Can you save money while living abroad, or is it just an urban legend going around? Wouldn’t you like the idea of traveling while saving money at the same time? Well, with some preparation, study, and discipline, this can be easily achieved. You might even end up saving more money than you would expect.
Of course, when you think about living in a different country can be scary. It’s a whole new thing, and most importantly, it is completely life-changing. But don’t let the fear of the unknown keep you in one place. If you want to go out there and travel, but also save money, then you can do it. There are stories about real people who saved money by living abroad.
Now to talk about living abroad and its opportunities, you can find anything from cheap accommodations to discount transportation. You only have to know the ins and outs and get used to the whole idea. Let’s see for a second some fun facts about Nepal, the costs of doing so, and how it is compared to living in the US.
Nepal Fact Sheet
Nepal is considered a third world country and gets most of its income from tourism. But if you are a person who loves the nightlife and loves shopping, then this place is definitely not for you.
You might come to Nepal to calm down and live a slow life, with not much activity and without spending too much money. Let’s take a closer look at how your expenses might look if you decide to live here.
Living in Nepal can also be very cheap when it comes to accommodations. Depending on the type of apartment you are looking to rent, and the part of the location, the maximum you can pay on monthly rent is up to $150. That is so low compared to living in countries like the US.
Paying that low to live in the center of the city seems like a great deal. Including the utilities like electricity (the power is cut down for hours and hours every day), phone, internet (Nepal has one of the slowest download speeds), etc. that might cost you all up to $30, you can round up a month with only $200.
Out of Nepal facts, we learn that infrastructure here is not at its best. The roads can be long and tedious, but at least the prices are low. Paying for a one-way ticket anywhere can cost as little as 0.18$, and for long stayers, a monthly pass is only $8. If you want to get a cab, the starting fare is less than $2.
If you want to live in Nepal, then time will come when you will need to go shopping. In comparison to other countries, clothing prices in Nepal are slightly lower. A pair of jeans can cost around $25, but if you are looking to buy a pair of Nikes, then you have to pay $50 or above.
Eating & Drinks Out
One of the interesting facts about Nepal is that eating here is very cheap. If you feel like eating out most of the time, then you will probably be able to afford it. Most restaurants charge less than $2 for a nice meal. However, you can pay $5 or more for a meal if you visit more luxurious tourist restaurants.
Other Interesting Facts About Nepal
- There is a location in Nepal called Lumbini, which is thought to be the birthplace of Buddha.
- Mount Everest with the height of 8850m is in Nepal and you can challenge yourself to climb it for a change.
- Nepal is known for having 8 out of 10 world’s tallest mountains.
- More than 81% of the population in Nepal are Hindu so don’t expect to eat any beef while you are there since cows are considered sacred.
- Prepare to live with a new calendar because the Nepali calendar is 57 years and 8.5 months ahead of the Gregorian calendar and they celebrate the New Year in mid-April.
Costs Abroad vs. Costs at Home
Let’s compare the costs of living in Nepal with living in the US and see both the differences and similarities.
Transportation is probably the most similar expenses for both of these countries. If you don’t have your own can and you need to take a taxi or a bus, you can end up paying up to $50 or more per month both in America and Nepal.
Going out can be nearly as expensive in Nepal as in the US. If you like to go out often to drink and eat with friends, you might pay up to $100 or more.
How Can You Save Money and How Much?
Nepal is probably one of the cheapest places for Americans to live abroad. One of the best ways to save money is on rent. Americans tend to spend a lot of money on accommodations. But you won’t have to worry about that in a country like Nepal. You can save up to $500 or more on rent here. However, you don’t have to travel that far to save money.
You only have to figure out what works for you. By cutting down on bad habits and relocating to a cheaper home, you can be able to save some cash.
Additional Costs to Consider
An American citizen living abroad doesn’t mean that it is all sunshine and rainbows when it comes to expenses. There are additional costs you should consider. If you have a family emergency back home and you have to catch a flight, which might take a chunk out of your savings.
You might even end up paying more than you should on taxes if you are not careful. Let’s not forget healthcare and getting used to the living habits of the native people in the other country.
Pros and Cons to Living Abroad and Save Money
+ Stretch the Same Income
It is probably the best advantage of cheap living abroad. You can take the same amount of money in a month and stretch it way more than you would in the US. A salary of $1500 per month in the US can last for as much as three months in Nepal.
+ See the World
Traveling can give you new insights. You might find new inspirations while seeing another country. You can meet new people, make friends, and learn more about another culture. All of that can further educate you about how people live in other parts besides your own country.
+ Get Expats Benefits
You might learn a new language, which can increase both your knowledge and the possibility of earning more money. If you do some smart research, you might get access to cheaper healthcare. And for the people who love eating out, you might enjoy a meal at a restaurant three times a week and not have to worry about it being expensive.
You have to study how taxes work in that country and if you are eligible to pay them only once for one country. Otherwise, you might end up paying taxes for both the US and the country you relocated to.
– Difficulty to Adapt
You might find it baffling trying to adapt to a new culture and a new way of living with people. Things such as buying a new car can be out of the picture. And if you don’t know the language, getting a job might be one of the hardest tasks to accomplish.
Going to bars might also be different and more expensive until you get to learn the ins and outs of the city you’re in.
Living abroad to save money might be a perfect idea, but it all depends on you. If your spending habits are bad, then no matter where you go, you won’t be able to save one penny. If you are ready to give up on your bad habits and make money-saving the main goal, then you can achieve that without having to change your whole life, or moving to another country. Maybe another house will do.