October 19, 2021

Top 10 Cheapest Countries

Some countries are often perceived as more expensive, or more affordable than others. But where in the world is truly the most affordable, and where can a set amount of money last the longest? Which countries are the cheapest countries?

In the current climate making sure the money in your current account can go as far as possible is incredibly important.

The study by money.co.uk analysed the daily cost of living and average income in developed nations around the world to reveal where in the world £1000 lasts the longest and which country earns £1000 the fastest.

To calculate the developed nations where £1,000 will last the longest data was taken from the Cost of Living Index. The Cost of Living Index is formed by using a number of cost of living factors such as groceries, utilities and transport.

1: Colombia, £1,000 will last 109 days
Colombia is the nation where £1,000 will last you the longest, 109 days in total. The average cost of living per day in Colombia is £9.19 (just under £10 lower than the worldwide average of £19.13). Consequently, £1,000 will last you longer here than anywhere else.

2: Turkey, £1,000 will last 103 days
Turkey is the only other country along with Colombia where daily living costs are under £10 (£9.72 in total). In Turkey, the four-figure budget will last 103 days on average, although this is six days fewer than Colombia, it is almost double the global average.

3: Kazakhstan, £1,000 will last 100 days
The cost of living in Kazakhstan is £10.10 per day on average, meaning that £1,000 can last 100 days in the central Asian nation. This total is just under 10 days less than how far £1,000 will stretch in Colombia, but it is 42 more days than the average.

1 Colombia 109 days
2 Turkey 103 days
3 Kazakhstan 100 days
4 Belarus 96 days
5 Argentina 94 days
6 Malaysia 91 days
7 Mexico 87 days
8 Romania 86 days
9 Serbia 84 days
10 Bulgaria 82 days

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