There are many reasons as to why we move abroad. Some move for the climate, others for love, some for work or study, and a lot move for the quality of life that can be found in pastures new. The one thing you may not wish to think about is how much your new life abroad is going to cost you. The quality of living may go up, yet the cost may do too.

So the first thing you will need to look at is the exchange rate and how much the Pound Sterling will convert into. For example it may work out to cost more on a weekly basis to buy the same things you would in the UK. House prices may be one of the deciding factors for you moving at first, but take into consideration all the bills you have to pay in the UK and then try to find out how much they will cost in your new country.

Obviously the cost of living will vary depending on where in the world you move to; local and global prices will also have an affect. Food and oil prices around the world can leave some people moving abroad and finding that they have less ‘spare cash’ than they did when they were living in the UK. Others find that although prices may be higher in other countries, their quality of life is so much better than it was that this actually compensates for the higher prices, in other words; it’s worth it.

If you move abroad to work for a UK company, you should check what currency you will be paid in, if you are paid in the local currency you may find that you have a lot of money to spend, but if you continue to be paid in UK currency then you might find that the amount is less once it has been converted into the local currency and you could find that due to local inflation, that the amount you have to spend each week fluctuates.

If you are not sure where you are going to move to then it may be worthwhile doing a country to country comparison price wise. There is loads of information to be found on the internet regarding the costs of living and how much things like food, clothes and goods cost. A good way to compare is to say, well, in country A I can buy ‘1’ for £10, in country B I can buy ‘2’ for £10, therefore I will have double the spending power if I move to country B.

If possible, it may be a good idea to rent a house in the potential country and live as you would if you were there full time; go to the supermarket and buy things you would in the UK, rent a car and fill it up for the week, these are all weekly needs that will have a great impact on your finances. Of course, there are always things you can do to cut back on spending and outgoings, but a new life abroad should be a comfortable one so if you are not going to be able to live comfortably, you may need to reconsider the move or look for other means of income so that you can subsidise the change in spending.