Monthly Wrap: How much money do you need to move abroad?

Currencies Direct November 23rd 2022 - 4 minute read

When you start to research about moving abroad it’s quite easy to get caught up in the important technical stuff. Like sorting out a visa, or work permit, updating your passport and insurance. It can be a lot. In that sense it’s understandable that things like country’s cost of living might slip your mind.

We’ve created a list of average monthly costs for a family of four in different regions around the world. It includes average rent and mortgages, food costs, utilises, transport costs and luxury spending. Just to give you an approximate idea of want to expect in terms of living costs.

Please note, these calculations were achieved by averaging each country’s combined state or regions cost-of-living prices. Actual costs may vary.

America

If you’re looking to move out to America, assuming want to set up a family home, your expenses could run you an average of £3,118 per month.

Renting or buying?

Mortgage repayments on a family home averages around £1,109 per month. Whilst renting could cost you about £1,722.

Food, utilities and transport:

As of 2022 your monthly food bill will average around £548 per month.

Turning to your house utilities the average you can expect to spend is £247 per month. This only covers your electric, gas, water and sewer. The average mobile phone contract will run you £97 and your internet £50. If you need childcare that will cost you an average of £970 per month, per child.

Transport could cost as much as £698. This is under the assumption that you’re making repayments on a car and paying tax and insurance. It also includes fuel costs.

Medical care is something you’ll also have to consider. The average American spends £366 a month on health insurance, although that covers the whole family.

Luxury spending:

The average household spends around £41.81 per month on multiple streaming services. A date night including a 3-course meal at a mid-range restaurant averages around £55. For a family trip to the movies, including four tickets, drinks and snacks the average price is £58.

Europe

When calculating the cost-of-living in Europe we took an average from three popular ex-pat locations, including France, Spain and Italy.

Rent or buying?

The price of buying a family home will cost you around £200,509. To rent a property of a similar size will average around £789 per month.

Food, utilities and transport:

For a family of four in 2022 your monthly food shop will cost around £570. Whilst your utilities, including electric, gas, water and sewer will cost you around £175 per month. The internet costs an average of £27 per month.

To run a car including repayments, insurance and petrol will cost around £614 per month. If your children are between the ages of two and five, childcare will cost in the region of £414 per month, per child.

Medical care across Europe can vary quite a bit, with the average cost for medical insurance being around £68 per month. France and Italy averaged around £39 and Spain averaged around £131.

Luxury spending:

The average household spends around £43 per month for a variety of streaming services. A date night including a three-course meal with wine averages around £49, depending on the type of restaurant. To take the family out to the cinema will cost you around £51 depending on what drinks and snacks you get.

Australia

The cost of living for Australia was taken by figuring out the averages from three of the county’s top ex-pat locations, Perth, Sydney and Melbourne. According to estimates, before rent it costs £2,817 to support a family of four in Australia.

Rent or buying?

The average cost of a house in Australian is now £420,511, depending on where you live. The average rent for a three-bed home is around £858 per month.

Food, utilities and transport:

As of 2022, the average monthly food bill for a family of four is roughly £345. Turning to utilities, water, electricity heating and rubbish collection will cost you around £64 per month. Internet will cost you around £28 and a phone contract will cost you about £17 per month.

Working on the assumption you have a medium family car; you could pay around £653 per month. This includes loans, fuel, insurance and tax. If you need childcare that will cost you an average of £748, per child, per month.

Luxury spending:

The average household spends around £28 on multiple streaming services. A date night including a three-course meal at a mid-range restaurant averages around £36. For a family trip to the movies, including four tickets, drinks and snacks the average price is around £38.

Maximising your money when moving abroad

If you are seeking to make the most of your money when moving abroad, you might want to considering using a currency specialist like Currencies Direct.

Not only do we offer highly competitive exchange rates, but we also don’t charge any additional fees on your transfers.

In addition to this we provide a range of additional transfer options to help maximise the returns on your transfer.

For instance, with a Forward Contract you can fix an exchange rate for up to a year. While locking in a rate in this way would mean you’d miss out if the exchange rate strengthened, your future transfer would be protected from any negative market movements. Ideal when going through the sometimes lengthy process of purchasing a property.

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Currencies Direct

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