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Our FREE online Cost of Living Calculator will let you calculate the expected increase in your cost of living in just moments! The cost of living is how much it costs you to maintain the necessities of life, such as a place to live, food, electricity, clothing and gas. Use this calculator to make your calculations easier and quickly!
The cost of living does not include luxury items like dining out, cable TV, jewelry and the like. It covers basic necessities only.
The average cost of living varies from place to place. It costs a lot more to live in New York City than St. Louis or rural Tennessee, for example. How to delete google play order history. It also varies from country to country.
Your cost of living is sure to be either more or less than the average for your area. Regardless, the one thing that is certain about the cost of living is that it goes up every year. Our FREE Cost of Living Calculator will help you calculate this increase!
How to Use the Cost of Living Calculator
The Cost of Living Calculator requires the following inputs:
1.) Current Cost of Living
2.) Expected Annual Cost of Living Increase
After you submit these two figures, you can press the calculate button, and this financial calculator will show the expected increase in your cost of living for the up coming year.
Current Cost of Living
Your current cost of living is how much it you currently spend on the basics of live. This is fairly easy to figure out, but it does involve some math. Unable to start windows licensing monitoring service.
First, write down your big expenses. This includes your rent or mortgage payment and your car payment if you have one.
Second, write down your other essential bills. These include your power and water bill and your car insurance. It does NOT include your phone bill or cable bill.
Third, come up with a rough estimate of how much you spend on food per year. Take your weekly grocery budget and multiply it by 52, or take your monthly budget and multiply it by 12. Do not include money spent on take out or meals out.
For the last thing, figure out about what you spend on clothing and other necessities, such as shampoo. Finally, estimate how much you spend on gas.
Add these numbers up. This is your total cost of living for the year.
Expected Annual Cost of Living Increase
This number you will need to get from another source. The expected increase in the cost of living is always expressed as a percentage and it varies from year to year.
The cost of living changes over time because of inflation. Inflation causes the value of money to erode and the cost of goods and services to go up, thus leading to a higher cost of living.
Therefore, the best way to estimate the increase in your cost of living from year to year is to use the inflation rate. The United States measures inflation using an index known as the Consumer Price Index, or CPI.
The CPI is calculated on both a monthly and a yearly basis. The CPI for May 2010 to May 2011 was 3.6%. This is the current Expected Annual Cost of Living Increase.
An Example
Let’s suppose your current cost of living is $25000 a year. If you input this into the first box and 3.6% into the second box and hit calculate, your answer will be $25,900.
International Cost Of Living Calculator
What does this mean? That $900 is the additional amount you will have to pay for basic necessities during the next year. You will have to either make this much more in income or reduce your expenses to keep your standard of living from going down
How to Calculate Cost of Living
Let's be honest - sometimes the best cost of living calculator is the one that is easy to use and doesn't require us to even know what the cost of living formula is in the first place! But if you want to know the exact formula for calculating cost of living then please check out the 'Formula' box above.
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You can get a free online cost of living calculator for your website and you don't even have to download the cost of living calculator - you can just copy and paste! The cost of living calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the 'Customize' button above to learn more!
Moving abroad hardly ever comes cheap: both you and your employer usually have to invest quite a bit of money. Would you, however, have expected the Angolan capital Luanda to be the most expensive destination in the world when it comes to cost of living for expats?
Which Items Factor Into Cost of Living Surveys?
Expenditures for food, drinks, clothing and other basic goods as well as general services such as for example a restaurant visit are certainly part and parcel of everyone’s cost of living. However, and this is where the Angolan capital comes into play, not every survey regarding this topic includes for example accommodation expenses, utilities, tuition fees or car purchases. Thus, Luanda is according to Mercer’s Cost of Living Survey 2013 the most expensive expat location in the world, not only due to high costs of imported products, but also due to the rarity of housing that meets the living standards of expatriates. Suitable and secure accommodation in this city is marketed at very high prices.
ECA International’s latest biannual index, on the other hand, only includes basic consumer goods and services in its figurative shopping basket. Due to this, Luanda is bested in ECA’s global ranking for 2013 by a completely different city, namely Oslo. So as you can see, each of these three indexes needs to be regarded in context of which shopping items are included in the data.
Furthermore, the number and selection of cities also plays a big role. While ECA covers almost 400 locations around the globe, both Mercer with 214 and the Economist Intelligence Unit, short EIU, with 140 cities have a much narrower selection. However, regardless of these differences there are still some global trends concerning the cost of living abroad that we would like to share with you.
Trends in Asia
Tokyo in particular and Japan in general have long been present at the top of the various surveys concerned with the cost of living for expats. Japan is in fact still the priciest location to go to in Asia. However, the Yen’s current weak position in comparison to other major currencies has caused Japanese cities to go down in the ranks, as both Mercer and ECA International point out. Formerly number one, Tokyo has now fallen back to third and sixth place respectively.
Other Asian locations have in contrast stayed fairly stable in their cost of living. Hong Kong and Singapore remain costly destinations for expatriates, while Indian locations such as New Delhi and Mumbai continue to be among the cheapest in Asia and around the globe.
Switzerland: Still Number One in Europe
With a minimum of two different cities in the top 10 of all three studies, Switzerland is the clear European leader in regards to cost of living for expats. If you are planning a stay in Zurich, Geneva, Bern or Basel, be prepared to spend a lot despite stable or even sinking accommodation expenditures.
Another not exactly inexpensive European location has already been mentioned: The Norwegian capital of Oslo is the new number one in ECA’s 2013 study and features similarly strong in the other two rankings. This is mostly due to the country’s generally high standard of living and the currently strong Norwegian Krone.
Global Cost Of Living Comparison
Rising costs in Russia have also kept Moscow in the top 5 of priciest metropolises in the world. Especially imported products can cost you a lot when shopping in the Russian capital. You would, for example, have to pay the staggering amount of US$ 8.29 just for a cup of coffee including service, as Mercer’s cost of living index shows.
Living in the Middle East, in comparison, remains relatively affordable. Still, according to ECA, the Middle East’s most expensive city Tel Aviv (37th) easily bests 2012’s Olympic host London (87th). British destinations in general have fallen down the ranks due to a weak local currency.
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