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Finding the cheapest place to live is not as easy as making a list. Therefore, this site does more than that – helping you find a place that minimizes your cost of living while increasing your income to maximize your savings – and allows you to retire early – sometimes in 5-10 years.
Income and cost of living are the two main factors in determining which country is the cheapest place to live.
Income is the amount your employer pays you for the work you provide, while living expenses are the amount of money you have to spend in each area to cover your basic expenses, such as: housing, food, taxes and health care. .
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For a long time these things have stuck with each other – if you want a really high income, New York, London or other big cities are great places to go, and the higher cost of living comes with it .
Basic things like rent and food are generally more expensive in these cities. Until now, there wasn’t much you could do to separate the two.
Before we started traveling, I made $94,000 a year, but our family’s current cost of living in Kissimmee, Florida is $57,500. This will give us $36,500 in additional income.
“Extra income” is just a fancy way of saying “money we can spend or save as we please. It’s the money left over after all the bills are paid.”
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Let’s say another company offers me a job paying $65,000 in an area with a cost of living of $20,000. Do you think I should take the job even though the pay is 31 percent less?
To make this decision, it’s important to determine how much your discretionary income is from each job—how much you earn at the end of the month after all of your basic expenses are paid.
In the example above, I could save $36,500 a year for that job—however, if I accepted a job offer that paid 31 percent less, I would be able to save $45,000 a year. That means I will save $8,500 MORE per year even with a lower income!
So the trick is to find the areas that offer the highest DISCRETIONARY income – not just the highest income or the lowest costs. So let’s try to find such a place for you!
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The general idea is to find the location that ultimately brings you the most income. There are sites that allow you to compare the cost of living in your current area to other areas of the country, such as NerdWallet’s cost of living calculator. This tool will help you find the cheapest city to live.
However, this calculator doesn’t show labor rates in every country, which means you’ll need to do a little research to figure out that piece of the puzzle yourself. Additionally, the prices they use generally appear lower than they actually are – and they have a disclaimer about it:
“Do you think these housing costs are low? This is possible because we measured average costs for the wider metro area, not just within the city limits.”
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However, if you can compare the income levels for your occupation in each of these cities, you will be able to understand – and take advantage of – the differences in the additional income you receive in these cities. This will allow you to know which city is the cheapest to live in for your specific occupation.
For example, using a cost of living calculator, I found that one of the cheapest cities to live in is Knoxville, Tennessee. That suggests that if I were to move from Kissimmee to Knoxville, my cost of living would drop 10 percent, to about $51,750.
However, when I looked at the pay scale for the job I had in Kissimmee and compared it to what I would have gotten to do that job in Knoxville, it would be 6 1/2 percent lower at $87,930.
That means my additional income would be $36,180 ($87,930 new salary minus $51,750 living expenses) – a drop in my additional income of $320 per year!
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If you spend a lot of time comparing countries, you will probably get slightly better results. However, there are better options we can choose to make it easier!
If we consider working abroad as an expat—someone who accepts a job offer in another country and lives there while doing the work—we may be able to save even more.
This was the only real way to take advantage of cost of living differences in other countries in the past – and something we can still do. For example, Jenny took a job teaching English in Japan for over 6 years – where the Japanese yen was roughly 41.7 percent undervalued against the US dollar, meaning the cost of living there was much higher. affordable, but still not the cheapest. place to live!
To find out the cost of living differences between countries, you can take the time to study the Purchasing Power Index, but we really like to use the Big Mac Index because it’s easier to understand.
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Finding a place that is more undervalued than your home country will increase your purchasing power – meaning you will get more money living there. This means you can buy 2 Big Macs in one location for the same price as it would cost you to buy just 1 Big Mac in your current location. However, this method works for almost anything, not just Big Macs!
For example, Turkey and Malaysia are on the list of cheapest countries to live. We know this to be true because we have lived in both countries! Let’s just say that everything seems like it’s always on sale for 50-75 percent off at each of those places. Amazing!
So should you move abroad to a country with a better cost of living? Not necessarily. Again, we have the problem that it may reflect the same salary level and you may not get better results doing so.
It turns out that with the rise of remote work due to the coronavirus pandemic, it’s now possible to separate where you get paid from the cost of living where you live and increase your discretionary income. !
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Imagine for a moment that I kept my $94,000 a year job and worked remotely in Malaysia, where the annual cost of living is only $20,637, then we would be able to save $73,373 a year instead of just $36,500 – a big difference in how quickly we can achieve financial independence, thus allowing us to retire earlier than our original plan.
Remote work is work that allows you to work from home, or work from anywhere, without having to come to the office. This means you’ll be doing all your work from a computer – so if your current position isn’t flexible enough to be 100 per cent remote, then consider checking out our paid remote jobs page higher, or our Nomad Guide, to learn some new-to-you skills, look for remote work, or get some ideas about other options.
Seriously consider the example given above and how much additional income is available. Since the start of the FIRE (Financial Independence, Retire Early) movement in 2010, many people have moved into a computer-only lifestyle as Digital Nomads, while others are lucky enough to be able to travel with remote work.
These people have achieved financial independence – and retirement – in just about 4-10 years. However, since 2020, remote work has become more common – many companies have realized that they need to offer remote work to attract employees. So finding remote work is no longer difficult – it just has to be
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