Tired of the high cost of living at home? After a couple of years of rising bills, from energy to groceries, living overseas might seem even more enticing. It might just make your bank balance happier, too. Here are ten tips to making your money go further overseas.
Check out our tips for making your money go further overseas.
Recently, Property Guides launched the Cost of Living Index, looking at the price of day-to-day items across 13 countries: the UK, Ireland, Spain, France, Greece, Cyprus, Germany, Portugal, Italy, New Zealand, the USA, Canada and Australia. Of the 13 countries, Spain came out as the most affordable country to live in. It was £701 cheaper than the UK, which came in at number 11.
And while the data collected is very exciting, if you what your money to stretch as far as possible overseas, is there anything more you can do?
We asked those who have already made the move what their tips were for making their money go further when living abroad.
To see their tips in full, scroll down to download the expat’s guide to affordable living overseas.
But for now, here are ten essential pointers to making your money go further overseas:
1. Shop like a local
We made up a grocery basket of staples like eggs, orange juice, a loaf of bread, gin and chocolate. Then we compared prices across the countries and found that the same grocery basket was almost 53% in Spain than the UK.
Even so, you can cut costs further by being particular about where you shop. Try to avoid mini marts in tourist areas as these with be pricey. Instead, ask your neighbours where they like to shop and find where is best suited to your budget.
2. Eat local produce
Purchasing seasonal produce is a great way to reduce your carbon footprint and will often be cheaper too. Plus, it’s a fantastic opportunity to experiment in the kitchen with what the locals enjoy eating.
3. Take decorating inspiration from around you
Rather than shipping all your old furniture from the UK, head to the local flea markets and second-hand shops. They are likely to have furniture better suited to the climate. And who doesn’t love a bargain find?
4. Be cautious of the air-con
Don’t swap high winter bills for high summer ones. Reduce the need for an aircon by sitting in the shade and buying a stylish handheld fan.
5. Opt for eco-friendly travel
Save the planet and your bank balance by hopping on public transport. Plus, boost your health by investing in a bike. Electric bikes count too.
6. Research what costs more before you move
Sometimes, even if a country generally has a lower cost of living, there will still be prices for things that stand out if you’re not used to paying a pretty penny for them. Find out what costs more in your new country, pack it and ask loved ones to bring more when they come to visit.
7. Some fun comes totally free!
Enjoy the sunshine.
Sitting on in the sunshine with a great book, taking a leisurely stroll around your new hometown, swimming in the Med – some fun doesn’t have a price tag. Indulge!
8. Find local haunts for a feast
Dining out on the continent is generally much more affordable than it is in the UK. To get more for your money, the expats we asked recommended heading out for lunch over dinner. Pratos do dia in Portugal is particularly good.
9. Don’t lose your lump sum!
Brits can take 25% of their pension pot tax free at age 55. But this is not possible if you have already moved abroad and become a tax resident – it’s only tax free in the UK.
10. Reach out to a currency specialist
When you move abroad, you’ll have to transfer large sums of money overseas. This could be for a property purchase, a pension or mortgage. Currency rates fluctuate all the time and this can make predicting overseas costs challenging. Smart Currency Exchange will be able to put a plan together so that you can transfer money abroad safely and securely.
Download your free copy of the expat guide
- See where to save money when you move abroad
- How to live and spend like locals
- Tops tips from expats
