By:
Mabel Fatokun

Most Affordable Places With Costs That Fit Your Budget

When deciding where to live abroad, affordability is frequently the most important consideration. Travelling and International Living’s index are wonderful because they provide you the freedom to select a destination whose cost of living fits into your budget.

This list is not opinionated. To obtain verifiable, detailed pricing for items like food, rent, utilities, housekeeping assistance, eating out, gym memberships, transportation and travel, and unforeseen expenses associated with living abroad, we have distributed comprehensive surveys to our correspondents who are dispersed throughout the globe. While living in an economical area can free up more cash for extracurricular activities, it can also give you piece of mind that you can support yourself well in retirement with a meagre income.

The most economical foreign exchange havens that we have located—places where your money will go farther than it would in the United States—are listed below:

MEXICO

Mexico offers a diverse range of attractions, including funky towns, elegant resorts, beaches, diving, and snorkeling. Its diverse environments, including lush jungles, high-altitude deserts, and snowcapped mountains, provide unlimited choices for climates. Mexico is an excellent retirement destination for any budget, with a typical monthly budget of less than $2,000. Mexican food is delicious and affordable, with sit-down restaurants offering multi-course meals for $3 to $4 per person. These meals include soup, pasta, entrees, rice, beans, tortillas, and agua del diá. Some restaurants even offer gourmet international cuisine. Even fine dining meals cost less than $20 per person.

Mexico offers excellent healthcare with affordable consultations, specialist fees, and consultorios. X-rays, CT scans, and electrocardiograms are affordable without requiring a doctor’s appointment.

Most Affordable Places With Costs That Fit Your Budget

ECUADOR

The main draw for foreigners to relocate to Ecuador is the country’s low cost of living. It can be a huge benefit, especially if your salary is fixed. The cost of renting is a small portion of what it would be in the US or Europe, and if you purchase real estate, your taxes will be far lower than they would be back home. Year-round, local markets sell fresh produce at such low costs that you won’t be able to carry what $15 would buy. In many places, you can survive without air conditioning or heating, and most expats consider owning a car to be an optional luxury.

MALAYSIA

Malaysia, a Southeast Asian country, attracts adventurous individuals of all ages due to its colorful landscapes, friendly locals, and budget-friendly living. With Thailand and Singapore nearby, Malaysia’s affordability and 800-odd islands attract expats. The low cost of living, including rental prices, makes it a top destination for fixed income individuals and luxury seekers, with 12,000-square-foot apartments with pool and sea views available for just $4,500 per month. In many respects, Asia is a “suggestive” land of opportunity, meaning that amicable negotiation is welcome on any topic. Landlords seek good tenants through friendly discussions, understanding, and honesty. Follow gut instincts and avoid negative vibes. If landlord doesn’t help, it’s not an easy transition.

Due to its central location in Southeast Asia, Malaysia is easily accessible to all people. What’s even better is that, as soon as you relocate, you instantly establish a connection with other residents, whether they are wealthy or just passing through. And what do you know? You can always go on an adventure again in Cambodia, Thailand, or Bali if you don’t like it, which is possible.

THAILAND

Thailand, a well-known and vibrant country in Southeast Asia, offers such low cost of living that even high-end experiences are practically free. Thailand, which borders Malaysia and is tucked away between Laos, Burma, and Cambodia, has a history and culture that are as old as they are distinctive. Due to the fact that this multicultural nation offers a wide range of retirement lifestyle options and can accommodate most budgets, expats are contentedly dispersed among numerous provinces. Thailand is already well-known for its medical tourism, and it has excellent hospitals and medical facilities. Every specialist speaks English, and many of them had their training in the UK or North America. Bangkok Hospital offers discounts to foreigners for yearly health examinations at its hospitals around Thailand.

Although, you may be surprised to find that sometimes things are free in Thailand.

CAMBODIA

The cheap cost of living in Colombia is one of the key advantages of living there. Numerous facilities and infrastructure typical of a far more expensive nation are available in the nation.

The cost of living in Colombia has increased substantially over the past five years, coinciding with an increase in both immigration and tourism. Foreigners can still live relatively comfortably in rich areas despite the cost increases; monthly living expenses start at $1,000 in smaller towns like Manizales and Pereira and $2,000 in larger places like Medellin. Bogota tends to offer lower rental pricing than towns like Medellin and Cartagena, and you can locate a two-bedroom home for $1,000, which is less than many North American cities like New York City and Toronto.

Compared to the US and Canada, Colombia has substantially cheaper healthcare costs. Although many agents might not bother to ask for it, it is advised that you have your health insurance certificate with you when entering Colombia. In 2024, having travel insurance has become essential for both foreign visitors and residents. You will need to submit a copy with your application for a M-type visa and a V-type visa for tourists, students, and digital nomads. Your age, salary, and the kind of insurance you require will all have a significant impact on your monthly private insurance rate. You can still pay cash if you don’t have health insurance. Compared to the US and Canada, Colombia has substantially cheaper healthcare costs.

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