10 Cheapest Countries to Live in 2020

10 Cheapest Countries to Live in 2020

Do you want to live in a place where you can spend a comfortable life while saving a lot for your future? Or are you looking for the cheapest countries to retire? If any of these applies to you, then you should be eyeing at the cheapest countries to live in the entire world. However, you don’t need to search anymore as we’ve got you covered in this post. So sit back and read on!

Whether you are just starting up your career, exploring different avenues or nearing your retirement, it is a good thought to live in an inexpensive place where you can enjoy a good quality of life along with frugality. Living in a cheap place allows you to get more in less and to make huge savings. All across the world, there are many countries with a low cost of living and high quality of lifeand we’ve included the most economical countries on our list. Our list of ‘cheapest countries to live in’ is compiled after analyzing various factors including:

 Local purchasing power index: This index refers to the power of salary in the country in terms of goods that can be purchased using it. High purchasing power indicates that you can buy more goods at less cost.

Rent Index: This parameter determines the value of rent in the country. Less the rent more will be the savings.

Groceries Index: This index denotes the typical prices of grocery in the country. If the groceries are cheap, you’ll be able to save more.

Consumer Price Index: This index denotes the value of goods and services available in the country, which includes the cost of utilities, transportation, dining, etc.   

Now, let’s have a look at the list of 10 cheapest countries to live in.

Cheapest country to live in

Vietnam

With the cost of living ranging from $700 to $1,400 per month, Vietnam is the cheapest country to live in. It is one of the few countries with a high quality of life and low cost of living. From rent to local transportation, everything is quite inexpensive in the country. Vietnamese Dong is the currency of the country, which has weakened over the past few years as compared to dollars. If you are looking for the cheapest English speaking country to live in, then also Vietnam serves your purpose. 

Vietnam is known for its beautiful landscapes that captivate myriads of travelers. The land is a true delight for foodies as Vietnam is globally renowned for its delicious cuisines. The country is also famous for its vividness. People from all around the world come to this country and live a splendid life. 

If you are someone looking to pursue a job in this country, then you can settle either in Hanoi situated in its north side, Ho Chi Minh towards the south or Da Nang situated at the heart of Vietnam. Though, Vietnam in general offers decent employment, these locations are mostly loaded with job opportunities. Here, most people work as English teachers and earn somewhat around $1,100 to $1,700 every month. So even if you earn the least in the country, you’ll easily be able to save $500 a month, which is a decent amount.

Other cheapest countries to live in 

Now let’s have a look at some more countries that offer high-quality life at less cost:

Peru

In case you’re expecting a unique experience within a tight budget, then Peru may be the ideal nation for you. It is perhaps one of the least expensive nations to live and work. In Peru, the cost of living is very low. The rent per month can be as low as $250. From buying groceries from the local store to going out for shopping, everything in Peru is very much affordable. You can easily enjoy your one day meal within $1 to $3.

Positioned as the second most inexpensive country to live in, you will save a lot more money in Peru as compared to other South American nations. Peru is a picturesque nation with myriads of exciting tourist locations. Furthermore, there are numerous places in Peru that are yet to be discovered and explored. While living in Peru, one must explore the Inca realm. This place is quite famous for its sand dunes. The Amazon rainforest also attracts a lot of tourists every year.

Bolivia

Next on the list is Bolivia, which is a South American country that lets you live a lifestyle of North America but at very affordable prices. With the Cost of Living Index of 34.07%, this country welcomes many newcomers each year, who want to enjoy high standards of living but with a very little cost of living. 

The country has a rich and lively native culture. People here will welcome you with warmth. You could easily get a place at rent at around $200 to $400. It costs approximately $5 per day to dine in the country. Furthermore, the local market is also fairly reasonable so that you can enjoy shopping any time without creating a hole in your pocket. This country has all the modern amenities like high-speed internet and proper transportation, which attracts many tourists and residents every year. 

Poland

If you are looking to live and work in Europe, Poland is another fabulous and reasonable alternative. Living in Poland can easily cost you around $200 to $300. If you go to eat at any local restaurant, you are more likely to spend around $5. 

Poland is the cheapest country to live in Europe. Relevantly infamous, this country is rapidly turning into a hotspot for many explorers and expats. Cities like Warsaw and Krakow are full of all the modern amenities which you require to live, but at a much cheaper price than Germany. Just like Vietnam, teaching is a great career option here. Apart from teaching, there are a lot of other job opportunities that pay you well.

Cambodia

Cambodia, a South Asian country, tops in the Cost of Living category of the Annual Global Retirement Index. This city is very much affordable and one can rent a house at around $1000 to $1100. If you talk about basic utility bills, they may cost you about $100 to $150 a month. Even though the country has a low cost of living, but people here maintain quite high standards of living.

People visiting Cambodia are generally impressed by its archaic sanctuaries, imperial royal residences, lovely seashores and secluding islands on the southern coast. 

Be that as it may, the typical cost for basic items leaves them shocked. Also popularly called as the “Kingdom of Wonder,” Cambodia is where retirees can update their way of life to one of extravagance on an unobtrusive spending plan. In fact, it is the cheapest country to retire.

Ecuador

Ecuador is one of the most affordable nations on the planet. Everything from the cost of land and lease, the expense of employing a full-time housekeeper to dining is quite lower here. $20,000 every year is more than enough to survive here, and you don’t need to carry on with a parsimonious way of life to do it. Ecuador has world-class eateries that serve delicious suppers. However, the bill will not amount to more than $50 inclusive of drinks.

Ecuador has something for everybody but at very affordable prices. Also, you’ll be able to find world-class accommodations in significant urban areas like Quito, Guayaquil, and Cuenca. Furthermore, the low cost of living in the nation permits retirees to retire in style. They can enjoy high-quality life at low cost and live to the fullest.

Thailand

The best and least expensive country’s list would be incomplete without the mention of Thailand. Indeed, even before the motion picture ‘The Beach’, explorers all around the globe had begun to look all starry eyed at the Country of Smiles. Living expenses are unimaginably low here, even in huge urban areas like Bangkok and Chiang Mai.

Completely clear waters, an entrancing society, and unimaginably delicious food make Thailand the ideal spot to live and work. To finish it off, Thailand is likewise among the least expensive and most secure spots to live on the planet.

$600 is sufficient for a person to survive in Thailand. Numerous shops sell local delicacies at just $1. The rent in Thailand ranges from $150 to $200 per month. Thailand also has a proper transportation system which is fairly priced at around $0.30 per trip.

India

With the Cost of Living Index of 25.14, India is one of the most affordable South Asian countries to live in. India is a highly populated country with over 133.92 crores of the population yet affordable. It has 29 states and very diverse and rich culture.

Living in India is quite very affordable. If you wish to rent a room in any big metropolitan city than it would cost around $300 to $600, and living in the suburbs will definitely save you a lot of money.

India is well connected in terms of transportation. You may use both public and private transportation while traveling. It has all the modern amenities which are required to live in any country. The cost of living in India is very low as compared to any American country. 

South Africa

Would you truly like to work and live abroad without worrying about the language? Then you don’t need to worry as South Africa is there for you. South Africa is an English speaking nation that has a low cost of living. Perhaps the least expensive English-talking nation to live in is South Africa.

The country has many enticing tourist attractions. From safaris to whale watching, stream boating to zip-lining, you certainly won’t get exhausted in South Africa. The cost of living and eating is 50% less than that in Europe. In addition to affordability, it is one of the friendliest countries to live in.

Costa Rica

Costa Rica, a country in Central America, is very much popular for its lavish wildernesses and tropical seashores. This country has very welcoming people and the locals will make you fall in love with this place for sure. Furthermore, you don’t have to become penniless while living and working there, because this beautiful country has quite a low cost of living. In fact, it is the least expensive nation to live in for Americans.

Even though Costa Rica is more costly than different nations in the area, for example, Guatemala or Nicaragua, jobs over here pay you much higher salaries, which compensates for any shortfall. The rent here ranges from $300 to $400 and one can easily eat within $3-$6. This country has very affordable transportation which can cost up to $0.70 per trip.

Closing note

With these countries, there are quite more like Egypt, Nigeria, Malaysia, Zambia, Nepal, China, Algeria, Mexico, etc. which has a low cost of living as compared to other countries. Having a low cost of living does not mean that you should compromise on the quality and the standard of your living. All the mentioned countries have enormous job opportunities and are filled with all the modern amenities.

Living in an entirely new country for the rest of your life is a big decision and one should consider all the factors related to it before settling in. Regardless of where you need to settle after your retirement or work in an expensive nation, it’s critical to think about both the pros and cons of living abroad before settling on any choices.

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