Cock fighting? Money laundering? Frat house turned underground casino? If you weren’t blessed with a trust fund, money is probably the biggest obstacle standing between you and a life abroad. Because many prospective travelers are living in an economy that they’re already considering leaving, it’s likely very difficult to save up a significant sum. But if you can find a way to make traveling and teaching possible, there is a thriving international job market for you to join.
The global market for English language learning is growing bigger and becoming more digitized every day. A study published by the British Council, identified the English language as “perhaps the greatest and yet least-recognised international asset.” Because English is the language of several developed countries, it has become an international key to considerable opportunity. And if you’re from one of these countries, teaching English abroad is an instant job option.
If you can get off the ground in the first place, teaching English overseas is a wonderful way for many native English speakers to travel without forfeiting a regular paycheck. So, if you’re considering teaching and traveling but struggling to make ends meet, keep reading for a few ideas of how you could finance your grand plan.
Create a Budget
Giving yourself guidelines will save you a lot of money in the long run. And you can start budgeting before you even land! To give yourself an approximate picture of living expenses in your new home, try visiting Expatistan. This web database allows you to compare the cost of living in your hometown to that of almost any global city. But also remember you won’t be living off savings for long. Once you secure a position you can look at your salary alongside your projected monthly expenses.
Generally speaking, Asia would be the most lucrative continent for teaching abroad with the highest average pay in relation to cost of living. But if you’re not interested in the Asian job market, there are other affordable options. Most Latin American cities are also inexpensive places to live. Though you may not be saving a lot from month to month, you could definitely live comfortably. And if you’re willing to embrace a more local lifestyle and skip the American imports at the grocery store, you should have enough left over to explore your new area of the world.
Another budget consideration is your startup costs. Even though the teaching part of “teaching English abroad” curbs many of the costs of travel, there will be some initial expenses to get you there. If you’re earning your TEFL certificate through Máximo Nivel, you’ll need to have some money set aside for the four-week training period. Initial expenses vary considerably by location but it’s always better to budget over what you think you’ll need. And if you manage to live frugally, that’s one more trip you can take during your stay!
Enroll in a Teach Abroad Program
One way to avoid wandering the globe and flashing your TEFL certificate at passers-by is to work with a program geared towards the country where you want to teach. Máximo’s TEFL programs will support you during the job placement process regardless of your desired destination. However, if you want to teach in one of the countries we operate in, even better! Already residing in Guatemala, Costa Rica or Peru will only help you find a position in-country.
Networking in the community in which you intend to teach can give you a head start in the application process. You can even begin job hunting during your training. And as soon as you secure a teaching position, you’ll be able to stop worrying about incoming expenses without the balance of a paycheck. Closing the gap between training and employment will allow you to save any extra money for the unforeseen.
Save a Bit for a Rainy Day
Maybe you have extra income trickling in from an apartment back home or a part-time online job. But if you don’t, that doesn’t mean you can’t teach and save. Salaries for TEFL jobs are usually designed to cover living expenses comfortably but vary considerably in how much they leave for savings. Asian countries such as Taiwan, China and Thailand often boast the best opportunities for saving.
However, your ability to save will rely more on how you live than where you live. Living abroad presents an opportunity to adjust to a lifestyle other than your own. And if that means foregoing the latest electronics or pricey pre-packaged dinners, you’ll save yourself some money at the same time. So, skip regular taxi rides for the local bus route and trade in Westernized dining for your local produce stand. Not only will you return home with more authentic experiences to share but you might also have a few dollars left in the bank.
Apply for Scholarships and Travel Grants
Even with a saving mindset the price tag on moving abroad can seem intimidating. But don’t let money be the only thing deterring you from following through on your journey. There are many scholarship and grant opportunities available to those who want to teach abroad. At Máximo Nivel we offer scholarships and travel grants that specifically discount their travel and study programs. Other international exchange organizations such as The Fulbright Program issue English Teaching Assistant grants. Where there is need there are often organizations willing to help you fill it.
Fundraise Before You Leave
If you’re still not sure whether or not you can swing it, personal fundraising is another way to finance your trip abroad. You may be able to find sponsors in your own community, even organizing your own private fundraising event. Forbes also has a helpful roundup of the top websites for crowdfunding. So, if you’re seeking assistance from family and friends or a broader community, consider creating an account on a website like GoFundMe. When using this method, do your best to accurately portray your projected expenses so that your supporters can know the needs they’re addressing.
But whether you turn to crowdfunding, are granted a scholarship or devotedly set aside all your tips, don’t let money be the only thing tying you down. Teaching English abroad isn’t like buying an expensive purse. It’s an ongoing investment in yourself that could change the course of your life. So start feeding your piggy bank and researching where exactly you want to go!