On March 5, Gobakingrates.com presented the ranking of the cheapest – as in most economical – countries to live in the world. The site studied and compared 115 different countries and determined that India is the cheapest country; in Latin America the best is Mexico.
Following Mexico in the cheapest Latin American countries live in the world, in order, are Bolivia, Colombia, Peru, Honduras and Ecuador,.
If you are you struggling to make ends meet, you could do what most people would suggest and put together a comprehensive budget to ensure that you’re carefully tracking your spending. But, based on the results from the latest GOBankingRates study, you could be overlooking a potential solution: moving to a different country.
Simple, the cost of living can be much lower outside the United States, Canada or Europe. So if you’re really that fed up with the high cost of living the place you call home, moving elsewhere could solve your problem.
The study scored five different metrics that measure affordability: the local purchasing power index, the rent index, the groceries index, the restaurant price index and the consumer price index.
Here are the 50 cheapest countries to call home, with No. 1 being the cheapest (Latin American countries are highlighted):
2. Saudi Arabia
13. Bosnia and Herzegovina
14. South Africa
36. Sri Lanka
39. Czech Republic
Using information from online pricing database Numbeo.com, GOBankingRates assessed foreign nations to determine which were the most budget-friendly. Measuring each against prices found in New York City, we weighted and ranked countries based on these key affordability metrics: 1) Local purchasing power index: Measures the relative purchasing power of a typical salary in the country. A lower purchasing power buys fewer goods, while a higher purchasing power buys more; 2) Rent index: Includes typical home rental prices in the country; 3) Groceries index: Includes typical grocery prices in the country; 4) Cost of living index: Includes costs of local goods and services, such as restaurants, transportation and utilities; and 5) Restaurant price index: A comparison of prices of meals and drinks in restaurants and bars.