Dreaming of trading your daily grind for a life of travel and adventure, but your bank account is giving you the side-eye? I hear you.
With the cost of living skyrocketing back home, it’s easy to think that globe-trotting is a luxury reserved for the rich and famous. But here’s a little secret – it doesn’t have to break the bank.
In fact, with a bit of know-how and the right destinations in mind, you could be living a life of travel and still save a pretty penny.
Enter the 20 cheapest countries to live and work in. These aren’t just budget-friendly spots; they’re places where your dollars stretch further, your quality of life shoots up, and you get to immerse yourself in new cultures, all without constantly worrying about your wallet.
From the bustling streets of Southeast Asia to the laid-back vibes of Eastern Europe, living in these countries means you can have a rich, fulfilling life of travel that doesn’t cost the earth.
So, let’s dive in and discover how you can make the most of your adventure without sacrificing comfort or emptying your savings.
Understanding the Cost of Living in Different Countries
When searching for the cheapest countries to live and work in, it’s vital to understand what ‘cost of living’ actually means. This term encompasses all the necessary expenses you’ll encounter in your daily life, including housing, food, transportation, healthcare, and leisure activities.
But it’s important to remember that low cost doesn’t always mean the same lifestyle you may be used to. Adjusting to different living standards, cultural norms, and local economies is part of the journey.
For instance, while Southeast Asian countries like Vietnam and Thailand offer incredibly low living expenses, they also come with distinct cultural experiences and different levels of access to amenities. Similarly, European countries like Romania and Portugal might offer higher living standards, but this could mean slightly higher costs compared to Asian counterparts.
In fact there are even cheaper countries to live in than the ones I’ve included below. However, for this post I’ve selected countries that offer affordability, opportunity and a safe and vibrant lifestyle.
The key is to balance affordability with your personal and professional needs. By understanding the nuances of the cost of living in these diverse locations, you can make an informed decision about where to make your next home while pursuing a fulfilling career.
1. Vietnam
No 1 on our list of cheapest countries to live is Vietnam. Unlike most countries where the cost of living has been steadily rising, Vietnam is a stand out. It offers an affordable lifestyle against a backdrop of stunning landscapes and rich history.
Blending traditional Southeast Asian charm with rapidly developing urban centers, Vietnam provides an exciting mix of old and new. It’s particularly famous for its delicious street food, vibrant markets, and friendly locals, making it an appealing destination for those seeking an affordable life in a cost-effective yet culturally rich living experience.
Main Cities: Hanoi (the capital), Ho Chi Minh City (formerly Saigon), and Da Nang.
Currency: The Vietnamese Dong (VND) is the official currency of Vietnam and its currency symbol is ₫
Popular Jobs: Teaching English, IT and tech-related roles, tourism and hospitality, and various remote working positions.
Cost of Living: In Vietnam, the cost of living for a single person without rent averages around $1308.84 (31,909,363 ₫). Dining out at an inexpensive restaurant costs about $2 (50,000 ₫), and a mid-range three-course meal for two is around $20.51 (500,000 ₫).
For accommodation, the monthly rent for an 85 sq. m furnished apartment in an expensive area is about $1215.18 (29,626,100 ₫), while in a normal area, it’s around $579.53 (14,128,800 ₫). Utilities for such an apartment average $65.89 (1,606,493.04 ₫) per month.
Internet costs are around $9.78 (238,545.34 ₫) for an 8 Mbps plan. Public transport is cost-effective with a monthly pass price at about $8.20 (200,000.00 ₫), and taxi fares are reasonable, starting at $0.62 (15,000.00 ₫).
Pro Tip
Having visited and stayed there on a few occasions now, I highly recommend Vietnam as a destination. Hanoi is a fun and diverse city, not far from the famous and incredibly stunning Ha Long Bay. Ho Chi Minh is steeped in history and culture and possible one of my favourite cities I’ve explored so far.
Watch out for the crazy mopeds though. There are thousands with minimal road etiquette. It’s an experience!
2. Thailand
Thailand is a fascinating country with an eclectic mix of natural beauty and cultural vibrancy, all at an affordable cost. Home to stunning beaches, lush jungles, historic temples and busy cities, it offers a diverse array of experiences.
Thai cuisine, celebrated globally, ranges from flavorful street food to exquisite local dishes. The welcoming nature of Thai people adds to the charm, making it a favored destination for cost-conscious individuals seeking a rich cultural experience.
Main Cities: Bangkok, the bustling capital known for its cultural landmarks and nightlife, Chiang Mai, renowned for its historical significance and serene environment, and Phuket, famous for its beaches and entertainment options
Currency: Thai Baht (THB), sign: ฿; is the official currency of Thailand.
Popular Jobs: Teaching English as a Second Language (ESL), roles in the burgeoning tech startup scene, and positions in the tourism and hospitality industry, including hotel management and travel guiding.
Cost of Living: In Thailand, the cost of living is significantly lower than in many Western countries, with a family of four monthly expenses, excluding rent, averaging around $2,066 (71,223.4 THB) and a single person’s at approximately $581 (20,024.6 THB).
Living costs are about 50.3% cheaper than in the United States, with rent being 72.4% lower. Transportation is affordable with a one-way ticket at $0.87 (30 THB) and monthly passes around $29.23 (1,008 THB).
Basic utilities for an average apartment cost about $72.53 (2,500.83 THB) per month, and internet services are reasonably priced. Rent for a one-bedroom apartment in the city center averages $510 (17,588.22 THB), making Thailand a highly cost-effective choice for living and working.
Pro Tip
I’ve lived in Thailand for over 10 years and the above cost of living estimates are an average excluding Bangkok or Phuket, which are significantly more expensive. Phuket even more so than Bangkok.
Phuket has also become much busier post Covid, traffic is a nightmare, and a decent house/villa here will cost you upwards of $1700 a month. While it’s a beautiful island to visit, if you’re looking to stay in Thailand long term I would explore the surrounding islands, particularly Koh Samui, Koh Tao, etc, check out the Chiang Mai area and do some travelling around. It’s a beautiful country with lots to experience!
3. Indonesia (Bali)
Indonesia, most notably Bali, makes our list of the cheapest countries to live because of its budget-friendly lifestyle amidst stunning settings.
Known as the ‘Island of the Gods,’ Bali marries affordability with a deep cultural heritage, showcasing iconic rice terraces, untouched beaches, and lively religious festivals.
For those chasing a budget-friendly life surrounded by natural wonders and cultural richness, Bali is the place to be. It’s also very popular in the digital nomad community, so if it’s network of like minded people you seek, you’re likely to find it here.
Main Cities: Denpasar (the bustling capital), Ubud (the cultural heart known for its arts and crafts), and Seminyak (a trendy beach resort area).
Currency: The official currency of Indonesia is Rupiah which is Issued and controlled by the Bank of Indonesia. The currency code for Rupiahs is IDR, and the currency symbol is Rp.
Popular Jobs: In Bali, popular job options include roles in the thriving tourism and hospitality sector, such as hotel management and tour guiding. There’s also a growing demand for English language teachers and opportunities in the digital and creative sectors, catering to remote workers and entrepreneurs.
Cost of Living: Living in Bali, Indonesia is quite affordable, with estimated monthly costs excluding rent at around $548 (8,502,012.3 Rp). Dining out is cost-effective, with inexpensive restaurant meals averaging $2.58 (40,000 Rp).
Everyday grocery items are reasonably priced, adding to the overall affordability. Transportation costs are modest, with local transport tickets at about $0.28 (4,400 Rp). For the internet, expect to pay around $27.67 (429,285.71 Rp) per month. While daily expenses are low, be mindful that rent in Bali can be higher compared to other regions.
4. Mexico
Mexico offers everything from stunning beaches to historic cities, each with its unique charm and lower cost of living compared to many Western countries.
A lesser-known fact about Mexico is its rich culinary heritage, recognized by UNESCO as an Intangible Cultural Heritage of Humanity. The country’s varied cuisine, combined with affordable street food and local markets, makes Mexico a top spot for food lovers.
The country also boasts a range of climates, from tropical in the south to more temperate regions in the highlands, catering to various preferences.
Main Cities: Mexico City (the vibrant capital), Guadalajara (known for its tech industry and cultural scene), and Playa del Carmen (a beach town popular with expats).
Currency: The Mexican Peso (MXN), Mexico’s official currency, has evolved over time to meet market demands. Currently, it’s available in nine distinct banknote denominations and nine coin values, varying from 5 centavos to 1,000 pesos
Popular Jobs: In Mexico, popular job opportunities include teaching English, roles in the growing tech and startup scene, tourism-related and sales positions. There’s also a significant number of remote workers and freelancers who benefit from the country’s affordable cost of living.
Cost of Living: Living in Mexico City and Guadalajara presents a more affordable cost of living compared to the United States. Monthly expenses for a single person without rent range from $706 – $750. Meals are economical, with inexpensive restaurant meals costing between $5 -$18 (100 – 300 MXN), and a mid-range three-course meal for two ranging from $35 – $118 (600 to 2,000 MXN).
Transportation is also budget-friendly, with one-way local transport tickets costing between $0.29 – $0.60 (5 – 10 MXN), and monthly passes between 200 – 600 MXN.
Accommodation costs vary, with a one-bedroom apartment in the city center ranging from $588 – $1,469 (10,000 to 25,000 MXN) in Mexico City. Internet services are reasonably priced, typically between $22 – $42 (380 – 700 MXN) for a 60 Mbps plan. These figures are substantially lower than equivalent costs in many cities, highlighting the affordability of living in these Mexican cities.
5. Colombia
Colombia, particularly in cities like Medellín, has become a popular spot for those seeking an affordable lifestyle in a dynamic urban setting. Known for its remarkable turnaround in safety and urban development,
Medellín offers a lower cost of living compared to many Western nations, without compromising on the vibrancy of city life or natural beauty.
An interesting and lesser-known aspect of Colombia is its diversity in climates due to its varied geography, allowing residents to choose a city that matches their preferred weather, from spring-like temperatures in Medellín to warmer coastal regions.
Colombia’s rich coffee culture, lush landscapes, and welcoming locals add to its appeal as an affordable yet enriching place to live and work.
Main Cities: Bogotá (the bustling capital), Medellín (renowned for its innovation and pleasant climate), and Cartagena (a historic coastal city).
Currency: The Colombian peso, code “COP,” serves as the nation’s official currency. This currency includes a diverse range of coins and banknotes, encompassing denominations like 50, 100, 200, 500, and 1,000 pesos in coins, and 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 pesos in banknotes.
Popular Jobs: Key employment opportunities in Colombia include teaching (especially English), roles in the expanding IT sector, and positions in the hospitality and tourism industries, benefiting from the country’s rich cultural heritage and natural attractions.
Cost of Living: Living in Medellín, Colo