Best Country to Save Money

[datsyukian]

What would you consider the best country in the world to save money (dollars) while living an average lifestyle?

[fine dude]

Malaysia

[expatteacher99]

That's a hard question to answer. There are regions that, in general, tend to have a higher savings potential due to high salaries and moderate costs of living (such as Asia and the Middle East) but even the countries that have some of the highest paying schools in the world also have some terrible, low-paying schools. It's probably better to just look at individual schools since salaries/savings vary so wildly within a country, even within a city.

[buffalofan]

Southeast Asia, assuming you are working at a top school. I can't think of a better combo of salary/cost of living/lifestyle than working at one of the top schools in this region. Of course, it is very difficult to get a job at the top schools in Southeast Asia, and there are a LOT of crap schools in the region where you wouldn't save much of anything.

[Michelle]

I saved a bunch in Thailand and also in Pakistan. South America was not so good because for saving because the salary was so low.

[whoamI?]

I''m being paid 45k CAD a year at my current school without rent related costs being covered. My school is a tier three, and I'll be moving up to a tier 2 next year. I've saved almost 30k, and I live in Southeast Asia.

[overseaslife]

With the present currency exchange Venezuela gets better and better for savings if you are paid in USD which we are. Cost of living is low (if you have USD). You can live very well on $400 a month even going out for dinner all the time. The rest you save so it is easy to save 80% of your salary, which for many is in the 40K range.

[marieh]

I saved almost nothing in Thailand, some in Taiwan, and a LOT in Pakistan.

[sid]

Where's my piece of string, I need to measure it again.
Other posters are correct overall, I have no quarrel with them.
Still, I've often the question of savings to be more about the person than the place or even the salary. Most people, when confronted with additional money or lower costs, expand what they do and buy, rather than saving the difference.
If you're a saver already, the countries and areas mentioned could do great things for your savings. If you're not a saver, you could find yourself in the exact financial position you're already in, just in a new place.
If you're a saver, you can go just about anywhere and save.
If you're not a saver, perhaps one option is to set up fixed obligations back home, like a mortgage, so that you are effectively forced to save.it might not be the most efficient savings vehicle, but it might be the most effective for some people. Hmm, wonder if I'm on to a new theory....
Also remember that every location has its temptations. Brunch with free flowing bubbles. Your favorite bar stool. Weekends at the local beach. Nearby countries you just have to travel to while you're so close. Even a hardship post with its hopefully commensurate salary, has extreme costs for what might be considered basic goods, plus the "need" to get out of dodge for rest and recuperation at every opportunity.
I fully support your desire to save. Remember to examine yourself and your tendencies as well as the locale.

[datsyukian]

@overseaslife

I currently live in Venezuela, I was just wondering if it was actually possible to save more money than here.

[sid]

Fair enough. Sometimes I just like to hear myself type.

[overseaslife]

datsyukian wrote:
> @overseaslife
>
> I currently live in Venezuela, I was just wondering if it was actually
> possible to save more money than here.

Honestly @datsyukian, I'm not sure. Travel in country is so cheap right now, and what an incredible country. As long as you limit the out of country travel. Venezuela is a well kept secret and so many avoid it right now with the current situation. We can get what we need so we are doing OK.

Savings is all about your spending habits + cost of living. With not tonnes to spend your money on in Venezuela + ridiculous exchange rates in our favor making COL low it means even for those that like extravagances (weekly massages, spa days, dinners out or take-out, long weekends exploring the country) one can save significantly here. Having taught in the M.East, I can say COL is way lower here.

[PsyGuy]

@datsyukian

Everything, as in the whole cupcake, frosting and the Hello Kitty sprinkles??? Than you want Switzerland. If raw saving potential at any cost, than a compound IS in the ME such as the Kingdom. If you dont go out you dont spend much.

Sid and I concur often on this issue, in that savings potential is more a function of the individual and their fiscal behaviors than on revenue. Granted you can only do so much with a minimal salary, those with impressive salaries often increase their rate of consumption rather than their savings.