Personal finance 101 says you should live below your means. This means your lifestyle should cost less than you earn. But what happens if you move to a new country with entirely different living expenses? This calculator gives you an idea of how far your annual income will get you around the world.
If you’re planning to move abroad and expect to make roughly the same amount of money, it definitely pays to do some research into the cost of living. Some countries will require you to earn significantly more to maintain the same standard of living, while others will see you save additional income each month.
Visa Solutions’s cost of living calculator gives you an estimate of the cost of living around the world, compared to your existing salary in Australia. While chiefly aimed at immigrants moving to Australia, the tool can also be reversed to find out how much it will cost Australians to live abroad.
Simply select your destination and type in your current income in Australia — it will then calculate how much more — or less — you will need to earn to afford the same lifestyle. It’s just an estimate of course, but it gives you a useful idea of what to expect. Try it out for yourself here.