I live in Bogota, what I would classify as a middle income city with a middle-of-the-road cost of living. One of the most frequent questions I get as an expat is: Do you think I can live on X amount of money per month in X country? My answer is always that it depends how you want to live and where you want to live. If your idea of retirement is living a simple life in a small house far outside any major city, then yes, you can probably live on $1,000 a month. Of course, if you want to live in a nice apartment in a nice part of town in a large city, your cost of life goes up. But the truth is, it’s really quite hard to answer this question because some countries are more expensive than others and some cities are pricier than others; you can live like a king on your social security check in rural Bolivia, but in Sao Paolo, you may find yourself struggling on a single retirement income.
However, in an attempt to better answer this question more scientifically, I’ve been keeping track of my expenses for the last few weeks here in Bogota, and it breaks down like this:
(1) Rent (1 bedroom with cable, Wi-Fi, electricity, gas, water and once-a-week maid service included in a “nice” area of town): $225.00
***Of course, if you are 60, you probably don’t want to live in a 5-bedroom apartment with a bunch of 25 year-olds, so I called some rental agencies in a variety of middle upperclass neighborhood and found that a 1-bedroom (no utilities) apartment runs between $250 and $1,000.
(2) Utilities in an upper middle-class neighborhood (electricity, gas, Internet, cable, water) if you decide to live on your own: $195 per month
(3) ”Typical” Meal in a middle class neighborhood: $3.00
(4) Nice meal in Bogota’s most upscale dining district (without appetizer or wine): $10.00-$17.00
(5) Gym membership in a nicer gym (per month): $30.00-$100.00
(6) Bottle of water: $0.75
(7) Taxi, 65 city blocks: $4.50
(8) Typical monthly grocery bill at a “higher-end” chain store: $80.00-$100.oo
(9) Gallon of gas: $3.00-$4.00
(10) Normal bus: $0.65; Transmilenio bus: $0.80.
(11) Cocktail at a high-end bar: $7.50-$12.50
(12) Beer at your average bar: $0.90
(13) Coffee at a casual bakery or cafe: $0.50-$1.00
(14) Skim milk frappaccino with light cream at a “fancy” cafe: $2-$4
(15) Health Insurance (I have my own in the U.S., but I’ve called around and a policy, depending whether you get public or private, runs anywhere between): $35-$120 per month
(16) Misc (because I always seem to spend money and have nothing to show for it): $150.00
Total Expenditures in Bogota:
Total: $764.00
Total Expenditures in the U.S:
Total: $639.00
So basically, I need $1,303 to live every month. Obviously, this figure doesn’t reflect leisure travel, home-insurance, car insurance, car payment or savings, but this budget should give you an idea how much you need to get by and have a few nice dinners and drinks along the way.
For more on my experiences in Latin America, check out my blog. And for additional information on Latin America, check out more reasons to visit.
2 Responses to “How Much Money Do I Need to Live in Latin America?”
Trackbacks/Pingbacks
[...] ******************************************* Bolivia: A landlocked, mountainous country, Bolivia is home to one half of Lake Titicaca, one of the world’s highest bodies of water. It is also home to one of the largest indigenous populations in Latin America, a population that largely retains its native language and customs. At nearly 13,000 La Paz is the world’s highest capital city and one of the best spots in Latin America to buy handicrafts. Those interested in the Incan Empire won’t want to miss Isla del Sol, a small island in Lake Titicaca, where the Incan Empire was born. Or if colonial architecture’s more your thing, head down to Sucre, Bolivia’s other capital, known as the white city because of its perfectly intact colonial structures. But Bolivia isn’t all mountains; if it’s sun you’re after, head to Cochabamba, with its perfect year-round weather and endless weekend partying opportunities. **************************************** Uruguay: Most people know next to nothing about Uruguay, but this small country is one of Latin America’s most prosperous and stable nations. After checking out its modern capital, Montevideo, most travelers head to glitzy Punta de Este, home to some of South America’s most exclusive (and expensive) beach-side properties. With its attractive beaches, high-end restaurants and hotels and hopping nightlife, it’s no surprise Punta del Este is already a well known vacation destination throughout South America. But Uruguay has colonial charm as well. The beautiful, UNESCO-designated town of Colonia is known for its perfectly intact colonial plaza, churches and houses. Glamorous Punta del Este. Photo courtesy of Gusuval. Belize: When it comes to ecotourism, few countries can compete with Belize. The only English-speaking country in Central America, Belize, Belize is home to the world’s second largest barrier reef, and is a must-see for hardcore scuba-divers and snorkelers. Because it’s still off most travelers’ radar and has a small population of just over 300,000, Belize’s beaches and jungles are relatively unspoiled. You may not find the tourism infrastructure present in Costa Rica, but outdoor enthusiasts will be thrilled by the lack of crowds. Aside from scuba-diving and snorkeling, jungle expeditions, birding, kayaking and rappelling are gaining popularity in Belize. ************************************** Colombia: Love him or hate him, it’s hard to deny that President Uribe changed the face of Colombia in less than ten years. This country of stereotypes and contradictions is just now establishing itself on the ecotourism front, and visitors will be happy to discover that Colombia is much more than a narco haven. From the romantic, UNESCO-designated colonial city of Cartagena to the verdant Eje Cafetero to the sophistication and gloomy peaks of Bogota, Colombia will keep even the most active traveler busy for at least a couple months. Because of its sheer size and lack of experience with international tourism, Colombia isn’t the easiest country to get around in, but brave travelers will be rewarded by its spectacular landscapes and warm, friendly people. It’s hard to say if Colombia will continue to be safe for travelers when Uribe leaves office in a few months, but Colombians are cautiously optimistic about the improved security situation. For more destinations, check out my blog or my article on money needed to live in Latin America. [...]
[...] *** To my fellow financially-strapped globe trotters, don’t despair; soon I’ll post a budget-minded Panama itinerary that will surely satisfy the most despondent and cheap among us. For more on costs in Latin America, click here. [...]