• About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe
No Result
View All Result
Live and Invest Overseas
FREE REPORT
BEST PLACES TO RETIRE
*No spam: We will NEVER give your email address to anyone else.
  • HOME
  • COUNTRIES
    • Top Destinations
      • Panama
      • Portugal
      • Colombia
      • Northern Cyprus
      • Belize
      • Spain
      • Mexico
      • France
      • Indonesia
      • Vietnam
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
Live and Invest Overseas
  • HOME
  • COUNTRIES
    • Top Destinations
      • Panama
      • Portugal
      • Colombia
      • Northern Cyprus
      • Belize
      • Spain
      • Mexico
      • France
      • Indonesia
      • Vietnam
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
No Result
View All Result
Live and Invest Overseas
No Result
View All Result
Home How to

4 Must-Know Tips To Save Money In Panama

Living In Panama On A Budget

Shaunette Bailey by Shaunette Bailey
Sep 17, 2020
in How to, In Focus: Panama, Lifestyle, Panama
0 0
0
Panama City, Panama

iStock/SL_Photography

260
SHARES
3.6k
VIEWS
Share on FacebookShare on Twitter

Many who visit Panama come away praising the country for its thriving economy, in which everybody benefits and products are affordable and easily accessible. My parents, who love visiting the isthmus, sing the country’s constant praise every day when they’re here. However, living here is a different story, and even though things are easily accessible compared to other countries, there are many additional things to consider, such as your monthly budget in relation to salary.

Your main expenses will be housing, food, and transportation, and, naturally, your spending habits will be dictated by the amount of money you earn.

To that end, here are some techniques I’ve discovered to make your budget stretch a little further while living here.

Dining In

A monthly grocery bill might range between US$400 and US$500 for a family of three, depending on where you make your purchases. Note, this does not include dining out. Supermarkets are diverse and prices vary. However, if your budget is tight and you don’t mind browsing around for the best prices, by all means, go for it.

El Rey is my preferred go-to supermarket because it has everything that I need. If you are looking for specific foreign products, then Riba Smith is your best option. Much to my surprise, I’ve seen many products that are local to the Caribbean that not many people know about—much less know how to cook—in Riba Smith.

Street markets such as the Mercado de Abastos and the Mercado de Mariscos (Seafood Market) will most definitely lighten your expenses, as products there are cheaper than in any supermarket.

Buying in bulk is a good option, especially if you have no interest in doing a weekly grocery run and prefer getting everything at one go. Meat, toiletries, and soap, for example, are best bought in bulk.

Then there are thetienditas, diminutive supermarkets largely owned by Chinese businesspeople. This option can be costly in the long run, though, as their products are typically priced higher than the same items would be in a larger supermarket.

Eating Out

With so many options to choose from in Panama City, eating out is a glorious experience. In this hot spot of diverse cuisine you can find Japanese, Korean, Chinese, Vietnamese, Italian, Spanish, French, Colombian, Cuban, Venezuelan, Arabic, and Caribbean foods, among many others.

Depending on the type of restaurant, you can pay up to US$100 or more for a really scrumptious meal, which is fine if your budget allows.

For a more economical option, try eating at afonda, the popular lunchtime restaurants known for their low prices. Although the meals are basic and simple, they are packed with flavor. Meals include one meat option of chicken, beef, or pork, and servings of staples and vegetables, all for US$4.50 (and sometimes less). This may or may not include a beverage.

Getting Around

Transportation costs can set you back another US$100 per month for both public and private transportation services (buses, metro, taxis), depending on frequency of use and how far your destinations are. For example, a trip on the Metrobus costs 25 cents, as opposed to going by taxi, where the minimum fee is US$1.25 (if you’re lucky to avoid gringo pricing). On the Metro, the cost is 35 cents per trip.

A price system is in place for taxis, but many drivers resort to the old way of doing things, giving an estimate rather than checking the actual price of a trip.

If you own and drive a vehicle, your monthly expenses will increase by another US$100 to US$200 for fuel. This excludes car repairs, regular servicing of the vehicle, and car insurance.

Second hand cars can be pricey because owners tend not to consider the depreciation of their vehicles but, rather, the year it was purchased. So, if a car was bought in 2013 and the owner wants to sell it three years later, be certain that price of that car will not be very cost-effective.

A Place To Hang Your Hat

Your rental cost, of course, will vary by location. Within the city, an unfurnished two-bedroom apartment in a middle-class residential area may go for about US$800 to US$1,200 a month. Upscale properties can see prices as high as US$5,000 a month. But, by traveling just 40 minutes outside the city, prices can decrease considerably, to approximately US$500 to US$700 for a three-bedroom home (with a high possibility of it already being furnished).

Panama City has a plethora of real estate agencies eager to assist in finding a place best-suited to your preferences. However, if you are more independent and prefer looking on your own, you can visit popular websites such as Encuentra24.com, Craigslist, or Olx.com.pa to view the latest listings. Treat this process as you would at home. Once you’ve found several options, go visit them and do your best to ask as many questions as you can.

All in all, to live comfortably here, a minimum monthly income of US$1,500 is ideal. Panama is one of the easiest places to settle down and raise a family, and once you’ve learned the ins and outs, the world is your oyster here. Living well in a tropical paradise is not unreachable, but well within your grasp.

Shaunette Bailey
Panama Insider

Tags: 'panama city'BudgetPanamasave moneystretch your budget
Share111Tweet62
Shaunette Bailey

Shaunette Bailey

Shaunette Bailey is an avid reader and music lover who grew up in Kingston, Jamaica, surrounded by green hills and white, sandy beaches. Her wanderlust was sparked when she began studying Spanish in high school, with her first trips to Cuba and Venezuela igniting the fire even more. Since then, she’s gone on to explore Central and South America before settling in Panama City, where she now works as an English teacher.

Related Posts

A farmhouse in Croatia
How to

4 Lessons We Learned Renovating Rental Property Overseas

by Kathleen Peddicord
March 26, 2023
0

In advance of the purchase of the property known as Lahardan House, the 200-year-old Georgian manor home we bought years...

Read more
Beautiful scenery of the waves of the ocean moving towards the shore in Santa Catalina, Panama

The Best Unspoiled Beaches In Panama Compared

March 22, 2023
iStock/espiegle

Live On An Island Like Royalty For A Bargain

March 21, 2023
View of the seaside town of Dunmore East, County Waterford, Ireland.

How We Made Friends While Living Abroad

March 12, 2023
Panama City, Panama

Why Panama City Continues To Be A Great Place To Invest

March 2, 2023
Senior couple sitting on chairs at summer beach

Your Plan For Retiring Overseas Can It Be Part-Time?

February 28, 2023
Overview of Coronado Beach near Panama City, Panama

Coronado, Panama

February 27, 2023

Start Your New Life Today, Overseas ...

A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we'll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today.

Get Your Free Panama Report Today!

​​Simply enter your email address below and we'll send you our FREE REPORT - 101 Things You'll Wish Someone Had Told You About Panama.
 

LIOS Resources


  • New To LIOS
  • Ask An Expert
  • Media Center
  • Contact Us
  • FAQs

Quick Links


  • Best Places To Live
  • Best Places To Retire
  • Finding A Job Overseas
  • Real Estate

Sign up for our free daily e-letter, Overseas Opportunity Letter, and get your FREE report: The 10 Best Places To Retire Overseas In 2023

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe

© 2008-2023 - Live and Invest Overseas - All Rights Reserved.

No Result
View All Result
  • Home
  • Countries
  • Budgets
  • Archives
  • News
  • Events
  • Bookstore
  • Newsletters
  • About Us
  • Members Area
  • Contact Us

© 2008-2023 - Live and Invest Overseas - All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Download your FREE report on

The Best Places To Retire In 2023

New Year, New You, New Life Overseas

Sign up for FREE and learn how to live the good life on a modest budget, find bargain property, and more. Plus, check out our free report on the 10 BEST PLACES TO RETIRE.

RETIRE OVERSEAS AND LIVE LIKE ROYALTY

Get Your Free Panama Report Today!
 

​​Learn more about ​​​PANAMA and other countries in our free, daily Overseas Opportunity Letter​​, as well as our ​In Focus: ​Panama ​newsletter​​​​​​. Simply enter your email address below and we’ll send you our FREE REPORT – ​​​101 Things You'll Wish Someone Had Told You About Panama.