Courteney Richardson-Hicks has left the UK and is now saving half her salary, she said.
Source: Courteney Richardson-Hicks
A cold beer in Budapest can cost you $2.
Dinner for two at a pub in Prague? About $22.
And a month-long rental of a sophisticated studio apartment in the heart of the Portuguese city of Porto could set you back $650.
With such a cost of living, it’s no wonder many people want to move abroad.
Needless to say, this is not always the case. CNBC Travel talks to people with different experiences.
Irina Papuc from Romania is the co-founder of Galactic Fed, a digital marketing agency. As a “digital nomad” she has traveled to over 40 countries while growing her business, she said.
She said she saves money because she adopts a travel style that minimizes her spending while traveling.
“I prefer to pick a few quality experiences instead of constantly moving around. Traveling slowly, spending more time in one place can save you tons of money. .”
Irina Papuk at Lake Terre, Republic of the Congo.
Source: Irina Papuk
She eats local food, embraces “couchsurfing,” describes it as “the best way to meet locals and not pay rent at the same time,” and ditch fancy coworking spaces. , adds that hitchhiking and all that is a great way to save money. .
As for which places offer the best value, she names Nepal, Thailand and Taiwan.
“On average, we spent about $5 a day trekking in Nepal, including all meals and accommodation,” she said.
Born and raised in the UK, Courteney Richardson-Hicks now lives in Europe as a digital nomad.
“I have actually been able to save a lot of money traveling, more than if I lived in the UK,” said the marketing content strategist.
Courteney Richardson-Hicks left the UK to live in Europe as a ‘digital nomad’.
Source: Courteney Richardson-Hicks
She told CNBC about the side gig she discovered came with a place to stay for free: pet sitters.
“This is one of my favorite ways to travel to spend time with animals,” she said. “My only expenses for the month were food, transportation and other things I wanted to do.
She said she could save at least half her salary by living a nomadic lifestyle.
“Compared to London, for example, you’d be paying for a flatshare room that’s the same as an entire sea-view one-bedroom apartment in Madeira,” she said.
Her advice to anyone moving abroad and looking to save money? Try Poland.
“Of all the places I’ve been to in Europe, Poland was one of the best bang for your buck,” she said. “Accommodation and eating out were very good value for money.”
“Also, Poland is really beautiful and the people are very kind and friendly.”
Taryn Elledge Penner and Martin Penner of boutique travel agency Quartier Collective now live in Bali with their three children. Penner said the family has lived in nearly 20 countries since their first trip in 2018.
“Is it possible to save money compared to the US? Absolutely, certainly,” he said. “But over the past 18 months, short-term rentals have seen the price of options rise.”
Martin Penner says you’ll “absolutely” save money while traveling full-time, but warns that short-term rental prices are rising.
Source: Cartier Collective
Nonetheless, he said, his family is not pressed for time, so they can still save money.
Elledge-Penner advises those looking to save money to avoid Europe in the summer. Instead, go shoulder or off-season, she said.
Mr Penner also pointed out that some things are more expensive than in his home country. “There are a lot of things I don’t pay for while I’m in transit, but then I spend $15,000 a year on flights,” he said, noting he wouldn’t pay for it in Seattle.
For those who prefer a “turnkey” approach to Bali, Boundless Life will launch its first program in Bali in July, said Elodie Ferchaud, the company’s head of demand generation.
The company has six-week and three-month programs that many families combine for long-term stays abroad, she said.
The cost of a three-month program is approximately €2,100-3,500 ($2,214-$3,690) per month for a furnished house, including utilities and weekly cleaning. Education costs €1,500 per child per month, with an additional charge of €425 per month for Community Workspaces.
Overall, for a couple with two children, the charges can exceed $8,000 per month, the company said. Boundless Life also operates programs in Greece, Italy and Portugal.
American Erin White has a different experience.
White lives in Marylebone, central London, and works as Vice President of Sales Performance for California-based HydraFacial.
Her decision to move abroad was “career and financial”, as she moved from Connecticut to London and accepted a new role in the company.
When asked if living in London was more affordable than living in the US, Erin White replied, “Not at all!”
Source: Erin White
But did she save money?
“No, it’s a lot more expensive to live in London,” she said.
“Rent and the property ladder are very expensive. There is no 30 year fixed mortgage option here. Similar to an ARM mortgage. I pay £4,140 ($4,140) a month, plus city tax, TV tax, etc,” she said.
She lives in London, but says, “You’re also a kind of tourist, so I’d like to take advantage of things like visiting other countries on weekends and holidays.
But it wasn’t the rent that surprised her most, White said.
“For me, that’s the cost of personal maintenance here…nails, hair, waxing, all the things a woman has to do is two to three times what I paid in the US.” You may.
What is her workaround? “I will definitely use these services when I return to the US.”