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Posted by Karen Thornalley

Moving to a new destination, use the Salary Calculator

Apr
16
2014
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COST OF LIVING SALARY CALCULATOR  

Your life as an expat starts with an offer and the salary you are offered will determine your lifestyle in your new location.  It is extremely important that you get your cost of living salary calculation right, because your spending power (or lack of) will contribute to the experience you have as an expat.

A key part of expat life is adjusting to the cost of living difference. For your peace of mind, you should know the cost of living in your destination city before you move and ensure that your salary will cover the cost of living.  If not, you will need to negotiate a higher salary.  This will help you plan and manage your finances successfully. The trick to successfully negotiating a higher salary is to provide your employer with credible information. While there are user generated cost of living information on the internet, your employer is not likely to give you a salary increase based on unverified information.

Salaryexpectation.com is a Worldwide Cost of Living Salary Calculator for expatriates and global job seekers. Our cost of living salary calculator calculates the salary you need in 140 cities in 93 counties to maintain your current standard of living. It also calculates the salary you need to improve your standard of living in your new city.

You can find out if the salary you have been offered will cover the cost of living differences and the Personal Salary Expectation Report the calculator creates can be used to negotiate a higher salary. The Personal Salary Expectation Report is a powerful tool to negotiate a higher salary. Your salary expectation is calculated with the cost of living indices produced by our partner the Economist Intelligence Unit (EIU), the world's leading provider of country intelligence and the business information arm of the Economist Group.

If you are still thinking of becoming an expat, you can use the report to make a decision by comparing the cost of living in several cities.

The personal Salary Expectation Report includes:

1. The minimum salary you need to maintain your current standard of living.

2. The salary that will increase your standard of living.

3. The cost of living difference between your current city and destination city using mean average prices in both cities. (This determines the salary that will maintain your current standard of living).

4. The cost of living difference between your current city and destination city using mean average prices in your current city and high average prices in your destination city. (This determines the salary that will improve your standard of living).

5. Prices of up to 22 essential items in your destination city, including food, household supplies, water bill and electricity bill.

6. Average prices of furnished and unfurnished apartments in your destination city.

7. Income Tax summary for your destination city.

Your Personal Salary Expectation Report provides you with everything you need to assess the financial implication of your move, so it will your save you precious time trying to gather information. Its benefits also include:

  1. Helping you understand what moving will mean to you financially.
  2. Empowering you to truly evaluate the salary you have been offered.
  3. Giving you the peace of mind that you will not be financially worse off and your standard of living will not be compromised when you move.
  4. Providing you with the prices of everyday items in your destination city, allowing you to plan ahead.
  5. Providing you with average utility bills in your destination city, so that there are no unwanted surprises.
  6. Providing you with average house prices, to make your transition even easier.
  7. Summarising the income tax rules in their destination city, in a simple and easy to understand format.
  8. Giving you the actual cost of living indices for your destination city, and an easy to understand comparison and explanation.

About the cost of living survey

The Worldwide Cost of Living Survey by the Economist Intelligence Unit gathers detailed information on the cost of more than 160 items from food, toiletries and clothing to domestic help, transport and utility bills in every city. More than 50,000 individual prices are collected in each survey round, which take place in March and September, and surveys are updated each June and December.  A cost-of-living index is calculated from the price data to express the difference in the cost of living between any two cities.

What is the cost of living index?

The cost of living index shows the difference in living costs between cities. The cost of living in the current city is always expressed as 100. The cost of living in the destination city is then indexed against this number. For example, if London is the current city (100) and New York is the destination city with a cost of living index of 120, then New York is 20% more expensive than London. Similarly, if New York is the current city (100) and London is the destination city with an index of 80, then the cost of living in London is 20% cheaper than New York.

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