Moving to another country can raise many questions in the head, but the most common one is, how to budget the life there? It becomes more difficult to answer if the country you are moving to has a huge difference in cost of living than your home country. Whether you’ve received a job offer or are planning to move to Malta in search of new opportunities, this guide will provide practical insights to help you plan your budget. From housing costs to grocery shopping tips, you'll find everything you need to navigate your expenses, save money, and build a financially secure life in Malta.
Calculating Your Take-Home Pay:
When planning your budget as a new expat in Malta, the first and most crucial step is understanding your take-home pay or net salary. While your gross salary represents your total earnings, your net salary is what you’ll actually receive after deductions like income tax and social security contributions. You can use the Malta salary calculator that will break down your gross salary into net salary and will show you the tax deductions as well. Now that you know exactly how much amount you will get, you can plan your life accordingly.
Cost of Housing:
While staying in Malta as an expat, the biggest expense can be the cost of housing. It depends on the area you choose to stay in considering the distance from your workplace. Sliema is the most expensive area to rent in Malta, you can find a 2-bedroom apartment for around €1400. But if you move to the Southern part of Malta, you can find some decent options like a nice apartment for €800. You can choose the area for your accommodation keeping in mind your workplace and other preferences.
Utilities:
You cannot really do anything special to minimize your utility bills except for mindfully using your AC in the summer and your heater in the winter. The amount of electricity, water and gas can vary depending upon the usage and the number of residents. For an average 85-square-meter apartment, basic monthly electricity and water costs can be around €84, but this may increase significantly during hot summers due to air conditioning or cold winters requiring heating. For a household of two with moderate usage, utility bills typically remain under €150 monthly. To avoid overpaying, ensure your account is on a residential tariff and accurately reflects the number of residents. Electricity and water bills are combined and issued every two months, and payments can be made online, at post offices, or through direct debit. Gas for cooking is supplied in cylinders generally costs around €30 each, and can last three months with regular use.
Grocery Shopping:
Grocery shopping is something that you will have to do very often. Small supermarkets and local shops are always expensive, you will also realize that every other supermarket has different prices for the same item. You need to buy specific items at specific supermarkets that have the best price for that individual item. You may have to buy half of your groceries from one place and then you will have to move to another place but it can save you a good amount of money.
Conclusion:
Moving to Malta as an expat comes with exciting opportunities, but managing your finances effectively is crucial to ensure a comfortable living. From understanding your take-home pay to choosing cost-effective housing and shopping wisely, every step plays an important role in budgeting your life in Malta.
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