How to save money in Panama

Last activity 11 July 2017 by Tough1sweet1

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PriscillaViP04 July 2017 10:28:08

42358

Hello everyone,

Did you plan your budget before your move to Panama? If so, how did you go about it?

How do you save money in your day to day life? Do you find there are any areas where you can't cut costs?

Do you have any tips about saving money in Panama? For example, getting the best deals on accommodation, grocery shopping and dining out, the best value transportation, etc..

Are there any apps or websites that have helped you to save money?

Thank you for sharing your experience.

Priscilla

kristc99Serial expat04 July 2017 14:02:07

881

We visited to get an idea of what things cost. Otherwise, it's like anywhere. Find an affordable place to live. Find out where the locals shop for the best prices. Don't eat out. Buy only what you really need. Live a minimalist lifestyle. Enjoy what's around you rather than paying for entertainment. We live really well here for about $1200/mo. (David, Chiriqui)

Tough1sweet1Active member11 July 2017 03:57:31

Save money by not living there; not getting ripped off as most gringos do, big time. About a third of the people that buy real estate in Panama get screwed out of their investment: both the property and the money. I just met an experienced real estate broker who lives in New Jersey, he bought and lost 12 condominiums (over $1 million dollars) on a real estate deal in Panama. Unfortunately I can supply you the names of MANY people who have lost hundreds of thousands of dollars in real estate in Panama. Or lost hundreds of thousands in business ventures. As a gringo, you will pay higher prices for everything, from one lousy pineapple to legal fees. Groceries are about 40% higher, electricity is very expensive. If you want to go live in the jungle without hot water, reliable internet, mosquito screens (almost NO construction has these) or air conditioning; without security gates or guards or a swimming pool. Just don't buy a house, apt., business or use a lawyer for anything.

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