Any parent will tell you that the cost of bringing up a family has increased a lot over the last few years. If you are brought up in the UK, you’ll feel that pinch on the purse strings more than most.
For those parents who want to travel and get the best value for money, however, packing up and moving abroad might just be the answer. If you want to keep more pennies in your pocket, moving to Sweden, Germany or Australia might be a more financially prudent bet.
That’s according to a new infographic from Moneysupermarket.com who took a look at the average costs for a family of four calculated as a percentage of the parent’s wages.
Why Living in the UK is so Expensive
Spending on the household in the UK has risen by about 8% in the last 16 years and costs such as rent and utilities have gone up by 13%. While a single person might be spending over £12,000 on their cost of living (about half the average salary), a four person family could be spending more than £44,000.
Both the cost of renting and the cost of buying a property in the UK has increased dramatically over the last couple of decades. If you are a family of 6 you will expect to pay well over half a million for your property should you decide to buy in an area like London. Renting could cost you in excess of £2,000 a month.
Other costs contribute to a pinch on your salary. The average food shop for a family of four is £48.20 while the cost of running a car is £15,000.
All of this means that, if you live in London you’re spending 103% of your combined monthly income simply on living.
Where to Live for a Cheaper Family Lifestyle
It’s no wonder then that many families that love to travel are looking at find somewhere they don’t have to pay so much to live. The UK and Ireland are the worst for eating up your salary. In the USA, you could be spending 90% of your wages on your living expenses.
So where are the cheapest places to set up home if you have a family?
According to the research, one of the best places to try is Sweden. First of all, you could be looking at half the rental cost that you find in the UK and very low food and utility prices. Other places that have low costs of living are Germany where you’ll spend about 52% of your combined salaries and Australia where you’ll need to fork out just 54%.
The truth is that if you are happy to travel, you can certainly make your salary go a lot further by making a few wise location choices. The infographic from Moneysupermarket.com gives a good outline of what you can expect to pay in setting up home in the UK. The comparison with locations abroad where you get to keep more of your money is very revealing to say the least.
You can view the full infographic on Moneysupermarket.com site here.