Travelling Could Actually Save Brits Up To £1,528 a Month

Living in Britain can be expensive, and with a deepening cost of living crisis it only looks set to get worse in the coming months. High inflation, spiralling property costs, and rates of personal taxation above those in the USA and many EU states all combine to make our island nation the 11th most expensive country in the world. Luckily there are a wealth of useful tips out there for those feeling the pinch, from budgeting on the food shop to checking government websites to see which benefits you might be entitled to; but here’s one you didn’t expect from us – pack your suitcase!

Yes, you read that correctly: with the cost of living causing most of us across the UK to feel the squeeze, the great news is that there are still places in the world where an extended stay works out to be significantly cheaper than the average Brit’s monthly spend. We at MoneyTransfers.com have looked at the best international destinations for those looking to save some cash, and whether you’re a renter or a property owner you could find yourself saving up to £1,528 a month by just booking that flight.

Best Destinations for Property Owning Households

According to figures from Nimblefins, the average UK household spends £3,803 a month, with the largest share of that being the £1,485 cost of the typical UK mortgage. In the latest budget, measures were introduced allowing mortgage holders to switch to an interest only deal for six months, or extend their term in order to reduce the monthly payments. However, one of the less obvious ways to reduce your outgoings – but perhaps the easiest and most rewarding – is simply to jet off to a country where the cost of living is significantly lower. With the meteoric rise of Airbnb, most homeowners will have no trouble finding someone to look after their property (and pay all the bills!) while they are off exploring the world and topping up their savings at the same time.

Kyrgyzstan

• A month in Kyrgyzstan would cost the average household £3,317.68 inc. hotels.

• This would save the average UK property-owning household £485.32 per month.

• Excluding hotels the cost would be just £212.68 per household, saving £3,590.32.

If your children are constantly glued to their devices, a month in Kyrgyzstan could be exactly what the doctor ordered. Once an important trading post on the Silk Road, Kyrgyzstan marks a halfway point between China and the West, and the Nomadic spirit still lives on, with yurts dotted around the countryside and eagle hunters gracefully training up their birds.

Indonesia

• A month in Indonesia would cost the average household £3,644.97 inc. hotels.

• This would save the average UK property-owning household £158.03 per month.

• Excluding hotels the cost would be just £263.97 per household, saving £3,539.03.

Indonesia’s low cost of living may be a huge draw for backpackers, but it’s also a country that your whole family will cherish. The beaches are an obvious highlight and while Kuta is renowned for its great surf and socialising, Nusa Dua is much more laidback. There are numerous opportunities to get the children close to nature, from visiting the orangutans of Borneo to marvelling at the impressive Komodo dragons and escaping from cheeky primates in Ubud Monkey Forest.

Romania

• A month in Romania would cost the average household £3,716.01 inc. hotels.

• This would save the average UK property-owning household £86.99 per month.

• Excluding hotels the cost would be just £266.01 per household, saving £3,536.99.

Romania is a land of fairy tales, from the towering Bran Castle, said to be the birthplace of Dracula, to the families of brown bears that can be spotted around the Carpathian Mountains. Of course, the real fairy tale is the amount of money that you could save your family by travelling here for an extended stay, with the average grocery shop coming in at just £75.88 a month! Romania also has one of the fastest internet speeds in the world, which is great news for those looking to pack up their laptop and work remotely for a while.

Best Destinations for Property Owning Individuals

Having a mortgage is certainly a tie, and individuals who own property in the UK will spend an average of £1,653.47 on their monthly outgoings. There are, however, many opportunities for property owners to capitalise on their bricks and mortar while travelling the world. Short term rentals have become increasingly common in recent years, with one in four landlords now offering them, and the 40% rise in popularity being dubbed the ‘Airbnb effect’. So whether you want to go away for just a month or half the year, there are options there to make your UK assets work for you. The following destinations are particularly good for solo travellers to explore while someone else takes care of the bills:

Laos

• A month in Laos would cost the average individual £1,163.02 including hotels.

• This would save the average UK property-owning individual £490.45 per month.

• Excluding hotels the cost would be just £173.02 per person, saving £1480.45.

Laos is often eclipsed by its neighbours, Thailand, Vietnam and Cambodia. However, Southeast Asia’s only landlocked country has far more to offer than just a stop-off point on a tour of its neighbours. The three main cities of Vientiane, Luang Prabang and Vang Vieng are all located in the north of the country, and while Vientiane is the capital, the UNESCO protected city of Luang Prabang is unmissable, boasting colonial architecture and awe-inspiring Buddhist temples.

Colombia

• A month in Colombia would cost the average individual £1,475.20 including hotels.

• This would save the average UK property-owning individual £178.27 per month.

• Excluding hotels the cost would be just £125.20 per person, saving £1,528.27

You could easily spend a month exploring Colombia and only scrape the surface, from Cartagena’s exquisite walled city on the Caribbean coast, to Medellin with lush eco-parks that are a world away from the region’s troubled past. With your monthly outgoings coming in at just £125.20 you’ll certainly have the funds to indulge your coffee habit, which people seldom leave Colombia without developing.

Philippines

• A month in the Philippines would cost the average individual £1,359.02 including hotels.

• This would save the average UK property-owning individual £294.45 per month.

• Excluding hotels the cost would be just £129.02 per person, saving £1,524.45

Imagine just you, your laptop and 7,641 islands to explore! The Philippines takes island-hopping to the extreme, and while 2,000 of them are inhabited, most of the main attractions can be found on the two main islands of Luzon and Mindanao. With your monthly transport costs coming in at just £10, you’ll have the means to venture much further afield should you wish to explore the Chocolate Hills on the island of Bohol or Palawan’s Puerto Princesa Subterranean River.

Best Destinations for Individuals Who Rent

If your rental agreement is coming to an end soon, you might find the best option for saving some cash is to simply pack up your belongings and jet off somewhere more exotic. After all, who needs to spend their weekends searching for overpriced lets in the city when sun, sea and sand beckon abroad? The average individual spends a hefty £1430.86 on outgoings when living and renting in the United Kingdom, with the bulk of that, £973, going straight into a landlord’s pocket. By comparison, a similar sum in Malaysia would set you up in a comfortable hotel in the sun for the month, and – most importantly – your other outgoings would weigh in at just £125.03, leaving you with a significant saving.

Nepal

• A month in Nepal would cost the average individual £1,125.45 including hotels.

• This would save the average UK renter £305.41 per month.

• Excluding hotels the cost would be just £75.45 per person, saving £1,355.41.

While the average person in the UK spends £139 paying the council tax bill every month, in Nepal the entirety of your monthly outgoings, excluding accommodation, would weigh in at just £75.45. With Mount Everest and the Himalaya on your doorstep, trekking, paragliding and mountain biking are all popular pursuits. Alternatively, move the hike away from the Himalayas and towards the jungle to spot one-horned rhinos, tigers and elephants.

Vietnam

• A month in Vietnam would cost the average individual £982.09 including hotels.

• This would save the average UK renter £448.77 per month.

• Excluding hotels the cost would be just £112.09 per person, saving £1,318.77.

Vietnam is the cheapest country to visit once the cost of accommodation is taken into account, helped by the fact that the average double room in a hotel comes in at £29 per night. Vietnam is a diverse country and while Hanoi and Ho Chi Minh City provide the bustling city experience, the Cham islands with their towering granite backdrops are a serene paradise where you can enjoy snorkelling and bird watching.

Malaysia

• A month in Malaysia would cost the average individual £995.03 including hotels.

• This would save the average UK renter £435.83 per month.

• Excluding hotels the cost would be just £125.03 per person, saving £1,305.83.

Malaysia is a great gateway destination for many different countries in Asia, thanks to Kuala Lumpur’s international airport which serves as a hub for low-cost airlines, including AirAsia and Jetstar. With the Cameron Highlands, the Batu Caves and the shopping Mecca of Kuala Lumpur all situated within the idyllic country there’s no real reason to jet off elsewhere, but with your monthly outgoings at under £150, not only will you be able to escape on weekend breaks around Asia, you’ll also save money while doing so.

Best Destinations for Households Who Rent

Households who rent carry a slightly lower cost that their property-owning counterparts, but nonetheless have to part with an eye-watering average of £3,291 per month to live in the UK.

For many, there will be significant savings that could be made by an extended trip abroad, and while the cost of a hotel stay can eat into the benefits, Jonathan Merry, travel expert at MoneyTransfers.com, has the following advice for families looking to cut back even more on costs:

“Websites such as Trusted Housesitters can be an excellent way to make your money go further; in exchange for looking after the family pet, you can stay in a range of great destinations around the world for just the £99 sign-up fee. Individuals who rent could also consider looking for accommodation through Couchsurfing or Warm Showers, which provide a great way to meet people while staying in some fantastic destinations for the cost of a thank you gift”.

Jonathan Merry, travel expert at MoneyTransfers.com

The following destinations are perfect for families:

Namibia

• A month in Namibia would cost the average household £3,230.12 inc. hotels.

• This would save the average UK renting household £60.88 per month.

• Excluding hotels the cost would be just £144.40 per household, saving £3,146.60.

When it comes to wildlife you can’t get much better than Namibia, and taking a safari here will give your children a once-in-a-lifetime opportunity to spot the Big Five, whether you choose to go by plane, elephant-back, jeep or on a walking tour with a private guide. In the evening, make like the locals and enjoy an al fresco braai. With an essential shop costing under £35 per month, it would be rude not too.

Georgia

• A month in Georgia would cost the average household £3,269.03 inc. hotels.

• This would save the average UK renting household £21.97 per month.

• Excluding hotels the cost would be just £131.32 per household, saving £3,159.68.

Imagine unwinding after a long day at work at a sulphur bath complex, sampling wine from one of the world’s oldest wine regions or skiing on the slopes of Gudauri; all this and more can be found in Georgia. What’s more is that this often-overlooked country is surprisingly cheap, particularly for its European location. Your food shop should average around £42 per month, and a one-way ticket on Tbilisi’s metro is just 38p.

India

• A month in India would cost the average household £2,997.65 inc. hotels.

• This would save the average UK renting household £293.35 per month.

• Excluding hotels the cost would be just £73.33 per household, saving £3,217.67.

India is the least expensive country in the world, and with such a low cost of living, both families and individuals will find that an extended stay in India leaves them much better off financially than staying at home. While a basic basket of groceries comes in at £22.88, eating out in India is also very reasonable, with a thali or set lunch costing less than £1. Cinema here is a national pastime and families often flock to one of India’s 9,382 cinemas to see the latest movie releases, with tickets coming in at under £4.

As a solution to financial pressures and a burgeoning cost of living, jetting off for an extended stay in an exotic part of the word might seem like a rather unorthodox solution, but we at Moneytransfers.com believe it is a very real option for those bold enough to take the plunge. With it being easier than ever before to rent out or sublet UK property, the opportunity is there and the potential savings are enormous. Taking just one of our examples, an individual who spends six months soaking up the sun in Malaysia could expect to go home more than £4,000 better off. To take another example, a household moving to Indonesia for six months and following one of Jonathan Merry’s tips to take accommodation out of the equation could be going home with almost £20,000 of savings, not to mention some unique and special memories! As money saving tips go, we think this one has a lot to commend it.

Methodology

We used data from Nimblefins to ascertain the average monthly spend for a household within the United Kingdom.

The figures are based on an average UK household comprising 2.3 individuals. Where relevant, we therefore divided each data point by 2.3 to ascertain the cost per individual.

We used Numbeo to get prices for the basic basket of food within each destination, excluding alcohol. For the monthly cost, we have assumed that two baskets per month could meet the needs of one individual.

Our monthly transport pass prices are taken from Numbeo and Cost of Living.

The internet price is based on the cost of a high speed connection (50 mbps or more) using data from Numbeo and Cost of Living.

Our recreation prices are based on the cost of two visits to the cinema each month, purchasing two tickets per visit, and using data from Numbeo and Cost of Living.