Plan Your Move to the USA Step 1-2: Financial Planning and Housing Considerations

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Summary

This video, hosted by Erica, focuses on helping you prepare for your move to the United States. This series offers a comprehensive overview of the key considerations and essential knowledge you should acquire before your move to the United States, with the aim of ensuring a seamlessly smooth transition for you.

The first part covers financial planning and budgeting, emphasizing researching expenses, utilizing resources, considering income and taxes, setting savings goals, and understanding the US financial system. It advises creating a comprehensive expense list and utilizing cost of living calculators. The video also introduces a budgeting calculator for HCPs. Part two focuses on securing suitable housing, covering renting, buying, and temporary housing options. It delves into lease agreements, tenant rights, and the rental process, emphasizing careful consideration and informed decision-making for a positive living experience in the US.

Transcript

Hi. I'm Erica. I'm an international deployment advocate here at Health Carousel. And in during this series, we're gonna help you prepare for your move to the United States.

For this first video, we're gonna focus on financial planning and budgeting and housing.

Part one, is financial planning and budgeting.

Financial planning and budgeting are essential aspects of managing your financial expenses effectively. This overview will provide insight into various components of financial planning and budgeting, including researching expenses, utilizing resources, and considering income and taxes, setting savings goals and understanding banking and financial systems within the United States.

Researching expenses, housing expenses typically form a significant portion of one's budget. When researching housing expenses, please make sure to include rent or mortgage payments, property tax payments, and homeowners or renters insurance, which is crucial.

Transportation costs is associated with things such as car payments, fuel, insurance, maintenance, and or public transportation fees.

Health care expenses can vary greatly depending on your insurance coverage. Research health insurance plans, deductibles, co pays, and out of pocket expenses when getting health insurance.

Other expenses may include things like groceries, utilities, childcare, and entertainment.

Create a comprehensive list to ensure you don't overlook significant cost when gathering your expenses together.

Utilizing cost of living calculators and other resources.

Cost of living calculators can help you estimate your expenses in different cities or regions. These tools consider factors such as housing, transportation, food, and healthcare to provide you a clearer picture of your potential budget.

HCPs will receive a budgeting calculator as well from their IDA. This attachment will be included on their NVC document submitted email.

Here's an inside look at what the budgeting tool from your IDA will look like. This tool is an interactive Excel file. Please keep in mind when you're using this tool, this is not financial advice, but a helpful tool to help you prepare for what could come following your arrival in the United States.

Consider income and taxes. Calculating your monthly and annual income from various sources, including salaries, investment and side hustles. Understand how federal state and local tax may impact your income and budget. Explore tax deductions and credits to optimize your tax situation.

Set savings goals, establish short term and long term savings goals, such as building an emergency fund, saving for retirement and funding for education. Alligate a portion of your income to these goals and create a budget that allows for consistent savings contribution chance.

Understanding banking and financial systems within the United States. Familiarize yourself with different types of bank accounts such as checking, savings, and certificate of deposits, otherwise known as CDs.

Learn about credit and how credit scores work as they play a crucial role on your financial life. Understand investment options such as stocks, bonds, mutual funds, retirement accounts like 401ks and IRAs.

Stay informed about financial regulations, such as Consumer Financial Production Bureau, CFPB, which safeguards consumer financial rights.

Part two will be securing suitable housing.

When looking for housing in the United States, there are many options to consider.

Some include renting. You can rent apartments, housing, and have shared living spaces. Shared living spaces might be having a roommate or a co-living space.

Other options are to buy. Consider your budget, preferences and lifestyles when selecting the type of housing that best suits your needs.

When you first get to the United States, you will be in temporary housing for your transition period. This will include things like hotels or motels or short term rentals, such as Airbnb or VRBO.

Now let's dive into lease agreements. Lease agreements are a legally binding contract between a tenant and a landlord.

The key elements you need to know are the rent amount and due date. These specify the rent amount and the date that it's due.

The lease term, which defines the duration of the lease such as month to month or fixed term lease.

Security deposit, which covers potential damages and unpaid rent, it's refundable upon lease termination.

Maintenance and repairs outline responsibilities for maintaining the property.

Tenant and landlord rights and responsibilities. This clarifies what each party can expect from each other.

Within the United States, the tenants have specific rights protecting under the US law. These may include, but are not limited to, the right to have safe and habitable living environment, protection against discrimination based on things such as race, religion, gender, age, or disability. Notice requirements for rent increases and evictions, and the right to privacy which restricts your landlord's ability to enter a rental unit without notice.

The rental process. Here's a typical overview of what the rental process will involve.

First, it starts with the property search.

You'll research and view available properties and consider their location and if it is within your budget.

Applications. Submit a rental application, which may include credit checks and references. Some of these may be different because you are international.

Signing the lease. Review and sign the lease agreement ensuring you understand the terms.

Move-in inspection. Document the property's conditions to avoid disputes at the end of the lease.

Monthly rent. Pay rent on time and keep records of your payments.

In conclusion, securing housing and accommodation involves careful consideration of your needs, understanding lease agreements and tenant rights and following rental processes diligently. It is essential to be informed and prepared to ensure a positive and stress free living experience in your chosen housing arrangement.