No two auxiliars experience the same working conditions, and auxiliars who have done multiple years know that experiences can even change from one year to the next. This post will help you learn how to tailor your individual experiences to the types of jobs you’re seeking.
If this will be your first year as an auxiliar , keep reading. This can help you make a plan for how to use your year abroad. Also, feel free to check out my article on how to plan your first class.
Even if your next job is another year as an auxiliar, read on. These strategies can shape your next auxiliar experience to help you gain the skills you need.
My Auxiliar Experience
First, let’s take a look at some of my job descriptions.
Creating a budget can be very overwhelming – especially when you’ve just moved and you don’t know what your expenses will be. I’ve definitely been there. When I arrived in Spain in 2015, I came with $2000 as my starter budget, but without a plan in place, I blew through over half of it before receiving my first paycheck. If I could do it again, what would I do differently? This is what I recommend for incoming auxiliares de conversacion.
I would begin by creating a budget using the 50/20/30 Rule. Here’s how it breaks down:
50% of your income goes to cover your NEEDS – Things like rent, food, electricity, transportation, internet, etc. These are the absolute basics you will pay for every month.
20% of your income goes to SAVINGS – You may need to buy a plane ticket at the end of the year. Or, if you’re staying in Spain over the summer, you’ll need a summer fund for when other opportunities dry up.
30% of your income can go to WANTS – things that you could do without in a pinch, but make life more enjoyable: eating out, drinks, travel, new clothes, etc. These things are likely the reason you are here.
Creating a Budget with the Auxiliar Income
So how would it look for an auxiliar creating a budget based on this plan?
Raise your hand if you have debt. Yup, me too. According to Market Watch, Americans have $12.73 trillion worth of household debt as of March 2017, topping the 2008 peak of $12.68 trillion! About $1 trillion of that is in credit cards alone. How much of that is YOUR share?
You, me, and about 80% of Americans.
We all know that debt holds us back, but what can we actually do about it? The first thing you should do is acknowledge it. Add it up and get a total. I like to use Unbury Me to visualize how different steps will affect my payoff date. Then, when I need to make a payment, I use TransferWise to send money back to my US account.
Debt Management Abroad
Moving abroad with no debt is ideal, but for many of us it isn’t realistic. If you can pay off all of your debts before moving, you will have less required monthly expenses. However, you should not use up all of your savings in order to achieve this, as you will need a starter budget to help yourself get set up in your new location.
Control your debt or your debt will control you.
When moving abroad, you can’t just focus on your total debt. You need to break it down into individual loans and monthly payments. Many personal finance experts, such as Dave Ramsey and Suzy Orman will recommend that you eliminate debt by lowest debt first (Dave) or highest interest debt first (Suzy). I respect both of their opinions.
However, for people moving abroad, the most important thing is minimizing monthly expenses. When I moved to Spain, I had $262.27 in minimum monthly payments. That’s a lot when your steady income is 700 euros a month. Now I’m down to about $42 a month in required debt repayment. How did I do that? Let’s take a look:
