Learn About the Cost of Living for Expatriates Living Abroad
Whether you are about to move overseas or have already made the jump, one of the most important factors on moving abroad and where to live overseas with your family is the cost of living in the various expat destinations. GoExpat will be adding pages related to the cost of living for the most popular expat destinations for individual expats and their family members. This page will also be a great source for global mobility managers sending employees abroad on work assignments.
If we can help just one expat learn about the costs associated with their future expat destination, then we are happy. Learn about which countries are cheap to live in? What are the top 10 most expensive cities to live in for expats? Is Costa Rica more expensive than Mexico for Expats? Is Malaysia an expensive expat destination?
Cost of Living for Expatriates
Life as a global nomad or an expat retiree is not just about experiencing a new culture in a foreign land. It is also about spending less while enjoying a decent lifestyle. Whether you are moving abroad for a few years or permanently, you should know the expenses involved in living in a major expat hotspot.
Here is a guide to assist you in deciding the perfect expatriate haven for yourself in terms of cost of living. It is also important to understand that knowing the exact cost of staying in a foreign country is difficult. However, do detailed research or talk to the expats on the various online forums to have a fair idea about the costs of moving to your favorite destination.
Choosing a Particular Destination
The criteria for choosing expat spots may vary among globetrotters. For instance, digital nomads would like to move to a place that is home to a large number of start-ups. Socially conscious people will opt for a place where they can delve into the local customs and culture. Retirees would prefer a place that has adequate healthcare facilities and good quality of life. Ideally, your goal should be to choose a destination that matches your budget or income and personal goals.
It is quite easy to be confused when it comes to choosing a place for a long-term stay. Each country has its pros and cons; so, your decision usually won’t just be about monetary savings. For instance, the cost of living in Thailand is much less compared to any European country, but a Thai getaway may not offer all the modern amenities that you can expect in the United Kingdom or Spain. A expat destination should be able to meet all the criteria that you consider important before you make the big decision of moving overseas.
Managing Travel Finances
Expats often ignore the fact that they would be going home at least once a year to see their loved ones or look into their existing family business. If you are moving from the United States to Thailand because of the low cost of living, you will have to spend a lot during your periodic trips home. On the contrary, relocating to Thailand along with your family can help you save a lot of money because there would be fewer international trips.
Lifestyle Costs Can Impact Your Budget
Expats across the globe have their own lifestyle and priorities that can have a great impact on their budget. The lifestyle of a retiree who is dependent on a social security check would be much different from that of a digital nomad who has all the time and money to live life extravagantly. If you are planning to move abroad with your family for a long-term job assignment, you will have to bear various costs like internet bills, global health insurance, and the fees associated with property purchase.
Your lifestyle costs also include your food habits. Would you cook yourself or go for local street food regularly? Would you prefer high-end lavish restaurants or simple meals at your office canteen? These are the factors that will influence your monthly budget to a great extent. Ultimately it is up to you to decide what suits you best when you plan your budget based on your spending habits.
Low Cost of Living Biggest Draw
People often think that traveling and settling abroad is extremely costly. Yes, this is true if you want to relocate to any of the posh or expensive cities across the globe. Your hard-earned money would finish in a quick time if you choose to stay in super-expensive places like Italy and Australia. You should ideally opt for the cheapest expat destinations to live and work. You would be surprised by the savings you have in just a couple of years even with a moderate salary. Moving to a new place where you can explore the culture and enjoy a decent income is always better than slogging off at a downtown office in a major business hub.
For most expats, a low cost of living is a major draw to start an expatriate life in a particular destination. Even if you have to manage your expenses with a lower remuneration, you will realize that you are having a much better lifestyle than your counterparts working in top metropolitan cities. You will also be able to find many well-paid jobs in a cheap expat destination, which will allow you to stretch your budget.