Tuesday , 16 April 2024

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

Moving abroad may seem far-fetched, but it’s worthwhile togood life 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.

Global 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.

monthly personal 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.

Cost of food by country
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.

Universal coverage by country
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.

The most expensive cities to rent or buy property
Source: TransferWise


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.

Want more such articles? Just “follow the munKNEE” on Twitter; visit our Facebook page and “like” an article; or subscribe to our free newsletter – see sample here.
[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.]


Related Articles from the munKNEE Vault:

The 10 Best Places to Retire in Mexico

Below is an unbiased look at the best places in Mexico to retire – with real pros and cons – to help you make an informed decision as to which best meets your needs, interests and ambitions. Read on!

2.  Retiring? Here are 9 Countries in Asia Worth Considering

More and more retirees are looking to retire abroad where the sun shines almost daily, the weather is temperate, the lifestyle is enjoyable and the cost of living is a fraction of their current expenses. Have you ever considered Asia? This infographic compares the cost of living, lifestyle and personal safety of 9 countries worth considering. Words: 999; Photos: 5

3. 5 Places to Retire and Rent for Less Than $500 Per Month

Housing is likely to be one of your biggest retirement expenses. One way to approach your search for the ideal overseas retirement haven is to focus on retire-overseas choices where housing is cheap. [Below I present five such places for your consideration.] Words: 1040

4. The 5 Best Retirement Cities in Asia

For an East Asian retirement destination that won’t leave you in complete culture shock 5 cities in particular satisfy the ‘expatriate criteria’ – widely spoken English, convenient transportation, modern shopping conveniences, friendly people, and great food. Below is a description of what these convenient and charming cities have to offer. Words: 999; Photos: 5

5. Canada is a Great Place to Retire – Here’s Why

While [Green Valley] Arizona, [Naples] Florida, [Ajijic – Mexico or Mendoza – Argentina,] or some hidden island in a foreign land, might seem like the dream place to live out the end of one’s life, it turns out that Canadians just might be better off at home [and Americans and others should seriously consider emigrating to Canada sooner than later]. Here is a brief summary of the reasons why. Words: 842