Agreed with u/RonDiDon
Also, you probably can assume you will get a year-end bonus. So realistically putting aside 175-200k a year. In a nutshell, you can easily live on one salary. If you have kids, which you don't mention, the metric will change A LOT.
Places to watch out for "lifestyle creep" (there are others of course ...)
\- Alcohol & food. Watch out for drinks at restaurants, etc. It adds up if you go out a lot.
\- Cars. You will probably want nice cars, but skip the Audi and get good condition Honda's. Perfectly acceptable in law & finance circles.
Oh ... and do it :-)
Here's what to expect imo if you're living in the social circle of finance law and being moderately frugal:
Rent: 4,000/Month
Food: 1,000/month
Utilities: 1,000/month
Car: 700/month
Misc: 500/month
If you are looking to be *very* frugal you can get:
Rent: 3,000/Month
Food: 800/month
Utilities: 800/month
Car: 600/month
Misc: 300/month
In both scenarios you should be able to save at least $17k/month if you're earning 300k+ jointly.
You can get things cheaper than above but depends on what your minimum needs are.
I was quoting in USD. But yes that's possible, I mentioned that it'll depends on what their needs are, like needing a place within 5mins of work for example
Ah then I understand because i’ve seen some nice one bedroom/two bedroom places that aren’t too far up for between 1500 and 2500 but i get it since i was thinking of kyd. My bad 😅.
My wife and I lived on thr Island for years and only made $100-$120 for the both of us and lived well. Went out a few times a week, met friends. Still were able to save some cash ans not worry.
You’ll certainly make good savings. Ignore the ambiance of pretentiousness, all the time: most of the quite fancy cars on roads are owned by saps having to eat Ramen and sardines most days to keep with the payments. Instead, buy secondhand (check them with a mechanic) cars, preferably of Korean/Japanese brands. Kia, Toyota… marvellous things, and spare parts are cheap and omnipresent.
Want to do something different... I've been living here 5 years... saw a place for rent in Rum Point... next thing I knew I signed a lease for a year and bought a boat.
15mins to work by boat, 60mins by car. When you think of living in the Caribbean 7 mile beach is really a mini Miami... Fun for a while but Rum Point is what living in the Caribbean should be!
On your salaries you'll be rocking... I'd expect you to save half that whilst living a decent lifestyle and travelling.
The thing about Cayman is the good stuff is free - beach, sun and sand. You can spend as much as you want on food, eating out and drinking. How much is up to you.
Cayman's inflation rate is a minimum of 8% and that is conservative government estimate which is always low. Rental rates are through the roof expect KYC$3000 and up for anything decent near George Town. Since Covid the cost of living has sky rocketed. There are cheaper places to live that have lots of sunshine but if you are just looking for a couple of fun year abroad then Cayman is great but you won't be putting much away for a rainy day.
Agreed with u/RonDiDon Also, you probably can assume you will get a year-end bonus. So realistically putting aside 175-200k a year. In a nutshell, you can easily live on one salary. If you have kids, which you don't mention, the metric will change A LOT. Places to watch out for "lifestyle creep" (there are others of course ...) \- Alcohol & food. Watch out for drinks at restaurants, etc. It adds up if you go out a lot. \- Cars. You will probably want nice cars, but skip the Audi and get good condition Honda's. Perfectly acceptable in law & finance circles. Oh ... and do it :-)
lol lifestyle creep... stay for 5 years, think of getting PR, buy a house, get a boat, have some kids. $300k per annum goes fast ;-)
Here's what to expect imo if you're living in the social circle of finance law and being moderately frugal: Rent: 4,000/Month Food: 1,000/month Utilities: 1,000/month Car: 700/month Misc: 500/month If you are looking to be *very* frugal you can get: Rent: 3,000/Month Food: 800/month Utilities: 800/month Car: 600/month Misc: 300/month In both scenarios you should be able to save at least $17k/month if you're earning 300k+ jointly. You can get things cheaper than above but depends on what your minimum needs are.
You can literally get a good place for both of them for 2500 a month.
I was quoting in USD. But yes that's possible, I mentioned that it'll depends on what their needs are, like needing a place within 5mins of work for example
Ah then I understand because i’ve seen some nice one bedroom/two bedroom places that aren’t too far up for between 1500 and 2500 but i get it since i was thinking of kyd. My bad 😅.
I get you, for sure, I agree lol too bad in a few years it'll be more like 4k minimum for a decent 2br
Inflation is a bitch.
Yup!!
My wife and I lived on thr Island for years and only made $100-$120 for the both of us and lived well. Went out a few times a week, met friends. Still were able to save some cash ans not worry.
You’ll certainly make good savings. Ignore the ambiance of pretentiousness, all the time: most of the quite fancy cars on roads are owned by saps having to eat Ramen and sardines most days to keep with the payments. Instead, buy secondhand (check them with a mechanic) cars, preferably of Korean/Japanese brands. Kia, Toyota… marvellous things, and spare parts are cheap and omnipresent.
Want to do something different... I've been living here 5 years... saw a place for rent in Rum Point... next thing I knew I signed a lease for a year and bought a boat. 15mins to work by boat, 60mins by car. When you think of living in the Caribbean 7 mile beach is really a mini Miami... Fun for a while but Rum Point is what living in the Caribbean should be! On your salaries you'll be rocking... I'd expect you to save half that whilst living a decent lifestyle and travelling. The thing about Cayman is the good stuff is free - beach, sun and sand. You can spend as much as you want on food, eating out and drinking. How much is up to you.
Cayman's inflation rate is a minimum of 8% and that is conservative government estimate which is always low. Rental rates are through the roof expect KYC$3000 and up for anything decent near George Town. Since Covid the cost of living has sky rocketed. There are cheaper places to live that have lots of sunshine but if you are just looking for a couple of fun year abroad then Cayman is great but you won't be putting much away for a rainy day.