When it comes to cost of living you could be better staying where you are – in South East Asia, that’s the message from a recent expat survey. But are you really making the most of those savings?
According to a recent expat cost of living survey you may well be able to count your blessings – and your savings – by living in a city in South East Asia. In a list of fifty of the world’s most expensive places to live there isn’t one South East Asian country listed.
In fact the most expensive South East Asian country appears to be Singapore and even then it only ranks as the 167th most expensive city in the world. In Asia it’s 9th.
The cost of living survey is a bi-annual index compiled by ECA International. It takes in to account the costs of groceries such as meat and vegetables, miscellaneous goods and services such as drink and tobacco, and general items such as clothing and electrical products in countries across the world.
According to ECA International’s data the most expensive city in the world in which to live is Tokyo. The second most expensive place to live is Oslo.
In Asia the top four most expensive places to live are all in Japan while Seoul in South Korean and Hong Kong also make it onto the top 10 list.
Nearer to home Bangkok comes in at number 23 on the list of Asia’s most expensive cities and 67th worldwide. Phnom Penh is not represented.
Nevertheless, it can be reasonable to assume that the cost of living in Bangkok and Phnom Penh is somewhat comparable. This means that as an expat living here you are probably making some savings. If so then what are you doing to make those savings benefit you now – and in the future? If the answer is nothing then perhaps you should consider investing. One of the best ways to do this is through dollar cost averaging.
Dollar cost averaging is the process by which investors ‘drip feed’ their investments with contributions on a monthly basis. This method takes the 'guesswork' out of investing but also allows one to take advantage of market fluctuations. It is ideal for those wishing to take part in a simple, safe investment plan.
So instead of just counting your blessings, count your savings. Maybe you can make them grow. After all you're next posting could be Tokyo!
Source: Infinity Financial Solutions