Consider Moving Abroad to Reduce Living Costs – Here’s Where (+5K Views)

Moving abroad may seem far-fetched, but it’s worthwhile to at least consider it as an option in your financial journey. A foreign country with a low cost of living could save you money while also providing fascinating cultural experiences and adventures…Let’s take a look at some of the differences in income and spending around the world.

The commentary above & below consists of edited excerpts from an article* by Investing Insights (motifinvesting.com).

Cost Of Living By Country

So just how much does it cost for people to live in different countries around the world? Here’s a look at the globe color-coded by cost of living.

Source: Movehub

The top 10 most expensive countries might not be where you’d expect:

1. Switzerland,
2. Norway,
3. Venezuela,
4. Iceland,
5. Denmark,
6. Australia,
7. New Zealand,
8. Singapore,
9. Kuwait and the
10. UK.

The U.S. didn’t even make the top 20.

Countries with the lowest cost of living are:

1. India,
2. Nepal,
3. Pakistan,
4. Tunisia,
5. Algeria,
6. Moldova,
7. Egypt,
8. Macedonia,
9. Syria and
10. Colombia.

What’s interesting is even though Switzerland is ranked the most expensive country to live in, it got the top spot for highest monthly disposable income. To give you some perspective, living in Switzerland is about 26% more expensive than New York City.

Similar to Switzerland, Australia and Denmark also have a high cost of living paired with high disposable income.

Source: Movehub

Save On Education By Studying Abroad

…Sallie Mae reported that the average amount U.S. families spent for college in the 2014-2015 academic year rose 16% to $24,164.

The good news is that there are many countries outside the U.S. that offer free or significantly more affordable higher education:

• Germany,
• Finland,
• France,
• Sweden,
• Norway,
• Slovenia,
• Brazil,
• Luxembourg and
• Iceland.

Most of them offer programs taught in English that welcome international students for free or only require small enrollment fees.

Food Costs Vary Considerably By Country

…If you’re interested in moving or vacationing in a new country with cheap food, here’s a look at how food prices compare across the world.

Flock to the countries colored in blue if you want to feast for a fraction of what it would cost you in the U.S.

Source: IB Times

Healthcare Can Be More Affordable Abroad

…Over the last several decades, the gap between the U.S. and other industrialized countries on total healthcare spending as a percentage of GDP has widened substantially.

• Back in 1980, healthcare spending in:
  • the U.S. was 9% of GDP,
  • Switzerland and Canada were 7%,
  • Japan, the U.K. and Australia were 6%.
• In 2012 healthcare spending rose in:
  • the U.S. to 17%,
  • Switzerland and Canada to 11%,
  • Japan to 10%, and
  • the UK and Australia to 9%.

The cost of healthcare is a big component of retirement planning and you might find the options and pricing in other countries much more favorable to your lifestyle and budget.

Take a look below at how the U.S. compares to several countries that offer universal coverage and rank higher on economic freedom.

Source: Forbes

Housing Costs Vary Dramatically Around The World

The cost of housing is also a big consideration if you’re open to relocating. If you think your rent is expensive, it might not seem so bad in comparison to the most expensive international cities below.

The monthly rent for a 120 square meter apartment (roughly 1,290 square feet) costs about:

• $6,277 in Moscow,
• $6,341 in Tokyo,
• $6,856 in London and an incredible
• $10,099 in Monaco.

If you’re looking for more affordable international city living, you could find a 1-bedroom apartment in:

• Taipei for $982,
• $925 in Berlin,
• $717 in Seoul,
• $629 in Lisbon and
• $449 in Bucharest.

Source: TransferWise

Conclusion

In your quest to save, invest and build wealth, where you reside is an important factor to take into consideration. Areas with lower cost of living can help you achieve your financial goals faster [along] with a disciplined savings strategy.

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[The original article* is from MotifInvesting.com and is presented above by the editorial team of munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter (see sample here) in a slightly edited ([ ]) and abridged (…) format to provide a fast and easy read.]

*https://www.motifinvesting.com/blog/live-can-huge-impact-much-spend?

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