Introduction

Securing a Skilled Independent Migrant visa is the first step towards realizing your dream of settling in Australia. However, financial planning is a crucial aspect of this transition. This article aims to provide a comprehensive guide on the amount of Australian dollars required to start a new life after obtaining your visa. It will discuss the expenses you should anticipate and how to create a financial plan to ensure a smooth adjustment to your new life.

Understanding the Skilled Independent Migrant Visa

The Skilled Independent Migrant visa (subclass 189) is designed for skilled workers who can contribute to the Australian economy. To be eligible, you must meet certain criteria, including having the necessary skills and qualifications, proficiency in English, and meeting the health, character, and security requirements. Once granted, this visa allows successful applicants to live, work, and start a business in Australia.

Calculating Your Initial Undecided Expenses

The average cost of living in Australia can vary greatly depending on your location, lifestyle, and other personal factors. However, a general guideline can help you estimate your initial financial needs. Here are the key factors to consider:

1. Accommodation

A crucial expense in any new city is housing. The cost of accommodation can range widely, from:

City areas: around AUD 1,800 to AUD 2,800 per month for a one-bedroom apartment Suburbs: around AUD 1,300 to AUD 2,300 per month for a similar apartment Outskirts: around AUD 1,000 to AUD 1,700 per month for a one-bedroom apartment

Consider if you're looking for a short-term rental while job hunting or a long-term lease. Housing elites can be more expensive, especially in major cities like Sydney and Melbourne.

2. Daily Living Costs

Daily living costs include food, utilities, groceries, and other essentials. An average of AUD 1,000 to AUD 1,600 per month can provide a comfortable lifestyle. This amount can fluctuate based on your dietary preferences, expenses, and lifestyle.

3. Insurance and Miscellaneous Costs

Health insurance, car insurance, and other necessities like internet and phone can add up. On average:

Private health insurance: around AUD 300 to AUD 500 per month Car insurance: around AUD 100 to AUD 200 per month Internet and phone: around AUD 100 to AUD 150 per month

Additionally, budget for occasional costs such as travel, entertainment, and medical expenses. These might add another AUD 500 to AUD 1,000 per month.

Long-Term Financial Planning

1. Savings Plan

Ensure you have at least 12 months' worth of living expenses in savings before you arrive, as job hunting can be unpredictable initially.

2. Job Hunting Costs

Be prepared for expenses related to job hunting, including:

Job application fees Travel costs to interviews and events Professional development and certification courses

3. Career Development

Invest in yourself by taking advantage of course and workshops to enhance your skills and knowledge, which can increase your earning potential in the long run.

Invest in professional networking and attend industry events.

Strategies for Efficient Spending

With living costs, job hunting, and professional development, it's essential to manage your expenses efficiently. Here are some tips:

1. Meal Planning and Budgeting

Eating out or ordering takeaways can be costly. Plan your meals in advance, shop in bulk, and cook at home to save money.

2. Utility Bills: Energy Efficiency

Monitor your energy usage and take steps to reduce your bills. Use energy-saving devices, turn off lights and appliances when not in use, and consider solar power options.

3. Public Transportation

Use public transportation to save on fuel costs and car insurance. Consider purchasing a monthly or yearly pass for greater cost savings.

Conclusion

Settling in Australia after obtaining a Skilled Independent Migrant visa requires careful financial planning and a realistic understanding of the costs involved. By considering the essential expenses, creating a savings plan, and spending efficiently, you can ease the transition and focus on building a fulfilling life in a new country.

Remember, the amount of Australian dollars required may vary based on personal circumstances and preferences. Always assess your financial situation and adjust your budget accordingly. With proper planning, you can successfully settle in Australia and achieve your long-term goals.