Destination England

Our journey from debt to England…and everything in between!

Moving to England: Five Year Goal

leave a comment »

Before Sarah moved to the States, it began to become more and more apparent we want to move back to England.  Primarily it is where the bulk of her family and support base is.  Her immediate family isn’t big, but they’re extremely close.  Her friends have been around since the school days and sometimes it is hard to distinguish them as either friends or siblings.  Once we found out we were going to be parents, I think this is when we made our minds up and set our goal.  England is where we want to raise our family. We have a strong support base over there, and when raising children we believe that is one the essentials.  Besides, it would mean free baby sitting more quality time between Connor and Family.  There are other factors in our decision, but primarily, this is the big one.

Why wait?!

So why don’t we just move? Well a “subgoal” is to move over 100% debt free. That’s right – zero debt.  How tough is this goal?  Currently, my debt is about $32,000 and some change. The bulk of this is student loans and an auto loan. We’ve devised a way to pay down this debt, and save for our move.  What is our approximate timeline? Five years. Using a modified debt snowball method (pay smallest debt first the largest – we’re doing this up to a point, then swapping and paying largest interest rate debt to smallest.), we hope to have our debt gone by 2012.  That would give us about three years to aggressively save for moving over to England.  In later entries, I’ll post about this more in greater detail.

Moving over seas is EXPENSIVE

The biggest factor really is money. From what I’ve read and researched to move a standard home with furniture you’re looking anywhere from $3,000 to $6,000 and I’m told that might even be conservative.  Plus you have to factor living arrangements, cost of living expenses, and other basic need costs.  Then there’s the airfare to get there (which with price at today’s rates for three people is around $3,000).  When you factor in the difference between then £ and the $ we have to save almost twice as much as what we plan (current rate is $1.50 = £1). With that in mind, our financial goal is to have about $36,000 in the bank when we move.  This would translate in today’s market to roughly £24,000.  I think that would give us a good starting point.  This gives us time to find a place of our own, find employment, and “settle in.”  This amount is sure to change over time, though I think this is a fairly easy goal to attain.

It’s not just about the Benjamin’s

Another aspect for our five year goal is more of an emotional one.  I only have my mother as family here in the states.  My father passed when I was 18, and I am an only child.  My mother’s health is fragile at best, and these past few years have been extremely tough.  Five years gives us time to make arrangements and enjoy the time we have left with her.

Five years seems like a long time for this goal, but the more I think about it, the more I think it’s just about right.  Our goal isn’t just about moving home.  It’s about moving home the right way. Without debt worries, a substantial nest egg, and a well thought out plan, I think we’re setting ourselves up for success.  Only time will tell.

Advertisements

Written by Jas

March 10, 2010 at 7:11 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: