How did you save for your move?
I'm just curious as to how everyone saved for the big move. I know the suggested amount to move down there with is about 10K. Where did you cut corners and did you really spend 10K? I heard the money goes FAST.
This person said bring $15k and that it could possibly be done with less depending on your situation. However, they did say double that with kids.
Back to the original question - saving money for a move is no different than saving money for anything else you want or desire. You cut down on your discretionary spending and try to reduce your other expenses as much as possible. How long it will take you to save up enough for the move depends solely on YOUR personal circumstance.
So too with how much you'll need to make the move. Some can do it on $10,000 others need more. Only YOU know what YOUR lifestyle costs and how much money you will need to maintain that lifestyle. A good rule of thumb is to figure out what you now need to support yourself for a month. Add 30% to 35% to that number to calculate the approximate amount you'll need to maintain that same lifestyle for one month in the Caribbean. Now comes the hard part, multiply that number by 6 - that's the MINMUM AMOUNT you should have BEFORE you make the move.
Yes, money disappears fast in the caribbean, the bigger your nest egg the easier it will be to make the transition.
Good luck following your dream.
Increase your income. Decrease your outgo. Call in debts that people owe you. Sell some of your possessions. Borrow money, or worse, build up your credit card debt, or still worse, withdraw it from your retirement savings.
When you get here, live more frugally until you get a job.
50% of transplants to the USVI go back to the states after 6 months, so be ready to reverse the move if needed.
My debt is student loans- but I'm still in school. I'm waiting for my paperwork from UVI to come back. I'm currently in school and working so I have money saved up. I can put away about 900-1000 a month until I move in May/June. I understand how expensive island living is/can be- I live on St. Thomas and another island before for half of my life. But I understand where you're coming from, it's a lot more expensive-especially with water and power and food costs- than most of the continental US. Thank you all for your responses!
I came with $1,400 and a place to crash for a month. Had some help though, with a friend of a friend. I basically got a job in two weeks, blew my nest egg by then, but was able to get a cheap car and place. It was only me and my puppy.
Almost 3 years later, I'm buying a house, have a couple cars and am looking into opening my own restaurant, but I'm a hard worker and have been blessed with opportunity.
Where there is a will there is a way.
Happy your transistion to "island life" has been so sucessful.
Where's there a will, there's a way.
That being said, "Island life is not for everyone."
Patience, hard work and flexibility goes a long way to making dreams come true.
Thanks Alana. I'd say patience and humility are probably the two most important things to bring with you here. You can make money, but you'll never earn respect or find happiness without those two things here. It's far to simple and small of a place.