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10 Amazing Places You Can Afford To Retire Abroad

10 Amazing Places You Can Afford To Retire Abroad

Have you always dreamed of retiring abroad? Unfortunately, your retirement account may not seem in the best shape to allow that. After all, the average 50-year-old only has $43,797 in savings. That doesn’t seem like much to retire on–especially when you’re planning on moving. But the following locations offer cheap living, giving you the perfect opportunity to retire abroad, even on limited savings.

1. Malaysia: A Tropical Paradise

malaysia

    If you’re seeking that scenic beachside retirement home where you can spend your days enjoying crystal clear waters and soaking in the tropical sun, then Malaysia should be on the top of your list. Here, it’s easy to get by on $1,700 per month, and the health care system is fantastic. Since many of the doctors have studied outside Malaysia in places like the States, it’s not tough to find an English-speaking doctor, either. Malaysia also offers a 10-year residency visa that you can get by proving income and making a down-payment.

    2. Colombia: A Comfortable Climate

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    columbia

      Colombia is a hot-spot for retirees right now because of its pleasant temperatures and beautiful landscape. Even better, it offers super cheap living. The average income here is around US$300 per month, meaning that an American couple could easily spend less than $1,500 and still be living in luxury. If healthcare is a huge concern, consider settling in Medellin, home to five of the top Latin American hospitals.

      3. Ecuador: A Happy Retirement Destination

      Ecuador

        From the jungle to the beaches, Ecuador features a scenic landscape that can’t be beat in the States. In addition to that, it offers cheap living, where an American couple could easily live well on $1,500 per month. Plus, Ecuador uses the US dollar as its official currency, so retirees don’t have to worry about currency exchange. What’s more, in the 2014 Global Retirement Index, Ecuador was rated as one of the top countries for quality of life.

        4. Panama: A Home Away from Home

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        panama

          Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it’s one of the best countries for quality of life. What’s more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.

          5. Slovenia: A Cozy European Destination

          slovenia

            In the Global Retirement Index for 2014, the European country of Slovenia ranks among the top 30 for health and well-being. It has also maintained a relatively low cost of living over the last several years. This is a wonderful location for retirees who want to retire abroad in Europe’s lush, green landscapes backed by snow-capped mountains. The only drawback is that you may have to learn the Slovenian language. However, many locals are taught English as a foreign language.

            6. Turkey: A Mediterranean Utopia

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            turkey

              Turkey is a wonderful place to find low-cost living coupled with stunning scenic landscapes. If you’re seeking a Mediterranean culture that you can enjoy on limited savings, Turkey is the place to find it. Here, the currency exchange rate is around 2:1, and the cost of living is usually one third of that in the States. Low real estate prices allow you to purchase a quality apartment in Turkey for under $40,000.

              8. Belize: A Picture of Beachside Perfection

              belize

                While Belize is well known for its tourism, that doesn’t mean that the cost of living is high. In fact, it’s anything but. You can easily set a $2,000 per month budget. This beautiful Caribbean nation is among the cheaper ones in the area, and Ambergris Caye is a great place to snag a section of sand. While it’s easy to become a legal resident, the health care system isn’t one of the better ones on the list. However, this is a prime location for retirees looking for a place to retire abroad in the Caribbean on a budget.

                9. Thailand: A Homely, Affordable Location

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                thailand

                  Thanks to its super cheap cost of living, Thailand is a popular place to retire abroad. Your monthly rent could cost you a small $400 and you’ll be living like a king. Even better, health care is so cheap that few Americans and Canadians need insurance to cover the costs. Plus, the service is quick and professional. A great spot to settle down is in Chiang Mai, home to 17,000 other foreign residents like yourself.

                  10. Spain: A Healthcare Wonderland

                  spain

                    Spain is a fantastic location for cheap European living. Valencia features countless homes and apartments for under $200,000, but you can rent a two-bedroom apartment in the city center for as little as $780 per month. The biggest perk is that the country offers free public health coverage, providing you with healthcare at a fraction of the cost of the States.

                    Featured photo credit: archer10 (Dennis) via flickr.com

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                    Published on January 8, 2021

                    How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                    How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                    Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

                    The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

                    Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

                    What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

                    Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

                    1. Pay More Than the Minimum Credit Card Payments

                    Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

                    Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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                    You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

                    The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

                    2. Start With High-Interest Credit Card Debt

                    If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

                    First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

                    At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

                    3. Revisit Your Budget

                    Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

                    You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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                    Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

                    If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

                    4. Avoid Using Your Credit Cards

                    Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

                    The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

                    It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

                    5. Start a Side Hustle to Boost Your Income

                    You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

                    If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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                    Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

                    It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

                    6. Sell Your Used Items for Extra Cash

                    Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

                    A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

                    Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

                    When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

                    7. Know When to Seek Help With Your Debt

                    Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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                    There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

                    In extreme cases, the debt solution can be:

                    • Debt relief – where your debt is partially or wholly forgiven
                    • Debt consolidation – taking out one loan to repay others
                    • Debt settlement – the creditor forgives a significant portion of your debt
                    • Bankruptcy – legal process for seeking relief from some or all your debts

                    It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

                    Wrapping It Up

                    Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

                    So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

                    More Tips on How to Pay Off Debt

                    Featured photo credit: rupixen.com via unsplash.com

                    Reference

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