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Unfortunately Vienna is rather an expensive city to live in, but the good news is that there are a range of options available to expats which offer opportunities to save money.
Accommodation outside the city centre tends to be cheaper, and you can save money by using public transport instead of buying a car. Buying local produce from markets instead of buying imported goods can also save you a great deal of money.
For more info, see Cost of Living in Vienna.
Austria's position makes it an excellent base for exploring Europe, and the country itself is rich with things to see and do. International trains to surrounding countries can be caught from Vienna, which is a much cheaper alternative to going via plane.
Overall, as long as you shop smartly, you should be able to enjoy a good quality of life in Vienna.
Best of luck with your move!
Meagan
Do your children speak fluent German? If not, I would highly recommend putting them into one of Vienna's international schools as Austrian public schools teach in German. There are some bilingual schools which teach in a combination of German and English, but these schools are quite popular and it may be hard to secure a space for your children at these schools. To learn more about the Austrian education system, please see our page on Education and Schools in Vienna.
International schools are a better option but their fees do run quite high. If you are relocating for work, though, your company may be able to include an education allowance in your relocation package.
To apply for admission, you'll need to research the available schools and get in touch with them directly to find out more about their admissions process. For a few recommendations of international schools, you can take a look at our page on International Schools in Vienna.
As for cost of living, Vienna is unfortunately not a cheap place to live. You don't mention where you're relocating from but the cost of living in Vienna is more or less on par with other prominent European capitals such as Rome and Dublin. Our Cost of Living in Vienna page goes into more detail.
Hope that helps. Let me know if you need more info on anything else. And best of luck with your move!
M