As an expat, or even as a potential expat, you'll know that along with all the other things you have to think about when you're setting up in a different country, the impact of a change in the cost of living can make a big difference. Climate, salary and social life are all important aspects of a successful stay, but making sure you have control over your living expenses is vital.

Adjusting to how much things cost relative to what you are used to is a key part of expat life; and forewarned is forearmed. According to a survey by the World Bank, food, housing, energy and healthcare costs continue to account for as much as 89 percent of annual spending, regardless of your location. It's therefore vital that your day-to-day financial planning takes this into account, regardless of whether you're employed, self-employed, looking for work in your new location or even retired or retiring.

Cost of living calculators will help you appreciate the wide range that can be found across the globe, since living costs vary dramatically from country to country.

For instance, Luanda in Angola, Africa, is the world's most expensive city for expats to live, according to research published last year by HR consultancy Mercer. The top 10 of the world's most expensive places also included three Asian cities: Tokyo, Osaka, and Hong Kong, which was joint eighth most expensive city with Zurich.

Europe's most expensive city is Moscow (fourth), followed by Geneva. London is ranked joint 17th alongside Paris, according to the survey.

If you are planning a move, know how much money you will need to have an equivalent lifestyle to the one you currently have. This will help you to negotiate your salary better (if you are moving for a job), gauge comparisons in the housing market and give you a sense of what general living expenses are like. And don't forget that there may be one-off costs associated with setting up, such as buying a house or a car, which may take time to even out once the 'honeymoon' period is over.

Healthcare is something that should also not be overlooked. If you have relocated with your job you may be entitled to receive medical cover provided as part of your employer's benefits package. If not, and if there is no reciprocal agreement between your home country and the country in which you settle, you may need to take out your own medical insurance.

Some employers may pay for your children to be educated at private schools (particularly in countries where state education is limited). But in situations where private school fees are paid, you will probably still face additional costs. "International schools tend to have significant extracurricular programmes," says Rupert Morley, CEO of Sterling Relocation, a provider of global relocation services. He also points out that "if a child is left at school [in their home country] there is the cost of boarding, as well as the issue of flying to join the family at the end of each term."

The Guardian's Expat guide to money management is produced in association with HSBC Bank International, the new resource for current and prospective expatriates.

Reprinted with permission of the Guardian online.

Click here find out more about HSBC Bank International. 

Photos: Images_of_Money/Flickr (coins with house)