Skip to content Skip to sidebar Skip to footer

Countries with the Cheapest Cost of Living and Money Saving Tips for Living in The Country

Countries-with-the-Cheapest-Cost-of-Living

We may often imagine how expensive the cost of living abroad. However, the fact is not the case. There are quite a number of countries that are known as the cheapest places to live. That is, the cost of living there is cheap. Living in a country with low cost will certainly be a joy, not only physically and mentally, but also financially. Because you are not bothered with expensive prices, ranging from rent and utilities, food, transportation, to entertainment.

Low cost of living standard criteria

How do you compare the cost of living in all countries of the world? What are the comparative indicators? For ordinary people this is indeed quite confusing and even hard to believe. But not for economists. They have a standard measure to determine the countries with the lowest cost of living among the countries in the world. One of them is GoBankingRates which ranks the country based on four indices compared to the cost of living in New York City, namely the index of local purchasing power, rent, foodstuffs, and consumer prices.

Local purchasing power index

The cheap or expensive cost of living in a country is measured by the relative purchasing power based on the standard salary in that country. If the purchasing power is lower than New York City, then the country is classified as a country with low cost of living. Lower purchasing power will have an impact on purchasing goods in smaller quantities. Conversely, high purchasing power will be followed by purchasing goods in greater quantities.

Rent index

Why is the rent price index used as a measure to assess the cost of living in a country, not the selling price of a house? Housing is a basic need for everyone, both individuals and families. However, not everyone can afford to buy a house as a place to live. Therefore, what is used as a standard measure of living costs is the price of rental housing.

The price of renting a house as a place to stay generally includes the cost of utilities such as electricity, gas (some countries use a subscription system), and others. The lower the rental price, the lower the cost of living. Vice versa. If the rental price in general in a country is much cheaper than the rental price in New York City, then the country is classified as the with low cost of living.

    Food index

    Food becomes a basic necessity which for its fulfillment often consumes a large portion of its budget or income. Therefore, the cost of this food cannot be ignored. The prices of cheap food ingredients will remain affordable for those whose income levels are mediocre. Conversely, the high price of food makes it difficult to reach by people with low income levels.

    Like the index of purchasing power and rent, the index of foodstuffs is also compared to the price of food in New York City to determine the cheap or high cost of living in a country. If the price of foodstuffs in a country is much cheaper than New York, then that country is cheaper to live in.

    Consumer price index

    Besides the price of rent and food, what about the cost of transportation, eating in restaurants, and others? Transportation is clearly one indicator to measure the cost of living in a country. The existence of transportation is needed to facilitate and facilitate mobilization from one place to another quickly.

    Not only transportation, but also the cost of local goods and services is a benchmark of the high cost of living in a country. If goods for general needs such as electronic products, restaurant food, services, and others are considered cheaper than the prices of the same or similar goods and services in New York, then the country is one of the cheapest countries in the world.

    Believe it or not, the fact is that many countries are far cheaper than New York. The rental index can reach savings of up to 70%, the index of food ingredients saving 40%, and the consumer price index 30% cheaper. While for the local purchasing power index in each country can vary greatly. That is, if the cost of living in New York City is used as a standard or benchmark, then many countries are cheaper to live in.

    In These Countries Cheap Living Costs.

    Living in a country that is safe, peaceful, and cheap is certainly a dream of many people. A place where you don't have to work too hard like a machine without a break to be able to meet daily needs. A place where you can enjoy a balanced life between work, family, and entertainment in order to make physical, psychological, and of course financially healthy. Is there a country like that? There is, in fact, a large number of countries with decent living costs.

    Vietnam

    Vietnam is a country with a dark history, where it must face long-term war to maintain its sovereignty. However, who would have thought behind the dark historical story, this country has an exoticism that attracts many travelers. Not only attractive as a tourist destination, Vietnam is also cheap to live in.

    Many cities in Vietnam are interesting to live in. Call it Ho Chi Minh (Saigon), Hanoi, Da Nang, and others. Compared to small towns on the outskirts, the cost of living in these three cities is indeed more expensive. Nevertheless, it is still affordable. Like in the city of Ho Chi Minh City, for example, the cost of renting a place to live in this city is quite cheap with fairly fast internet access.

    All food prices are cheap, average don't worry.. So cheap, you can eat all the time you want. That is, living in this country while as a traveler, you do not need to cook yourself to save on food expenses. In terms of transportation, it is also easily accessible and inexpensive. To live in this country in just one month, you only need to prepare a monthly budget of approximately $ 560.

    Thailand

    Who does not know Thailand? The country is famous as a haven for transgender people, so it is not surprising if a lady boy is found there. Here we will not discuss about that.

    Although the cities in Thailand, especially the capital city, namely Bangkok, cannot be separated from the frenetic life of luxury, but this country has many cities with low cost of living. One of them is Chiang Mai. The low cost of living in this city, does not mean minimal facilities. There are many coffee shops that have WiFi with fast internet service access.

    For travelers who plan to stay longer in the city of Chiang Mai do not need to worry about the price of food. In fact, you don't need to cook yourself to save on food costs. Because, the price of food here is so affordable, that it can be enjoyed anytime you want.

    How about the transportation? Transportation in this country is not only accessible in big cities, but the distribution is quite evenly distributed. That is, you can access public transportation such as buses to reach small cities or other interesting tourist attractions. To live in this country, especially in smaller cities that are cheaper than the capital, you only need a month's budget that is under $ 1000 or more precisely close to $ 610.

    To-live-in-Indonesia

    Indonesia

    Of the thousands of islands that make up the Unitary State of the Republic of Indonesia, the island of Bali is indeed more popular than the others. Though many islands and other regions are no less beautiful than Bali. Not only because of its beauty, Indonesia is much sought after by travelers and expatriates because the average cost of living in this country is relatively cheap.

    To live in Indonesia, you only need a monthly budget of at least $ 515 well below $ 1000. Imagine how much you could save if you lived here. Not only cheap, Indonesia is also known as the most friendly population in the world. The country is also rich in culture and culinary diversity, so it always offers endless new knowledge and experience.

    Unfortunately, the permission to stay in Indonesia for travelers is so strict, where they have to leave the country every six months and go to the immigration office every two months. The solution to being able to stay permanently in this country in the long run is to work for companies that provide work visas or marry local residents.

    India

    India is one of the countries with the largest area in the world. As in other countries, in India there are also big cities whose living costs are more expensive than other small cities. Call it Mumbai, New Delhi, Goa, and so forth. However the average cost of living in India is relatively cheap and very affordable.

    To live a month in India, the budget needed is at least only around $ 380. The budget is certainly far cheaper than the monthly budget of living in New York. If you use the standard budget of $ 1000 to live a month, then of course you can save a lot if you live permanently in India.

    Unfortunately transportation and traffic in India seem so chaotic. This has become an everyday sight in almost every city, especially in big cities. Not too surprising, because this country is also known as the country with the most population and most populous in the world. Whatever it is, living in India certainly does not hurt.

    Malaysia

    Compared to other Asian countries such as Indonesia, India and Thailand, the cost of living in Malaysia tends to be more expensive. Nevertheless, this country is classified as one of the country with low living costs.

    With adequate infrastructure facilitated by drinking water in various cities, it certainly gives its own plus points. In this country, transportation and food are very good. It's just that monthly expenditure in this country is still half of that in countries like Britain, Australia, Canada, and even the United States.

    To live in Malaysia, the monthly budget that needs to be prepared is around $ 665. Malaysia is not as cheap as Thailand let alone Indonesia. However, you are not wrong if you drop anchor in this country for several months.

    Nepal

    Nepal is also the a country with low living cost of living in the world. Local purchasing power in the country is relatively low, in accordance with its GDP per capita which is only more than $ 700 according to the World Bank. No wonder the country is a destination for many travelers and expatriates from various countries.

    The cost of renting a place to stay in Nepal is much cheaper than other countries, where one bedroom in Kathmandu is only valued at $ 109 per month. Not only rental prices, food and consumer goods in this country are also low. To settle in this country at least a monthly budget needs to be set at $ 340 which includes rent and utilities, food, transportation, and entertainment.

    Egypt-is-a-large-and-ancient-country

    Egypt

    Egypt is a large and ancient country in the world. This country has a very long and impressive history of civilization. If you think the cost of living in Egypt is expensive, then you are wrong. This country has become one of the a country with low living costs of living in the world.

    Living and settling in Egypt requires at least a budget of $ 370 a month. Shocking right? The price of renting one bedroom in Cairo is 90% far cheaper than New York. Similarly, for other needs such as food and other consumer goods, it is also around 60% cheaper than the prices of foodstuffs and goods in New York. So, there is no reason not to make Egypt a destination country to stay temporarily or live in old age.

    Mexico

    Countries with low living costs are not only found in the Asian region, but also North America. One of them is Mexico. The low cost of living in this country is indicated by low rental rates and low prices for consumer goods.

    To live and settle in Mexico for a month requires at least a budget of $ 650. The budget includes rent and utilities, food, transportation, and also entertainment.

    Georgia

    Is there the cheapest country to live in Europe? Lots. One of them is Georgia. Georgia is a hidden gem of Europe that has recently been included in The Lonely Planet's top ten countries that should not be missed. No wonder then that this country became a radar for travelers and migrants.

    The cost of living in a country bordering Turkey and Armenia is relatively low. Prices of food and consumer goods are so cheap and affordable. Monthly expenses for one person in this country at least only spend $ 360 a month.

    Money-saving-tips-for-living-in-the-country

    Money saving tips for living in the country with the lowest cost of living

    Even if you live or live in the country with the lowest cost of living, it does not mean you are generous in spending your money. Don't be too complacent with everything that is cheap. Living in the country with the lowest cost of living has certainly helped you save money. This means you have money left over that can be used for other things such as savings, investments, or something else.

    Living in the cheapest country, you must save as much as possible. That way, there will be more money left for other things that are more useful. Here are tips on saving money while living in a country with the lowest cost of living.
    • Rent cheap housing for a month or several months at a time. When you book a bedroom, choose accommodation that offers discounts. It would be better if the room is equipped with a mini kitchen that can be used for cooking. The existence of this mini kitchen will be able to reduce costs.
    • Cheap food prices often tempt you to be consumptive. You should avoid this. It would be better if you buy ingredients that are much cheaper and cook it yourself. Compared to you spending $ 5 to $ 15 every morning to buy breakfast, it would be more economical if you cook at least making an omlet, toast, or something else.
    • To enjoy the beauty of nature in the destination country, no need to visit tourist attractions that are certainly not free. This means that you will be charged an entrance fee. Why don't you use the locals? Socializing and chatting with them besides being able to establish intimacy, also allows you to find super cheap places that are not less fun to visit besides the existing tourist attractions.
    • More walking compared to taking public transportation, especially taxis. By walking, you will be able to be more integrated with the local population. Will be able to observe the habits, habits, and traditions of local residents who can certainly add to your knowledge and insight. If you are forced to use public transportation, then use cheap ones such as buses or others.
    • Try to change your mind from "I'm on vacation here" to "I'm living here". Holidays are often synonymous with a lot of expenses, because the purpose is to have fun. Another case if you are living a normal life. You will think thousands of times to spend money lavishly. Because, people who are living a normal life will not spend half the money in an instant. People who are living a normal life will not eat out every day. By changing the mindset, you can help in suppressing expenditure.

    Conclusion

    Hopefully this article will broaden your horizons and also be an inspiration when you will stay temporarily in another country for a vacation so that you can still save money. And after you live in this country or vacation in a country with this low cost you can also build a business, Maybe this Business Idea Can Be An Inspiration.

    Post a Comment for "Countries with the Cheapest Cost of Living and Money Saving Tips for Living in The Country"

    Subscribe Us