Migration financial planning should include costs of overseas luxuries

Would-be expats planning to emigrate to a new life overseas spend many hours poring over cost of living surveys in an attempt to calculate an average month’s spend, but fail to include life’s little luxuries in the list.

A recent survey has revealed that the majority of migration plans include unavoidable bills such as rent, electricity, phones, property taxes if any, transport and a stab at calculating food costs. Calculations almost never include even the simplest of indulgencies such as cigarettes, beer, wine and regular meals out at local restaurants.

The cost of these and other luxuries such as weekends away vary hugely across the whole spectrum of popular expat destinations worldwide. In the southern European Union states, for example, a meal out for two just once a week can soon eat into a basic budget, but the wine enjoyed with the meal might well be considerably cheaper than in the home country.

France, according to the survey, is still the least expensive place to enjoy a glass of good wine, but beer drinkers will need to pay more for half a pint. Portugal is the place for lovers of beer, now selling at half the price charged in the UK.

In the USA, the actual ingredients for a good meal may be far cheaper, but dining out on the same dish will cost more than in the UK and the country is one of the most expensive for expat living costs. In Greece, Spain and Italy, avoiding the big cities and obvious tourist hubs can result in pleasant surprises, but for budget living as an art form, Asia is the continent to head for.

Even Japan is cheaper than many EU countries and the USA, provided expats learn to live like the locals. Southeast Asia, including still-inexpensive Thailand and even cheaper Cambodia can give far more bang for your buck than almost anywhere else.