Have you ever thought about living abroad? Perhaps you’re young and would just love to travel, or maybe you’re looking for a cheap place to live for retirement? Either way, there are plenty of ways to save money abroad, just as long as you choose the right places (you know, somewhere like Panama City, Bogota, or Buenos Aires). More specifically, I have come up with 5 ways to save money living abroad.
1) Rent Out a Room
In many Southeast Asian countries, property is CHEAP, plus, there are quite a few properties that have an additional housing unit that could be used as a rental. Rent out this area and your property expenses will be incredibly minimal.
2) Eat the Local Food
The types of food might be a little different overseas, but it’s certainly no less nutritious (actually, it might be more nutritious than most of our processed stuff here in the U.S.) and the cost is only half of what you would find anywhere around here.
Entertaining yourself doesn’t always have to cost money. If you’re living overseas, there are plenty of new experiences all around you! Take a walk or hop on your bike and just go out and engulf yourself in the culture. You’ll be fully entertained and it will cost you practically nothing.
4) Save On Your Taxes
If you live outside of the country for more than 300 days out of the year, you do not owe the U.S. any taxes on your first $80,000 in earnings. This alone will save you about $30,000!
5) Ditch the Car
While a car might be a necessity in the U.S., it’s most likely not when you live abroad. Many people walk or ride bicycles and the cost savings is huge! Between my wife and I, we spend over $1,200 a month on our vehicles. With this savings along with the others, you could probably live on half of your current earnings and still have plenty to spare.
As a bonus (call this tip #6), you could also save money when you use international banking. Many times, the costs are less and the interest is better. It’s a small tip, but often times a helpful one. 🙂
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.