Cash runway and emergency buffer

It is for anyone considering, planning or carrying out a move to Spain. You will finish knowing your runway in months, what could shrink it, and how large and accessible your buffer should be.

Start with "How many months of cash runway you need in Spain". It shows you how to calculate runway from your cash, your locked money and your monthly spending. The other pages build on that number.

Key rules

• Buffer size: A general buffer is 3 to 6 months of essential expenses, and 6 to 12 months for variable income or dependants.
• Fianza: The legal deposit (fianza) for a housing lease is one month's rent.
• Extra guarantee: An additional guarantee beyond the fianza can be at most two months' rent for leases of up to five years (seven if the landlord is a company).
• Bank protection: Deposits at Spanish banks are protected up to 100,000 euros per depositor per bank.
• First salary: Your first salary usually arrives about four to six weeks after you start work.
• Runway formula: Runway in months is your accessible cash minus locked money, divided by your monthly spending.

Cash runway and emergency buffer: the whole process, step by step

From first budget to a settled buffer

• Work out your runway: accessible cash minus locked money, divided by monthly spending (How many months of cash runway you need in Spain): Before you move

• Allow for the job search and hiring time before income starts (Covering the gap before your first Spanish paycheck): A job search commonly takes two to six months; hiring takes two to six weeks from first interview to offer, plus paperwork

• Get your NIE, bank account and Social Security registration in place so payroll can start (Covering the gap before your first Spanish paycheck): Before the first payroll; the NIE comes first, and appointment waits range from days to several weeks

• Set aside the fianza and any extra guarantee, and subtract them from your available cash (How much of your cash gets locked in deposits and guarantees): Before signing the lease

• Budget for the costs that hit together at move-in (The cash crunch in your first 30 days after getting the keys): On the day you get the keys, commonly two to four months of rent up front

• Cover the gap until your first salary arrives (Covering the gap before your first Spanish paycheck): About four to six weeks after you start work

• Plan month by month around 12 or 14 salary payments (How 12 or 14 salary payments change your monthly cash flow): Once your contract is signed

• Build your emergency buffer to the size that fits your household and income (How big your emergency buffer should be): After your first salaries arrive: 3 to 6 months of essential expenses, or 6 to 12 months for variable income or dependants

• Compare your visa's minimum income with your real costs (Is your visa's minimum income enough to live on?): Before applying and again before renewal

• Claim your fianza back when you leave and chase it if it is late: The landlord must return it within 30 days of you handing back the keys

Documents you may need

Identity and residence

• Your NIE
• Passport — Covering the gap before your first Spanish paycheck

Income and work

• Signed employment contract with your employer — Covering the gap before your first Spanish paycheck
• Employment contract showing the annual gross salary and whether it is split "en — How 12 or 14 salary payments change your monthly cash flow
• Bank statements showing your savings — Is your visa's minimum income enough to live on?
• Documents showing regular passive income — Is your visa's minimum income enough to live on?

The home and the lease

• Work contracts — Is your visa's minimum income enough to live on?, How much of your cash gets locked in deposits and guarantees
• Your signed rental contract — The cash crunch in your first 30 days after getting the keys

Other documents

• Spanish bank account details — Covering the gap before your first Spanish paycheck, The cash crunch in your first 30 days after getting the keys
• Work authorisation — Covering the gap before your first Spanish paycheck
• A bank account number — How much of your cash gets locked in deposits and guarantees
• Social Security affiliation number — Covering the gap before your first Spanish paycheck

Each article lists the other documents it asks for, where you need them.

Cash runway and emergency buffer: questions that cross several articles

How long should my savings last before I get paid in Spain?

Your savings should cover the job search, the hiring process and about four to six weeks after you start before your first salary arrives. A job search commonly takes two to six months and hiring two to six weeks. Read "Covering the gap before your first Spanish paycheck" and "How many months of cash runway you need in Spain".

What do I need in place before my employer can pay me?

You need an NIE, a bank account with an IBAN, a Social Security number and a signed contract before your first payroll. The NIE usually comes first, and your employer registers you before work starts.

Is the deposit part of my first month's costs or my savings?

The deposit is cash you pay up front and can't spend, so it counts as locked money, not runway. Utility set-up fees and internet installation add to the first-month bill. Read "How much of your cash gets locked in deposits and guarantees" and "The cash crunch in your first 30 days after getting the keys".

When do utility and internet contracts ask for money up front?

Utilities and internet rarely ask for a deposit, but new connections, set-up fees and sometimes a water deposit add up, often around 50 to 150 euros for electricity and gas connections. Internet may carry an installation fee and a minimum term.