Comments on: A $500 a Month Retirement Budget

By: Andy Hough

Andy Hough — Mon, 21 Nov 2011 20:22:10 +0000

Living on $500 a month is extreme. It isn’t something I’ve ever been able to do on an extended basis but there are those who do manage to do it. Your location does have a big effect on what your total living costs will be.

By: marissa

marissa — Mon, 21 Nov 2011 00:17:36 +0000

It’s odd that I found this while figuring out the cheapest amount I can live on is. $500 seems rather extreme to me, but Canada (Toronto) doesn’t have really accommodations. I have been looking at moving to argentina for 4 months of the year and you’re right, it can be done for about $300 a month.

By: Andy Hough

Andy Hough — Mon, 27 Sep 2010 20:32:36 +0000

Thanks for the information. If you want to share your experience in a particular country I could use it as a post.

By: adam sabir

adam sabir — Mon, 27 Sep 2010 05:30:18 +0000

I have actually figured out how to live overseas on $400 a month. The key is to find countries that are affordable and than than to live in places out of the toursit path and out of the expansive areas in those countries. I’ve been to Eastern Europe, Asia, Africa, and Latin America. I would highly recommend eliminating Africa from your list because it lacks safety, has momments of uncontrolled inflation, and many diseases. I found places in India that were very cheap but India has many hygeine and sanitary issues. You also have to be selective in Latin America for safety and in Eastern Europe their are pockets of rampt corruption. In Eastern Europe it’s also helpfull to learn the languages. The countries I actually liked In Latin America Belize, Nicaragua, Peru, Venzuela and Suriname. The key in all of these areas is to go to the smaller cities and villages and enjoy the nature hiking and local products. In Europe the places that are the friendliest and cheapest are the villages in Albania, Bosnia, Kosovo, Kazakhistan and Azerbajain also again go to the villages.
In Asia the best places where the locals were helpful and nice Syria, Pakistan, Laos, Vietnam, China and Indonesia you can find lots of neat little places that also offer nice hiking, cheap medical services and lots of fun. My Budget for living overseas are as following
Rent $130 this should include utilities
Health Insurance $0 Just pay for any medical u get done but save $30 a month for it.
Food $45
Transportation $25 local and save $60 for airfare and visas each month so in a period of two years you’ll have ($1440)
Entertainment and extras $10
Savings or extra needed cash for emergencies or bigger expanses $100

For living in the USA I have found the best places in small towns or villages and also in mid size poorer cities with a roommate.
For a small town or village many people will allow you to rent a room in their place or u can rent a room with a shared bathroom in the hall in many midsize cities. Try to walk more and shop at aldis price rite and buy from local farms and try to modify your diet by eating more pastas rice eggs and buy a water filter. Also u can get tons of stuff at the dollar general for cheap as far as health insurance goes don’t worry if u ever have an emergency just go to er they’ll take care of u even if u have no insurance.
Rent with utilities $350
Food $75
Transportation $25
Extras $50

By: Andy Hough

Andy Hough — Sat, 28 Aug 2010 21:58:10 +0000

I still think it is best to have medical insurance.

By: JIm444

JIm444 — Wed, 25 Aug 2010 18:15:31 +0000

You don’t need Medical Insurance. My grandfather lived to be 98 years old, smoked cigars, drank whiskey his entire life, ate fried food and real butter all his life, Never ONCE Went to the doctor for anything.

In America let’s say you hurt yourself by accident. All you have to do is go to the Emergency Room and they MUST treat you even if you have no insurance. Just sign the papers and they will treat you and send you a bill. When the bill arrives just DONT PAY IT. There is NOTHING they can do. Hospitals write off billions of $$$$ each year in unpaid medical bills. It’s not a big deal, everyone does it.

If you need something small such as dental or eyecare then fine, pay it in CASH out of your own pocket. It’s a lot cheaper than paying $75 a month to some insurance company that’s NOT going to cover you anyway or that will require a $500 deductible anyway.

By: Best of Tight Fisted Miser 2008

Best of Tight Fisted Miser 2008 — Sun, 23 Aug 2009 01:30:00 +0000

[...] A $500 a Month Retirement Budget This is a little extreme but I think it would be workable for me if health insurance costs stayed [...]

By: Andy Hough

Andy Hough — Sun, 04 Jan 2009 16:52:41 +0000

Darvin- Since I still live here I need the health insurance. I’d consider giving it up if I permanently moved to a foreign country. When I lived in Guatemala I got a filling for $13 so I know health care costs can be much lower in Central America.

By: Darvin

Darvin — Sat, 03 Jan 2009 19:28:40 +0000

Try giving up the health insurance. you don’t need it. I live part time in Nicaragua. Recently my wife had to go to the ear,nose,troth specialist $15. I had 128 skin taks removed cost $150.00. a hospital private room is $50.00 per day. Dental is really cheap as well cap removed repaired and replaced theeth cleaned total $16.00
quit sending HMO exec’s on vacation and you can live fine on $500.00

By: Frugal Babe » Archive » Frugal Blog Network Round Up

Frugal Babe » Archive » Frugal Blog Network Round Up — Mon, 17 Nov 2008 17:51:38 +0000

[...] Fisted Miser works out the details of a $500/month retirement budget. We’re working hard to pay off our house before we’re 40. That’s the biggest [...]