How Much Does It Cost to Live Abroad?

Traveling is great, but sometimes you want to spend more time somewhere new for a little while. Putting down roots can be pricey. However, the actual cost depends a lot on where you’re considering living as well as what you plan to do while you’re there. Are you going to work while there? Where do you want to stay? There are a number of questions that affect the answer to the question “how much does it cost to live abroad”.

Let’s take a look at two of the most important factors.

How do you want to live?
If you want to live overseas long-term and decide to rent a flat or a home, then you’re likely to run into bigger bills than individuals who are staying in hostels, AirBnBs, homestays, or camping. Living in Australia, for example, can be quite expensive unless you plan to spend most of your time traveling and are staying out in the wild. Are you going to eat out every night? Do you plan to do a lot of shopping? All of these expenses can add up to a pretty penny if you’re not careful.

Where are you going?
Another important factor is the cost of living where you want to visit. For example, $2000 in Japan might not go quite as far as $2000 in Mexico or Latin America. You need to take a look at just how expensive the cost of living is in your country of choice. This will help you identify how much you’ll be spending.

Overall, it’s a good idea to budget for at least $10,000. This depends upon how long you’re staying, where you’re going, and how you’re going to be living there. Note that this might be quite a bit more than what you actually need. But it all depends on where you’re going to stay.

Here’s an infographic that might help further set your budget.