Money Talk With Slater

Making Money Across the Board

Monthly archives "May 2020"

The Cost of Living Abroad (Part III)

Slater 0 Comments

 

Entertainment

You’re going to want to explore your new city, so be sure you’ll have enough disposable income to go out and have a good time. Find out what you can expect to pay for tickets to concerts, movies, theaters, sporting events, and museums.

And if you enjoy working out and exercising, find out how much a 30- day gym membership will cost. Some countries tempt citizens to lead active outdoor lifestyles by offering bikes and green spaces. If you’re going to a country with those types of amenities, you may not need an indoor gym membership.

Health Insurance

Decide how much you will have to pay every month for medications, healthcare, and/or international health insurance. Some countries have nationalized healthcare systems. Others might require you to have private health insurance to get topnotch care.

Education

If you’re moving with children, be sure you know the cost of education. Based on the country, you might want to pay for private education at an international school or send your child to a free public school instead.

London is among the most expensive places to live.

Most Expensive Places to Live Abroad

Some international destinations are famous for being affordable. Others not so much. 

Some of the most expensive cities to live in include:

  • Hong Kong
  • NYC
  • Zurich 
  • London
  • Shanghai
  • Tokyo

In any country, the cost of living is typically lower in small towns and small cities than in major metropolitan areas. So, if you want to keep your expenses down, avoid moving to the downtown center of a major city. Instead, look for a smaller neighborhood or a small town a few miles outside the city’s center.

Regardless of how you plan to live or which foreign destination you decide to go to, research the cost of living to be sure you can afford it.

There’s no doubt that you’ll make amazing memories of living in a foreign country. The experience will be even better if you can afford to appreciate it. Living paycheck to paycheck might be the norm in your hometown, but when you’re thousands of miles away, it’s vital to have financial stability.