Apply for a New Zealand tax number

Moving to a new country is a daunting prospect. As a new migrant to New Zealand, it can be difficult to know where to start. Applying for a New Zealand Tax Number is an important step that helps you as an individual gain greater access and control over your finances. Securing your Tax Number not only allows you to receive employment payments, attend government and council services, but also provides the opportunity to open new bank accounts. Knowing the steps of how to apply for your New Zealand Tax Number will put you well on your way in setting yourself up for a successful life in New Zealand.

Find out about the cost of living in New Zealand

For new migrants looking to move to New Zealand, it's important to investigate the cost of living before making the jump. Being aware of common expenses like rent and food costs will help new inhabitants adjust their budget according to their new living environment. As one of the more expensive developed countries, cost of living in New Zealand is higher than many other countries, yet still fairly comparable with its peers. While new arrivals may find prices for basic necessities such as food slightly higher than what they're used to paying, it is often balanced out by lower taxes and free public healthcare - factors that make New Zealand an attractive destination for new and established residents alike.

Make sure you have enough money to cover your expenses for at least three months

Moving to a new country is an exciting experience for new migrants, but it can also make individuals feel overwhelmed. After all, many new migrants may not be familiar with the new culture or way of life. To ensure a smooth transition into their new lives, new migrants should focus on one of the most important elements - preparing financially. It's essential that new migrants make sure they have enough money to cover necessary expenses for a minimum of three months while they become acclimated to the new surroundings and determine potential sources of income. Thankfully, there are plenty of independent resources available to help new migrants budget and plan accordingly.

Invest in a good health insurance policy

For new migrants, investing in a good health insurance policy should be one of the top priorities. It is of utmost importance for new migrants to protect their family against any unforeseen medical circumstances. A high quality health insurance policy can not only help cover critical medical expenses and provide security from financial strain, but also ensure access to top-notch medical services. Furthermore, an array of hospital networks and coverage options available via many insurers can make sure new migrants get the best healthcare possible.

Moving to New Zealand can be fun and exciting - but starting your life abroad also requires a lot of preparation. You need to open a bank account and get your driver's license, tax number and health insurance so that you're prepared for all the surprises that might come your way, as well as having enough funds to cover your expenses for at least three months.

It is essential that you research all aspects of the cost of living in New Zealand before moving and make sure all of these necessary preparations are taken care off. So whether you are looking to move or simply thinking about the possibility of it, making sure you’ve got everything squared away takes time - especially if you don't know where to start.

Book a paid consultation with us today to help ensure a smooth transition into life in New Zealand!

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