One of the biggest questions when thinking about moving abroad is a simple one:
How much will I actually need to live there?
The answer is about much more than the price of a property.
Your day-to-day cost of living can include housing, food, utilities, transport, healthcare, insurance and all the smaller expenses that add up over a month. And what looks affordable on paper doesn’t necessarily feel affordable once you are actually living there.
That’s why I think cost of living should be considered alongside things like healthcare, safety, community and quality of life when choosing where to relocate.
I’m building detailed cost-of-living guides for the destinations I focus on, so you can get a clearer picture of what life might actually cost.
Table of Contents
What Should You Budget For?
When comparing destinations, I think it’s useful to look at the whole picture rather than focusing on one headline number.
Housing
Rent or mortgage payments will usually be one of your largest monthly expenses.
If you’re thinking about buying rather than renting, it’s also worth considering property taxes, maintenance, service charges and other ongoing ownership costs.
Food & Everyday Expenses
Groceries, eating out, household goods and other everyday purchases can make a significant difference to your monthly budget.
Local prices can also vary considerably between neighbourhoods and between more local and tourist-oriented areas.
Utilities
Electricity, water, internet and other household bills should form part of your calculations before deciding whether a destination is genuinely affordable for you.
Transport
Think about how you will actually get around.
In some places you may be perfectly comfortable using public transport or taxis. In others, having a car may be much more practical.
Healthcare & Insurance
Healthcare is an important part of the cost-of-living calculation, particularly if you’re planning to retire abroad.
It’s worth looking beyond the cost of a doctor’s appointment and considering health insurance, private healthcare and any other costs relevant to your circumstances.
Lifestyle
Finally, there’s the cost of actually enjoying your life.
Restaurants, coffee shops, hobbies, travel, entertainment and visiting family can all form part of your real monthly budget.
Cost of Living in the Destinations I Cover
I’m focusing my research and new content on five destinations:
Montenegro
A European destination that I’m particularly familiar with through my own property ownership experience.
Medellin, Colombia
A city I’ve been researching from both a property and lifestyle perspective.
Cuenca, Ecuador
Chiang Mai, Thailand
A destination I’m particularly interested in from a lifestyle and property perspective, including my own property-buying journey.
Bali, Indonesia
A very different proposition, where the cost of living needs to be considered alongside the different areas, lifestyles and property options available.
More detailed cost-of-living guides for these destinations will be added as I build out each section of the site.
Start With Your Own Budget
Before comparing countries, I recommend working out what you can comfortably afford to spend each month.
I’ve created a free International Property Budget Planner to help you work through the numbers when you’re considering buying property abroad.
The aim isn’t to find the cheapest place to live.
It’s to work out which destination gives you the lifestyle you want at a cost that makes sense for your circumstances.
More Guides Coming
I’m continuing to build detailed guides covering the cost of living in each of the five destinations.
In the meantime, you can explore the destination guides to start getting a feel for what each place is like and what you should consider before making a move.