Savings: Family sells house and moves to Thailand due to cost of living – and saves £2,000 | Personal Finance | Finance

One family is sharing how they save around £2,000 a month following their decision to sell their home to travel the world.

Chris and Tamira Hutchinson, from Corby, left for Thailand earlier this year due to the cost of living crisis hurting their household finances.

With inflation and energy bills on the rise, the couple and their three daughters sought more family time and an adventure.

Before leaving the UK, the Hutchinson clan would spend an average of £3,000 per month on essentials.

This would include mortgage repayments, energy bills, inflation-hiked grocery prices and other expenses.

However, now that they are travelling the world, the family only spends around £30 a night on accommodation, as well as £40 on food and other spending.

The family of five rarely go past their budget and spends way less which results in them only spending around £1,200 a month.

Despite being on the road, Chris and Tamira homeschool their girls using the British education curriculum.

According to the couple, other families have reached out to them for advice on travelling to escape the cost of living crisis.

Prior to moving to Thailand, Chris was working as a personal trainer and videographer and does not regret their decision to move.

He explained: “You work all the time and finally get to the weekend and you can’t afford to do anything. Everything we saved up would be eaten up by the prices going up.

“Our stress and anxiety levels have massively come down. We sleep much better, get outdoors more, and are generally happier as a family than before.

“Family time is the biggest benefit to us. The time we spend together is irreplaceable and that’s the main reason for doing what we are doing.

“We decided during COVID, when we were able to spend so much time together, we realised that that was what we wanted to do.”

However, according to Tamira, some days the couple do go over their budget but usually spend frugally.

She added: “There are some days where we go slightly over, and some days when we spend nothing at all.

“When we planned the travels we took into account where we would be more comfortable with our money and which places would be more expensive.”