You’re considering moving to another country. How do you find out the true cost of living?

1 Research the basics

Before you pack your bags and hop on a plane, you need to do some homework on the basic expenses you will face in your new country. These include rent, utilities, food, transportation, health care, education, taxes, and insurance. You can use online sources, such as Numbeo, Expatistan, or ECA International, to get an overview of the average costs of these items in different cities and countries. These sources can also help you compare the cost of living between two locations, and give you an idea of how much you need to earn to maintain your standard of living.

2 Adjust for your lifestyle

However, the average or median costs may not reflect your personal lifestyle and preferences. You may want to live in a more spacious or central apartment, eat out more often, travel frequently, or enroll in a private school or a language course. These choices will affect your budget and your cost of living. To get a more accurate estimate, you need to adjust for your lifestyle and spending habits. You can use online calculators, such as Budget Your Trip or The Earth Awaits, to customize your budget based on your income, family size, accommodation type, and travel style.

3 Consider the hidden costs

Another factor that can influence your cost of living is the hidden or unexpected costs that may arise in your new country. These can include fees for visas, permits, banking, currency exchange, internet access, mobile plans, or legal services. You may also need to pay for additional items, such as clothing, furniture, appliances, or entertainment, that you did not need or have in your home country. Moreover, you may face inflation, currency fluctuations, or economic instability that can affect your purchasing power and your savings. To prepare for these costs, you need to do some research on the local regulations, policies, and market conditions, and set aside some contingency funds.

4 Track your expenses

Once you arrive in your new country, you need to track your expenses and monitor your budget. This will help you see how much you are actually spending, and whether you need to adjust your income or your lifestyle. You can use apps, such as Mint, Expensify, or Trail Wallet, to record and categorize your expenses, and to set and follow your budget goals. You can also use apps, such as XE Currency, TransferWise, or Revolut, to check the exchange rates, convert currencies, and send or receive money internationally.

5 Compare your options

Finally, you need to compare your options and evaluate your decisions. You may find that living in another country is cheaper or more expensive than you expected, or that you are happier or less satisfied with your quality of life. You may also discover new opportunities or challenges that can affect your career or personal goals. You need to weigh the pros and cons of your situation, and decide whether you want to stay, move, or return to your home country. You can use online tools, such as Teleport, Nomad List, or Best Places, to compare and rank different locations based on various criteria, such as cost of living, safety, climate, culture, and internet speed.