Cost of Living Abroad
Negotiating your contract while being in the know will help you access the correct salary that is in line with maintaining your standard of living.
SETTLU
Cost of living abroad can vary depending on the city/country you will be living in. Cost of living guides and indexes are created to give a certain view of the standard living costs for each city and country. These are made to compare and estimate the expenses an average person or family can expect to spend to acquire basic commodities and services for a lifestyle, such as food, housing, transportation, utilities, entertainment, clothing, healthcare, child care and education, in a region.
We will look at what determines the cost of living and how the consumer baskets are organised.
The question that soon to become expatriate are trying to answer is: What salary should I be earning to maintain the same standard of living? This is taken in the hand of Settlu freelancers and human resources managers that consult specialised companies that have access to data.
Your reflection should focus on your spendable income as this is where the cost of living index will have an influence. The basket of the COL index is not all representative of what you do with your spendable income, but they are trying to match with the broader, very general spendable income representation.
The cost of living index is necessary as costs of these goods and services may vary between different residential areas (urban, suburban, rural) in different parts of the world. Knowing the standard cost of living in your new home city/country is essential to help you plan your life knowing what to expect before you even move to your new residence.
IMPORTANT TIP: Negotiating your contract while being in the know will help you access the correct salary that is in line with maintaining your standard of living.