Rapid Cost of Living – What Can We Do? Juni 19, 2008Posted by Jun in Being Expat.
Tags: cost of living, expat life
The recent hike in fuel prices has undoubtedly increase the cost of living. Maybe not as much as what they are experiencing at home in Indonesia, it is still making a dent for us who live in foreign countries. Not only affected those who are in foreign countries, it also have direct impact on those who have to support their family members on their home countries.
Big cities all around the world have become more expensive for expatriates with family members. In the Philippines, cost of living has increased 5% to 8% since beginning of the year.
The global cost of living study has comprised that London and Moscow are the most expensive global locations for expatriates, while 3 of the top 5 most expensive cities are in Asia; Tokyo, Seoul and Hongkong.
The weakening of USD compared to Euro also contributes significantly to the changes in the most expensive cities for expat list compiled by FinFacts.Ie. This list does not account for cost-of-living savings accrued to local citizens through government-subsidized housing, health care, and education, differences in taxation, and many other factors irrelevant to expatriates. Cost of living may be much higher for expatriates than for local residents in a developing country, especially if expatriates expect a standard of living similar to a developed country. With the rising cost of fuel and gas, the impact of rising cost for basic goods and services are going to be stronger than ever, coupled by the poor performance of USD.
How are we as expat deal with it? What sort of lifestyle changes are we most likely to conform with? We would love to hear your opinions and tips on saving whilst living away from home country.
For more information on survey done on the topic, please visit City Mayors website.