Hi Bruv, enjoyed your video. A very realistic view of what is available for a $2,000 $2,500. If you're not partying every night and you don't have an alcohol problem you can live exceptionally well. This will be my budget but I don't expect to spend it all. As a single 58yrs old not looking for love or casual partners I think I could save a $1,000 PCM. Some months I would spend more because I like to tour the country. All in all, it's I think it is what ex-pats should aim for. I know it is not always possible and you can live much cheaper but for me, I want to retire in comfort and not struggle. Keep the vids coming. Take care GOD Bless you and yours. M
To put it in perspective, here are some of the highest-paying jobs in the Philippines with their respective average income per month: (1 USD = 47 PHP) -Police General: 121K PHP (2600 USD) -Doctor: 110K PHP (2,300 USD) -Lawyer: 85K PHP (1,800 USD) -Airline Pilot: 80K PHP (1,700 USD) -Architect: 50K PHP (1,000 USD) People with these jobs are considered upper middle class in the country or even "Rich" in many provinces. They live a pretty good lifestyle even with big families. To be truly be considered rich in the Ph, you need to make at least 200K PHP per month (4200 USD). Also, only 0.1% of the entire Ph population has a net worth above 1 million USD - happy to be one of them : )
Those are just the base rate. If you're a professional and you have a good practice you can make way more than that. Also most Filipinos don't rent, don't have mortgages, they own their home or they live with a relative. Their biggest expense would be electric and food. Filipinos don't eat a lot like western portions and they are acclimatized to the climate so they don't use air conditioning 24/7.
I would hire a labandera for the laundry so that I can help her have a job. No rent because we have a main house and apartments. I would go for the $70 wifi. I would also order delivery from restaurants to help them (many are struggling). Look for businesses to patronize since they are struggliing. I don't want to buy a lot of things because I love the minimalist lifestyle. Most of my money, however, would go to renovations of the main house and the apartments. Construction and maintenance jobs for Filipinos. Each apartment unit we have is two storeys and two bedrooms. And that's nine units (located near Ateneo, Miriam College and U.P.). Additional business I would like to have? A cafe and a beauty salon/barber/spa. Btw, I will subscribe to your channel. You're a nice, humble person and you live like a local. Very good videos. Thank you.
I've worked for the last 10 years of my life just saving as much as I can,I plan to move to Philippines and use my yearly interest from my fixed deposit as my income while I'm there,my budget will be $7200 per month.I will be staying in Cebu though.
That’s a lot of money for a budget. But every situation has its on purpose. If you wanna go like that of budget, hey! that’s awesome. But if your like me, been in hardship while growing up, and was able to took that opportunity, if I downsize now in Philippines 1000 to 1200 is more enough for the both of us me and my husband. It is just a matter of necessity and needs.
Yesterday I watched a couple of videos about Subic Bay. The prices that I seen for things like housing and even coffee seemed to be quite high. One Hotel had a rate of $75 US a night for their smallest room. There was also a poster on the street advertising a one bedroom furnished apartment for $600 a month. Maids have been known to spread info about you to friends and family. As a single person, I would not want others to know where I was and when. They may tell someone that you have gone to another Island for a week, and you come home to an empty house. A friend of a friend heard and seen an opportunity.
the monthly budget is not really the issue ,its chump change, most people overlook the initial massive expense of setting up everything you need for your new life, transportation,appliances,tv,fridge,furniture cookware utensils the list is endless , these are the things that really contribute to your quality of life
I definitely appreciate your opinion on the house as opposed to the condo as I prefer to stay in a house. Before you started talking about it all I ever heard about was staying in a condo. I had no idea it was so inexpensive. Great video.
Nailed it! We're a family of 3 on Cebu, 2 adults, and a teen. We live in a somewhat upscale subdivision and our cost is around P100,000 per month. I'm retired military and I pay upfront for health care. Then I file a claim for up to 75% reimbursement. I miss the good old days when this was only costing me P50,000 a month. But it is what it is.
Greetings David. I'm Navy, retiring in 14 months and asking vets info for research. So question: I heard that TRICARE Overseas is useable in PI. Also there is a VA office vets can seek medical assistance at. Is there truth behind this?
@@jasoncease6288 If you live or travel in the Philippines, you must see a PPN provider or a certified provider for your medical care. You're encouraged to visit PPN providers if you're enrolled in: TRICARE Overseas Program (TOP) Prime. At age 65 you lose Tricare for life and must use Medicare Part B. I will just buy Pacific Life but remember to have cash up front and then get your reimbursement. The VA in Manila is different than in the states. They will only attend to your service connected disabilities.
As always Steve great information. I retired last week and now just hoping they open up soon...maybe by June or July. But if not maybe before the end of the year....Sitting on GO
Wow , i could not handle that, where is your monthly travel budget , which includes hotels and airfare , for your travel around that beautiful country.
Thanks a lot.. I think you are the only one who factor the Foex into the budget.. I think it is really important to have Inflation & Forex to the budget..
We bought a very small home here about 11 years ago 800,000 Pesos. We furnished it inexpensive furniture. We only stay in it when we are in Philippines. It stays empty when we are back home. Wife's sis in law goes around occasionally to check it. Her boys keep it clean. Just pay annual tax on it. Sis in law takes care of utilities.
Great video, thanks for the honest advice. I think your numbers are spot on, and I almost always agree with your perspective . Keep rolling out the videos, they are greatly appreciated, thanks.
Out of my experience I 100% confirm your calculated budget. This should be the budget everybody should use for making decisions. If you base on lower budget, you could easily come into deep sh.. 👍👍👍👍⭐⭐⭐⭐ If you base on this budget, finacially you are quite save
I hate living there for good I think I would because I own house’s here and don’t want to sell them right now. I am keeping one no matter what.. That’s a little higher than I was thinking about but I have that coming in so I can do that and still have it safely net. I was thinking about 1500 usd but I can always take it up a little later on. I was thinking maybe 6 months there and 6 months stateside.
@@MrSteven5975 really rough, I'm from New York City, I have some good friends around the BU aria in Beantown Boston. Used to go there all the time during college few years ago man :)
That kind of money is allot of money in the Philippines.....The average guy can get by under 1k a month ... But then again it all depends on fluctuating currency rates, so there is no exact variable. But a simple apartment and eating out modestly about $800-1K a month.. If you are well off and live in very nice means, then you also run the risk of attracting too much attention. So it is a fine line..comfort...vs ...peace of mind also. Cheers!
@@erictrippe2778 I think it may have been more clearly stated as "$2500.00 x P48.00 (current exchange rate) = P120,000.00... I believe this is what was intended.
Great info Steve! This video eased my apprehension about making the move to the PI after things open up. Thanks also for your walk-around vlogs of your area...it’s high on my list of landing spots. Keep up the great work!
My plan is to purchase a property and build a house 2 years before early retirement of 62 in the Philippines. Use SS income to live off and 401K savings as emergency fund and slowly use it for leisure. Return to US every 6 months for medical check-up.
Another good video. Watching the progression of your budget videos, the numbers increase. Seems to be because you’re learning more things that are important to have while there as opposed to your lifestyle increasing. It’s nice to learn from someone else’s experience.
I thank you because you are smart guy, you know how to go around in the Philippines and most of all Please help other foreigners the families of the woman they marry becomes their dependents, who are jobless and lazy. .I am a retiree too and l have experienced how hard it is to earned in America.
when we rented a 2 bedroom house for $80 a month. Our living expenses I mean everything was $420 a month. Where I live San Juan Batangas it is cheap to live there. $800 a month will be fine.
This was very helpful. I am now planning for early retirement in the Phillipines. I'm 48 now, and planning. My wife is frugal! She does not like to spend money. This would be a busget when I finally retire, but for now I am just building up to it
It sounds like you did a lot of preparation in advance prior to moving. Which was smart on your behalf. I laugh at most of the videos saying how much money you need. Every island is a different cost of living, every city has a different cost of living and then living in the province outside of the city is a completely different cost of living. Me and my wife built our house five years prior to moving there and it runs off of solar. I assure you my cost of living is pennies compared to everyone else’s.
Yes with the bars and eating out sometime c. Have to be careful and not get hurt or sick. That would be a disaster on that budget but I know people that make it work. Gl
I was living in Palawan with 2000 doing great two people with motorcycle for transport,and have a litle banka for travel and fishing. Now i what to come back and build a big banka and live on whater, without pay the rent.
I agree. Same in southern England. I live very well with my family on £1500 including £600+ mortgage, car and holidays. Mind you medical expenses are covered by the glorious NHS. So 2 more years of saving and then I’ll retire at 53 in warmer climes, living off investments. Can’t wait.
Thanks for doing this one Steve. I see a lot of people putting out videos saying one can live like a king for $800 to $1000 a month. I averaged $1750 per months living expenses from Dec 2019 to Dec 2020. I don't want for anything, but I don't go crazy either. Food is one area that I could reduce my spending. I eat mostly imported western food. If I could eat like a Filipino, I'd save $500 per month.
I’m in San Juan, Metro Manila and I was paying 30k for a furnished 46sqm high-end condo that turned into a solitary confinement jail cell with Lockdown. My Filipina wife, me and two little ones moved into an unfurnished 100sqm, 3br, 2 bath house in San Juan for 28k last August. OMG, getting out of the Luxury Condo jail cell was great. Anyway we bought 2 hot water heaters, 3 air/cons, Beds, Sofa, Recliner, and outfitted the Kitchen with a very large Ref, etc and spent less than $400k. I know that’s a lot here but less than my ex spent on one sofa in the US. Honestly we will be going to the USA as soon as we get the required travel docs which I think will take about as year as soon as we file for them. We plan on moving her Mother, 2 sisters, 1 brother and the family Nanny who currently lives with us into this house and they will give up their current smaller house that my Wife pays 9k a month for. That’s why we bought nice things so they will last. As usual, you are right on with your budget projections. We are fortunate that we can afford a nice home here with my Retirement and my wife makes 65k pesos a month so she contributes too. I want her and the children to become US Citizens and for her to qualify for SS Benefits and many people don’t realize this but if the expat is on SS or SSDI and you move to the USA you can get up to an additional 85% of your SS for your/her children until they are 18. (1 child is 50%, 2 or more not to exceed 85%. 1 non working wife and one child also 85% but only until the child is 16 and then the mother stops receiving but the child continues until 18. Talk to a professional but my data is good.). This is huge! My SS will go from $2,738 to $5,065 after I’m married for 1 year and we are living in the USA. I hired Social Security Advisors in NYC to get me through the process. Everything is online with them plus a few telephone calls. I want to make sure that when I’m gone my new family is well taken care of and my wife already works for a USA based multi-national, multi-billion dollar Company and they want her to stay when she gets to the USA. I have a good long term plan for us and my family including a large Life Insurance Policy. I find your day to day and medium term advice the absolute best on CZcams for expats here in the Philippines. Keep up the great Channel. Thanks.
Marc. What are you talking about??? You think your SS will increase dramatically just because your wife is a citizen and u move back to the USA?? No way Jose!! I think you are looking at DEATH benefits. If you die she will get Ss and your adopted kids will qualify for more $$$. While you’re alive.....you ain’t getting anything additional. Stay in the Philippines bud. If you still believe what you’re saying, post a link that proves it please
I have to agree with Bill. You get your SS until you die. When you die, if you've been married for over a year, your widow and any dependent children will THEN be able to collect Social Security Survivor bennies until she gets married again. You REALLY need to investigate and do your own research. Hopefully you didn't pay your "hired Social Security Advisors in NYC" very much money to get your hope up. Scam???
@@Bill-xs4zu If you become disabled or retire, your qualified child is eligible for up to 50% of your full retirement age benefit. If you die, your qualified child is eligible for up to 75% of your full retirement age benefit. The wide, if none working gets 50% of your benefit at death however she must at least have a green card and had lived for 5 consecutive years in America before the recipients death.
For me it's going to depend on my emergency fund, funds saved that I can dip into as & when required out of the usual day to day stuff. My monthly calculations in how I want to live = $1200 & that's being comfortable & living a pleasant life...a rented scooter/gas, some travelling etc. Single guy. Not interested in materials other than essentials, not interested in expensive meals out, not interested in wasting money needlessly when theres alternatives.
Easy numbers..at 500 even in tthe province...your going mostly local...a few can but most cannot. At 1000 your possible with a partner but still not super comfortable. At 1500 you get some breathing room as a couple. Totally agree 2000 gives you room for savngs, medical surprises, trips home. If you don't have it, why are you reading...you know your budget already. You can squeeze into a number but if you have any choice...most everyone would CHOOOOOOOSE....read read readl....I said said said CHOOOOOOSE at about $2,000 for some level of security. $2,500 IDEAL...not necessary...BUT IDEAL.
It’s our golden years. Let’s live best we can. But to live in the boonies, with roosters, dogs barking all day, no showers, no running toilets and not so great Filipino food, it’s just too hard for me. Plus what the hell to do in the boonies? Like your budget and agree that everyone has their own likes, but I can’t limit myself to anything below 2.5k. Hopefully my son doesn’t mess up our business . Lol Good stuff here
Steve, I will be 66 soon and will be recieving in excess of $2500 a month between 2 pensions that will have cola adjustments. I have no medical issues other than a little arthritis and take no medications. Do you see any problems for an older guy like me, i really have been looking forward to moving there this spring after i sell my home.
Baguio housing is expensive. But you make it up by saving it on electricity. Veggies are cheap, cheap, cheap. Water is expensive if you’re not on city water.
400 a month for food isn't enough double that. Add in total cost of international/ domestic flights annually ( 400 per month ). so right there it's 3000 usd. I spent 2400 as a single guy living moderately For gods sake don't be like so many of the social security only guys. Stuff costs.
Good start I've been here 13yrs need to have some money for wife's family either older parents or siblings still in school. Approximately 10k pesos per month but still get buy on 100k a month no worries
So my plans are, I am saving for £1500 (US$2000) a month spend from 2023 and assuming a 2% inflation rate ( a bit low I know). So my savings will be £241500 (US$325,900) for the first 12 years. After that a bunch of pensions kick in giving me about £2500 (US$3375) a month rising with inflation. I’ll keep an emergency pot of £150,000 (US$202,500) and keep my UK house as either rental income or a global bolt hole or a super emergency fund.... then the wild card is whether bitcoin will yield anything..... but if it goes to zero... I don’t really care, it’s just extra cash. So with any luck.....but even best laid plans have a habit of going wrong.
Depends on what kind of life you want to live. Outside the big city I can live okay on 500 a month, however normally I live between 600-650 a month. My internet is less than 40 bucks a month. Electric is between 80 and 120 depending on the weather and yes I use AC all the time. At best I use 200 a month on food. Granted I don't eat out much, But I have gotten food poisoning eating out, so it is something I don't do much. I basically live an American lifestyle quiet. I even just bought a new 2022 Honda City sedan. Only use Philhealth. I have a one bedroom apartment for 120 a month and I live off of 1,000 a month. Now I live in Mindanao in a town with a mall, a bunch of gas stations. it's not the boonies but it's not the big city either. but I have been married to my wife for 17 years. It is so easy to spend money here you can become broke without even a thought. New guys always spend to much money on there life here, no matter what you tell them. This isn't the western world. Money is hard to come by here treat it with respect. I'm telling you now don't buy or build homes, it's not worth it in the long run.
$2500 is a great monthly budget for an expat to live in the philippines. Not tight and not extravagant. U will still have the luxury of living the western way and not the filipino way even when u are in philippines. Great video👍🏻
The setup costs and rental deposits are a big cost. Once you are set up you can live well in a nice subdivision going to eat or movies for around a 1000usd a month.
You were talking about a maid. Do to a back injury I suffered a long time ago, I would love to have a professional maid, like a nurse or a massage therapist. What do you think it would cost me to have someone like this full time ? Please make sure, if you are able to answer my question and be kind enough to find the time, please make it a good pay. I would rather try to pay a little more and make someone happy to do their job. Thanks in advance.
@@MrSteven5975 Thank you. I was asking because, I know I wouldn’t be able to afford any type of full time support or help from anybody, and certainly not from a professional nurse or massage therapist, and I am therefore seriously thinking of moving to the Philippines. Obviously it is not the only reason, as I would love to travel around in Southeast Asia. And why not having someone around you that could make things easier on me and my health. Again, thank you for your time to answer my question. Maybe I get a chance in the near future to thank you in person. All the best to you, your channel and your family.
Its true 2500 is a lot, my family budget is $1,500 and living lavishly house, car, helpers dogs, medical etc .... my mom is a wise spender 🥰 and she saves too and able to travel abroad ... but then we own the house that will cut your monthly bill :)
Ohhhh massages. The one thing I really miss from the Philippines!!!! $6 an hour. Heaven!
Hi Bruv, enjoyed your video. A very realistic view of what is available for a $2,000 $2,500. If you're not partying every night and you don't have an alcohol problem you can live exceptionally well. This will be my budget but I don't expect to spend it all. As a single 58yrs old not looking for love or casual partners I think I could save a $1,000 PCM. Some months I would spend more because I like to tour the country. All in all, it's I think it is what ex-pats should aim for.
I know it is not always possible and you can live much cheaper but for me, I want to retire in comfort and not struggle.
Keep the vids coming. Take care GOD Bless you and yours. M
To put it in perspective, here are some of the highest-paying jobs in the Philippines with their respective average income per month: (1 USD = 47 PHP)
-Police General: 121K PHP (2600 USD)
-Doctor: 110K PHP (2,300 USD)
-Lawyer: 85K PHP (1,800 USD)
-Airline Pilot: 80K PHP (1,700 USD)
-Architect: 50K PHP (1,000 USD)
People with these jobs are considered upper middle class in the country or even "Rich" in many provinces. They live a pretty good lifestyle even with big families. To be truly be considered rich in the Ph, you need to make at least 200K PHP per month (4200 USD). Also, only 0.1% of the entire Ph population has a net worth above 1 million USD - happy to be one of them : )
That always amazes me when I see this.
Most of the avg houses in my area have over 1million value. I'm not sure about that 0.1%. I see a lot of rich people here.
Those are just the base rate. If you're a professional and you have a good practice you can make way more than that. Also most
Filipinos don't rent, don't have mortgages, they own their home or they live with a relative. Their biggest expense would be electric and food. Filipinos don't eat a lot like western portions and they are acclimatized to the climate so they don't use air conditioning 24/7.
Thank you for that comment.Moving there :)
Yea I am one that will have no issues living in the Philippines.
Thanks for another great video
I would hire a labandera for the laundry so that I can help her have a job. No rent because we have a main house and apartments. I would go for the $70 wifi. I would also order delivery from restaurants to help them (many are struggling). Look for businesses to patronize since they are struggliing. I don't want to buy a lot of things because I love the minimalist lifestyle. Most of my money, however, would go to renovations of the main house and the apartments. Construction and maintenance jobs for Filipinos. Each apartment unit we have is two storeys and two bedrooms. And that's nine units (located near Ateneo, Miriam College and U.P.). Additional business I would like to have? A cafe and a beauty salon/barber/spa. Btw, I will subscribe to your channel. You're a nice, humble person and you live like a local. Very good videos. Thank you.
Thanks for watching and the kind comments
I've worked for the last 10 years of my life just saving as much as I can,I plan to move to Philippines and use my yearly interest from my fixed deposit as my income while I'm there,my budget will be $7200 per month.I will be staying in Cebu though.
That’s a lot of money for a budget. But every situation has its on purpose. If you wanna go like that of budget, hey! that’s awesome. But if your like me, been in hardship while growing up, and was able to took that opportunity, if I downsize now in Philippines 1000 to 1200 is more enough for the both of us me and my husband. It is just a matter of necessity and needs.
Sarah, a budget for 2 young healthy people is different from a budget for senior citizens with family of 5 :)
Yesterday I watched a couple of videos about Subic Bay. The prices that I seen for things like housing and even coffee seemed to be quite high. One Hotel had a rate of $75 US a night for their smallest room. There was also a poster on the street advertising a one bedroom furnished apartment for $600 a month.
Maids have been known to spread info about you to friends and family. As a single person, I would not want others to know where I was and when. They may tell someone that you have gone to another Island for a week, and you come home to an empty house. A friend of a friend heard and seen an opportunity.
the monthly budget is not really the issue ,its chump change, most people overlook the initial massive expense of setting up everything you need for your new life, transportation,appliances,tv,fridge,furniture cookware utensils the list is endless , these are the things that really contribute to your quality of life
We did a video on this subject already
Im wondering what it costs to ship things there? Like say if i wanted to ship a car or furniture?
But you don’t need to buy them all at once. Most stuff you mentioned I bought over the course of a year.
Very well done and realistic and great you hammer home the extra $500 to put away and build a healthy rainy day fund.
I definitely appreciate your opinion on the house as opposed to the condo as I prefer to stay in a house. Before you started talking about it all I ever heard about was staying in a condo. I had no idea it was so inexpensive. Great video.
Nailed it! We're a family of 3 on Cebu, 2 adults, and a teen. We live in a somewhat upscale subdivision and our cost is around P100,000 per month. I'm retired military and I pay upfront for health care. Then I file a claim for up to 75% reimbursement. I miss the good old days when this was only costing me P50,000 a month. But it is what it is.
Greetings David. I'm Navy, retiring in 14 months and asking vets info for research. So question: I heard that TRICARE Overseas is useable in PI. Also there is a VA office vets can seek medical assistance at. Is there truth behind this?
Interesting...I'm retired Army. How do file for reimbursement?
@@jasoncease6288 If you live or travel in the Philippines, you must see a PPN provider or a certified provider for your medical care. You're encouraged to visit PPN providers if you're enrolled in: TRICARE Overseas Program (TOP) Prime. At age 65 you lose Tricare for life and must use Medicare Part B. I will just buy Pacific Life but remember to have cash up front and then get your reimbursement. The VA in Manila is different than in the states. They will only attend to your service connected disabilities.
100% perfect info. Everyone should base his decisions on this budget to be save.
Once again excellent advice , specially about health and having an emergency fund
As always Steve great information. I retired last week and now just hoping they open up soon...maybe by June or July. But if not maybe before the end of the year....Sitting on GO
Good Luck Big John
I’m going to wait till after the first wave hits there and see how the lockdown situation will be after that my money can just stay out for now.
$700 Mactan 1 bed condo (loads of amenities)
$100 electric
$50 internet
$25 water (drink and household)
$300 food eat in/out
$100 Transportation $100 (trike, jeepney, bus)
$100 Misc (clothes, cleaning supplies, haircut )
$100 fun money ( museum/attractions)
$30 Visa
$30 Hygiene (toothpaste, soap, deodorant, pads, etc)
$50 cellphones
$250 health insurance
Total $1750
Good budget
Wow , i could not handle that, where is your monthly travel budget , which includes hotels and airfare , for your travel around that beautiful country.
Your budget adds up to $1,835 (USD).
Thanks a lot.. I think you are the only one who factor the Foex into the budget.. I think it is really important to have Inflation & Forex to the budget..
We bought a very small home here about 11 years ago 800,000 Pesos. We furnished it inexpensive furniture. We only stay in it when we are in Philippines. It stays empty when we are back home. Wife's sis in law goes around occasionally to check it. Her boys keep it clean. Just pay annual tax on it. Sis in law takes care of utilities.
Great video, thanks for the honest advice. I think your numbers are spot on, and I almost always agree with your perspective . Keep rolling out the videos, they are greatly appreciated, thanks.
Out of my experience I 100% confirm your calculated budget. This should be the budget everybody should use for making decisions. If you base on lower budget, you could easily come into deep sh..
👍👍👍👍⭐⭐⭐⭐
If you base on this budget, finacially you are quite save
This is a great comfortable base budget.
I hate living there for good I think I would because I own house’s here and don’t want to sell them right now. I am keeping one no matter what.. That’s a little higher than I was thinking about but I have that coming in so I can do that and still have it safely net. I was thinking about 1500 usd but I can always take it up a little later on. I was thinking maybe 6 months there and 6 months stateside.
That is my SSAN , you are right on, i own my own condo . $2500 is perfect
Incredibly helpful Steve, thanks. Another year or so saving for a decent emergency fund and I'm there.
I wonder if this number still applies today given post Covid inflation. Great Work Steve!
I'm on a $1,100 a month budget now here in Japan, been here 13 months now. Wish me luck................... :/
That’s rough in Japan
Which city are you in.....in Japan ?
stay away from Tokyo:)
@@MrSteven5975 really rough, I'm from New York City, I have some good friends around the BU aria in Beantown Boston. Used to go there all the time during college few years ago man :)
How!?
That kind of money is allot of money in the Philippines.....The average guy can get by under 1k a month ... But then again it all depends on fluctuating currency rates, so there is no exact variable. But a simple apartment and eating out modestly about $800-1K a month.. If you are well off and live in very nice means, then you also run the risk of attracting too much attention. So it is a fine line..comfort...vs ...peace of mind also. Cheers!
True.. it’s all about money management.
2500 x 48 = 120 000 man i already consider that as a lavish spending in a month!
$2500 a month that cash gets you long long way here!
48 = 4 years...Why four years?
@TEC Man 96 This Budget is what most retirees retire on. This is a more upscale budget for the average retiree compered with the lower budgets.
@@erictrippe2778 48 is the approximate peso-dollar exchange rate.
@@erictrippe2778 48 pesos to dollar. He was converting to pesos
@@erictrippe2778 I think it may have been more clearly stated as "$2500.00 x P48.00 (current exchange rate) = P120,000.00... I believe this is what was intended.
Great info Steve! This video eased my apprehension about making the move to the PI after things open up. Thanks also for your walk-around vlogs of your area...it’s high on my list of landing spots. Keep up the great work!
Thanks 🙏🏻
Excellent info.......
Well done, as always, my friend.
Thanks 🙏🏻
For WiFi, buy a GOMO SIM card and 499 pesos gets you unlimited data! Totally awesome!
US$2,500 a month is freaking HUGE, your living life of a Super King
Thanks for posting about a higher budget I was worried I wouldn't fit in.
My plan is to purchase a property and build a house 2 years before early retirement of 62 in the Philippines. Use SS income to live off and 401K savings as emergency fund and slowly use it for leisure. Return to US every 6 months for medical check-up.
Another good video. Watching the progression of your budget videos, the numbers increase. Seems to be because you’re learning more things that are important to have while there as opposed to your lifestyle increasing. It’s nice to learn from someone else’s experience.
The others are still fine but not as safe.
Much appreciated. Good simple easy to follow suggestions.
I thank you because you are smart guy, you know how to go around in the Philippines and most of all
Please help other foreigners the families of the woman they marry becomes their dependents, who are jobless and lazy. .I am a retiree too and l have experienced how hard it is to earned in America.
Hey Steve thank you so much for the awesome video keep up the great work appreciate it
At $2,500 you are a "Big Boss" and living the dream.
A king 👑 😌
Very useful information as always. Thanks!
when we rented a 2 bedroom house for $80 a month. Our living expenses I mean everything was $420 a month. Where I live San Juan Batangas it is cheap to live there. $800 a month will be fine.
Like your channel thank you for sharing the info you do , also you seem to be good and nice person thank you for that also.
That's the budget im planning on having when i retire.
It’s a great budget to have
For that budget you'll do fine in 99% of the countries. Maybe a few major city exceptions like Singapore or Zurich.
This is very important information. Thank you.
That's great bro. I've been searching for this type of budget.
This was very helpful. I am now planning for early retirement in the Phillipines. I'm 48 now, and planning. My wife is frugal! She does not like to spend money. This would be a busget when I finally retire, but for now I am just building up to it
Be sure to watch my most important videos that will help you.
Just saying the less foreigner in the Philippines the better some Americans need to stay in America 🇺🇸
That's a big budget 🤣🤣🤣I live in Cebu for $600 to $800 as a single guy.
That’s gotta be rough
@@MrSteven5975 🤣🤣 not at all my friend. My condo 15kph month and I don't drink or smoke so no need to spend unnecessary money.
It sounds like you did a lot of preparation in advance prior to moving. Which was smart on your behalf. I laugh at most of the videos saying how much money you need. Every island is a different cost of living, every city has a different cost of living and then living in the province outside of the city is a completely different cost of living. Me and my wife built our house five years prior to moving there and it runs off of solar. I assure you my cost of living is pennies compared to everyone else’s.
Yes with the bars and eating out sometime c. Have to be careful and not get hurt or sick. That would be a disaster on that budget but I know people that make it work. Gl
@@MrSteven5975 A number of videos from the Philippines claim to make it on less than $800.00 per month.
I was living in Palawan with 2000 doing great two people with motorcycle for transport,and have a litle banka for travel and fishing. Now i what to come back and build a big banka and live on whater, without pay the rent.
I keep hearing that it’s cheap to live in the Philippines but I’m from Scotland and I can live very nicely here on that kind of cash.
You can live here on $1500 too. I did a budget on that too.
@@MrSteven5975 yeah I watched that. Thank you for the information
I agree. Same in southern England. I live very well with my family on £1500 including £600+ mortgage, car and holidays. Mind you medical expenses are covered by the glorious NHS. So 2 more years of saving and then I’ll retire at 53 in warmer climes, living off investments. Can’t wait.
Thanks for doing this one Steve. I see a lot of people putting out videos saying one can live like a king for $800 to $1000 a month.
I averaged $1750 per months living expenses from Dec 2019 to Dec 2020. I don't want for anything, but I don't go crazy either.
Food is one area that I could reduce my spending. I eat mostly imported western food. If I could eat like a Filipino, I'd save $500 per month.
The famous John Wales from Sunshine Shoulders!!!! John, please start a youtube channel....seriously.
I’m interested on the Pacific Cross Insurance.
Hi Benjie. I did several videos and they should have all the info in the video or in the description.
Yes 2500 is very good , you can do whatever you want in Phils , you have good life. A
Thank you for the information......very useful!
I’m in San Juan, Metro Manila and I was paying 30k for a furnished 46sqm high-end condo that turned into a solitary confinement jail cell with Lockdown. My Filipina wife, me and two little ones moved into an unfurnished 100sqm, 3br, 2 bath house in San Juan for 28k last August. OMG, getting out of the Luxury Condo jail cell was great. Anyway we bought 2 hot water heaters, 3 air/cons, Beds, Sofa, Recliner, and outfitted the Kitchen with a very large Ref, etc and spent less than $400k. I know that’s a lot here but less than my ex spent on one sofa in the US. Honestly we will be going to the USA as soon as we get the required travel docs which I think will take about as year as soon as we file for them. We plan on moving her Mother, 2 sisters, 1 brother and the family Nanny who currently lives with us into this house and they will give up their current smaller house that my Wife pays 9k a month for. That’s why we bought nice things so they will last. As usual, you are right on with your budget projections. We are fortunate that we can afford a nice home here with my Retirement and my wife makes 65k pesos a month so she contributes too. I want her and the children to become US Citizens and for her to qualify for SS Benefits and many people don’t realize this but if the expat is on SS or SSDI and you move to the USA you can get up to an additional 85% of your SS for your/her children until they are 18. (1 child is 50%, 2 or more not to exceed 85%. 1 non working wife and one child also 85% but only until the child is 16 and then the mother stops receiving but the child continues until 18. Talk to a professional but my data is good.). This is huge! My SS will go from $2,738 to $5,065 after I’m married for 1 year and we are living in the USA. I hired Social Security Advisors in NYC to get me through the process. Everything is online with them plus a few telephone calls. I want to make sure that when I’m gone my new family is well taken care of and my wife already works for a USA based multi-national, multi-billion dollar Company and they want her to stay when she gets to the USA. I have a good long term plan for us and my family including a large Life Insurance Policy. I find your day to day and medium term advice the absolute best on CZcams for expats here in the Philippines. Keep up the great Channel. Thanks.
Thanks for the great comments
Marc. What are you talking about??? You think your SS will increase dramatically just because your wife is a citizen and u move back to the USA?? No way Jose!!
I think you are looking at DEATH benefits. If you die she will get Ss and your adopted kids will qualify for more $$$.
While you’re alive.....you ain’t getting anything additional. Stay in the Philippines bud. If you still believe what you’re saying, post a link that proves it please
I have to agree with Bill. You get your SS until you die. When you die, if you've been married for over a year, your widow and any dependent children will THEN be able to collect Social Security Survivor bennies until she gets married again. You REALLY need to investigate and do your own research. Hopefully you didn't pay your "hired Social Security Advisors in NYC" very much money to get your hope up. Scam???
@@Bill-xs4zu If you become disabled or retire, your qualified child is eligible for up to 50% of your full retirement age benefit.
If you die, your qualified child is eligible for up to 75% of your full retirement age benefit. The wide, if none working gets 50% of your benefit at death however she must at least have a green card and had lived for 5 consecutive years in America before the recipients death.
I'm thinking of pulling the trigger on early retirement more now!
For me it's going to depend on my emergency fund, funds saved that I can dip into as & when required out of the usual day to day stuff.
My monthly calculations in how I want to live = $1200 & that's being comfortable & living a pleasant life...a rented scooter/gas, some travelling etc. Single guy.
Not interested in materials other than essentials, not interested in expensive meals out, not interested in wasting money needlessly when theres alternatives.
$1200 is fine but beware of Forex changes that can wipe that out.
The way that they are printing money in the US that is sage advice
In metro-Manila We pay the equivalent of $400 rental for a spacious jr 2-bedroom. I expect with POGO influx it’s going to be very competitive.
God Bless
Great Video! Glad to have found your channel.
Thanks 🙏🏻
Wow, I wish I had that budget!
Great information Steve thanks alot 👍 I have my fingers crossed and can't wait for the day I can put the hectic life behind me thanks buddy
Easy numbers..at 500 even in tthe province...your going mostly local...a few can but most cannot. At 1000 your possible with a partner but still not super comfortable. At 1500 you get some breathing room as a couple. Totally agree 2000 gives you room for savngs, medical surprises, trips home. If you don't have it, why are you reading...you know your budget already. You can squeeze into a number but if you have any choice...most everyone would CHOOOOOOOSE....read read readl....I said said said CHOOOOOOSE at about $2,000 for some level of security. $2,500 IDEAL...not necessary...BUT IDEAL.
It’s our golden years. Let’s live best we can. But to live in the boonies, with roosters, dogs barking all day, no showers, no running toilets and not so great Filipino food, it’s just too hard for me. Plus what the hell to do in the boonies? Like your budget and agree that everyone has their own likes, but I can’t limit myself to anything below 2.5k. Hopefully my son doesn’t mess up our business . Lol
Good stuff here
Excellent video Steve! Does the $250 Medical Insurance cover Diabetic Insulin and meds?
That’s preexisting so it might be more
another great video! thank you, stay safe.
I will have $3,400 plus 401K.
Steve,
I will be 66 soon and will be recieving in excess of $2500 a month between 2 pensions that will have cola adjustments. I have no medical issues other than a little arthritis and take no medications. Do you see any problems for an older guy like me, i really have been looking forward to moving there this spring after i sell my home.
You should be fine
Baguio housing is expensive. But you make it up by saving it on electricity. Veggies are cheap, cheap, cheap. Water is expensive if you’re not on city water.
Thanks for the Info. Greetings from Canada.
What about Tricare? Can you use it over there?
400 a month for food isn't enough double that. Add in total cost of international/ domestic flights annually ( 400 per month ). so right there it's 3000 usd. I spent 2400 as a single guy living moderately For gods sake don't be like so many of the social security only guys. Stuff costs.
If I do my math right for $2,000-2.5k a month you would need about 1/2 a million usd in dividend stocks.
Avg SS retirement in US is $1500, spouse gets another $1500.
Good start I've been here 13yrs need to have some money for wife's family either older parents or siblings still in school. Approximately 10k pesos per month but still get buy on 100k a month no worries
Less is ok too.... But be safe please
@@MrSteven5975 you as well I'm in nueva ecija only leave home once a month can't wait for this to be over
What do you think of rent to own houses ? buy these houses then rent them to expats at a reasonable rate. so that the rate doesn't increase .
We can only own condos
Here in California i pay $30 internet for a 50MB its a 2 year price discount but regular price i think is $50 still cheaper and maybe even faster
Right...But you also pay like $2000 for an apartment.
So my plans are, I am saving for £1500 (US$2000) a month spend from 2023 and assuming a 2% inflation rate ( a bit low I know). So my savings will be £241500 (US$325,900) for the first 12 years. After that a bunch of pensions kick in giving me about £2500 (US$3375) a month rising with inflation. I’ll keep an emergency pot of £150,000 (US$202,500) and keep my UK house as either rental income or a global bolt hole or a super emergency fund.... then the wild card is whether bitcoin will yield anything..... but if it goes to zero... I don’t really care, it’s just extra cash. So with any luck.....but even best laid plans have a habit of going wrong.
Depends on what kind of life you want to live. Outside the big city I can live okay on 500 a month, however normally I live between 600-650 a month. My internet is less than 40 bucks a month. Electric is between 80 and 120 depending on the weather and yes I use AC all the time. At best I use 200 a month on food. Granted I don't eat out much, But I have gotten food poisoning eating out, so it is something I don't do much. I basically live an American lifestyle quiet. I even just bought a new 2022 Honda City sedan. Only use Philhealth. I have a one bedroom apartment for 120 a month and I live off of 1,000 a month. Now I live in Mindanao in a town with a mall, a bunch of gas stations. it's not the boonies but it's not the big city either. but I have been married to my wife for 17 years. It is so easy to spend money here you can become broke without even a thought. New guys always spend to much money on there life here, no matter what you tell them. This isn't the western world. Money is hard to come by here treat it with respect. I'm telling you now don't buy or build homes, it's not worth it in the long run.
$2500 is a great monthly budget for an expat to live in the philippines. Not tight and not extravagant. U will still have the luxury of living the western way and not the filipino way even when u are in philippines. Great video👍🏻
Thanks 🙏🏻
What kind of bank do u prefer to use to store your money in the Philippines?
BDO
I rented a nice condo in Cebu and my combined budget was 40,000P tp 50,000P a month.
US$2500 a month? For me that's more than enough.
$2500? Live like a king. I wish!
Thanks
Not to many have that much here in America
I DO ONE MEAL A DAY(OMAD FASTING) AND ITS GREAT FOR HEALTH AND MY WALLET
I might do this !!! Does it help blood pressure
The setup costs and rental deposits are a big cost. Once you are set up you can live well in a nice subdivision going to eat or movies for around a 1000usd a month.
You can try to reduce it even more.
Many cars look great, low mileage, but are flood damaged. Also rusted frames from so much rain.
please, I need that budget here in America too
Great video. Hope to retire there in a few years. Hope to visit there once the kung flu is gone.
Think the sweet spot is about 200,000 a month in places like BGC and Makati.
The Sweet Spot Budget is good almost anywhere in Asia with a few exceptions.
If this amount ($2500) is net of tax, then gross income must be at least $2,740 assuming a 9% tax bracket.
Forex and inflation are big issues when one retires on fixed income .
Im the only one that covers it among vloggers here.
@@MrSteven5975 Yes, you are indeed, most vloggers are young, they are not aware of those things, plus many are digital nomad expats but not retirees
its all about what you want.....to me, this budget is dead on......but put extensive unplanned travel on top of this.....$4500-5000
Definitely
Can you recommend any medical insurance that foreigners can buy out here in the Philippines?
You were talking about a maid. Do to a back injury I suffered a long time ago, I would love to have a professional maid, like a nurse or a massage therapist. What do you think it would cost me to have someone like this full time ? Please make sure, if you are able to answer my question and be kind enough to find the time, please make it a good pay. I would rather try to pay a little more and make someone happy to do their job. Thanks in advance.
It’s about $500 a month for a Nurse
@@MrSteven5975
Thank you.
I was asking because, I know I wouldn’t be able to afford any type of full time support or help from anybody, and certainly not from a professional nurse or massage therapist, and I am therefore seriously thinking of moving to the Philippines. Obviously it is not the only reason, as I would love to travel around in Southeast Asia. And why not having someone around you that could make things easier on me and my health. Again, thank you for your time to answer my question. Maybe I get a chance in the near future to thank you in person. All the best to you, your channel and your family.
Where are you located? That makes a big difference.
Trece Martires City
$250 a month for a maid? I dont pay that much for maid service in America. Is this full time? If so what else do they do? Cook, pay bills, laundry?
Nice video, very informative! New subscriber!
2500 budget is too much. My kids is only piso20k budget for one month. Pay for apartment rental
Electricity
Water and the rest are thier foods.
Many retire on this amount. In fact it’s actually common to retire on this amount.
$2500 is a rich family expenses.
Its true 2500 is a lot, my family budget is $1,500 and living lavishly house, car, helpers dogs, medical etc .... my mom is a wise spender 🥰 and she saves too and able to travel abroad ... but then we own the house that will cut your monthly bill :)
Cars are expensive in the Phils but not many miles on most cars...you want a super low milage car.