Transcript

Hello. I'm Steve, and my name is Emal, and in this video, we will be discussing how international health care professionals can estimate rent cost and effectively budget for the relocation to the USA.

Rent is often one of the largest expenses when moving to a new country. Estimating rent accurately can help you plan your budget more effectively.

One of the most effective tools in estimating, cost of living in US is Numbeo.

For example, I have Numbeo pulled up, and I'm just going to look up cost of living for Baltimore, Maryland, which is one of the areas where we send a lot of nurses to.

As you can see, it gives you categorized, expenses for example for restaurants. In this case, it tells you meals, for, you know, for two people, if you wanna go to a restaurant or if you're gonna go to a fast food restaurant like McDonald's.

It gives you the average cost of groceries like milk, loaf of bread, eggs, what have you. It also gives you cost of transportation, taxi, gas, cost if you were owning your own vehicle, utilities, sports and leisure, child care, clothing, and the most important one that we're gonna concentrate on will be the housing costs.

As you can see, in one bedroom apartment in the city center, which is the downtown area of the city, is around $1,300.

But if you were to switch to a three bedroom, that's $3,000.

I have another, tab pulled up as well. This time, we're doing a comparison between Springfield, Massachusetts and Baltimore.

So same categories, restaurants, and it tells you the difference between how much a meal would cost if you were to go out to eat.

Same thing, gives you a difference between cost of groceries at those two cities. Transportation, utilities, childcare, and then again the most important one would be rent here for one bedroom, two or three bedroom for both of these cities.

Another great strategy you could use to effectively budget your relocation would be the 50/30/20 budgeting strategy.

This can definitely help you avoid living paycheck to paycheck.

The 50/30/20 budgeting strategy is broken down into three different parts.

First part would be the 50% of your income and that would be for your needs.

Your needs would be things like rent, groceries, utilities, such as electricity, water, and sewer.

30% would be wants, and those wants would include hobbies, vacations, dining out, digital and streaming services like Netflix, Hulu, or even YouTube TV.

And then it would be the 20% would help you get to your financial goals.

So, basically, you would save that 20%, and you could invest it in your 401k, you could use it to pay debt, or you could just let it accumulate in your bank account.

The great thing about this strategy is that you can apply this to your take home pay and figure out your monthly budget.

Thank you, Steve. Well, that's the conclusion of our video. Thank you for watching, and we will see you in the next video.