It’s incredibly useful to gain an understanding of how much you’re likely to need to budget for day to day expenses when you make the move to Italy.

 

Each year, we conduct a Cost of Living survey, which compares the prices of a standard supermarket shop and other living costs in the UK, with the prices found in popular expat destinations. The below results should prove very useful in helping you to budget for your life in Italy.

It’s worth bearing in mind that alcoholic drinks in Italy usually cost more in restaurants than they do in bars and cafes.

Transport costs in Italy

There is an excellent network of public transport in Italy, which is all very reasonably priced. The best way to save money on tickets is to buy them in advance, online. Petrol is very similar to the UK in price. You’ll find that taxis are a little more expensive to use in Italy, and car tax is likely to set you back quite a bit more than in the UK.

Italy - Living - After purchase

It’s worth bearing in mind that alcoholic drinks in Italy usually cost more in restaurants than they do in bars and cafes. JIPEN / Shutterstock.com

Socialising in Italy

It’s worth bearing in mind that alcoholic drinks in Italy usually cost more in restaurants than they do in bars and cafes. If you’re looking for the best prices for food and drink, head away from the main streets and piazzas and look for the restaurants that are full of locals – it is here that you’ll find the best food, at the most reasonable prices.

Insurance

When it comes to insuring your life in Italy, you might be struck at first by how much higher property and car insurance are. Therefore, you must factor this in to your budget early on to avoid any nasty surprises! For a large car, the lowest you’re likely to pay will be around €1,200 per year. Obviously the cost of your health, property, and car insurance policies will depend on the treatment you require, the possessions you own, where you are located, and what your driving history is. As you would anywhere, shop around to source the best deal for the exact style of cover you require.

Home costs per month

The amounts that you shell out in monthly utilities will obviously vary depending on the time of year, and how many people are occupying the property. Many countryside residences in Italy have log burning fires and artisan wells, which end up keeping the costs of heating and water down. Or, if you plan on installing solar panels, water and heating could end up costing you absolutely nothing!

Home Costs per month – based on a two-bedroom apartment in town.

 

Cost in Italy Cost in UK*** Comparison
Electricity £74.22 £540 (yearly, so £45 monthly)† Italy is 65% more expensive
Internet £19.53 £20.77 Italy is 63% cheaper
Mobile phone tariff £7.81 £439 (yearly, so £36.59 monthly) Italy is 369% cheaper
Council Tax/Rubbish collection £39.06 £1200.61 (yearly, so £100.05 monthly) †† Italy is 156% cheaper
TV licence £7.30 £12.12 Italy is 66% cheaper

 

 

Italy - Living - After buying

You will find that a full basket of grocery shopping will cost you less in Italy than for the same items in the UK.

 

 

Grocery cost comparison 2016

Please note: all comparisons are using GBP/EUR: 1.28, on 18th May 2016.

Item Cost in Italy* Cost in UK** Comparison
Loaf of bread £0.54 £0.89 Italy is 65% cheaper
12 Medium eggs £1.21 £1.75 Italy is 44% cheaper
2 pints Milk £2.02 £1.00 Italy is 102% more expensive
1kg Apples £0.77 £2.00 Italy is 160% cheaper
1kg Bananas £1.01 £0.68 Italy is 49% more expensive
500g Tomatoes £0.29 £0.69 Italy is 138% cheaper
500g Cheese (Gouda) £1.95 £2.50 Italy is 28% cheaper
500g Chicken (breast) £2.34 £3.50 Italy is 50% cheaper
500g Beef (Roasting) £3.90 £4.00 Italy is 3% cheaper
500g fish (frozen) £2.26 £6.75 Italy is 199% cheaper
1kg Potatoes £0.70 £0.80 Italy is 6% cheaper
500g Pasta £0.19 £0.59 Italy is 210% cheaper
500g Cornflakes £1.40 £0.99 Italy is 41% more expensive
Chocolate bar £0.38 £0.60 Italy is 58% cheaper
200g Instant coffee £2.73 £2.80 Italy is 2% cheaper
20 tea bags £0.47 £0.75 Italy is 59% cheaper
1 bottle Red wine £1.55 £6.50 Italy is 319% cheaper
500 ml Beer £0.62 £1.12 Italy is 81% cheaper
1.75 Cola £0.55 £1.84 Italy is 235% cheaper
Bottle Washing up liquid £0.52 £0.59 Italy is 13% cheaper
100ml Toothpaste £1.16 £1.50 Italy is 29% cheaper
Laundry Detergent £3.12 £9.00 Italy is 188% cheaper
12 x 400g can Dog food £3.66 £4.75 Italy is 30% cheaper
Full grocery basket £33.34   £55.59   A full grocery basket is £22.25 cheaper in Italy

If you’re transferring money from the UK to Italy to pay for these outgoings, it’s important that you manage your regular payments efficiently. Speak to Smart Currency Exchange about how to secure the best rates and save yourself money today.

Download the Italy Buying Guide today

The Italy Buying Guide walks you through each stage involved in buying property in Italy, and offers invaluable insights from expats and experts who understand the process. The guide will help you to:


  Ask the right questions
  Avoid losing money
  Avoid the legal pitfalls
  Move in successfully

Download your free guide to buying in Italy

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