Job Discussion Forums

Snowmeow · Joined: 03 Oct 2005 Posts: 24

Is saving $500 US a month a possibility as a teacher? Let's also suppose the teacher is living in a nice apartment in a safe neighborhood.

What is an excellent monthly income? 15,000 pesos/mo?

Is broadband internet available in Mexican homes?

Sorry! I am profoundly uninformed about Mexico but I am trying to learn.

guatetaliana · Posted: Tue Apr 08, 2008 2:26 pm Post subject:

Mexico doesn't strike me as a place to save money, especially if you want to live comfortably in an urban area.

We live in Monterrey and pay about $560 pesos a month for broadband/wireless internet + basic cable. We rent a great house in a nice sector of the city (We love our home and our neighborhood is a great place to live).

Buying food, gas, paying for utilities, and other daily necessities seems to take up a lot more income than we want. We basically don't own furniture. We go out with friends about once a month. With both of us teaching English, we still haven't been able to save any money after 6 months. But maybe others have had much better success with money and can share their tips.

Snowmeow · Joined: 03 Oct 2005 Posts: 24

Ok thank you for your response. I will cross my fingers but I may have to go elsewhere until I am debt free.

MELEE · Posted: Tue Apr 08, 2008 4:23 pm Post subject:

Snowmeow · Joined: 03 Oct 2005 Posts: 24

Supposing I can in fact make 15000 to 16000 pesos a month, could I save about 4000 of it?

According to Global TESOL ESL teachers in Mex make 6000-7000 on average a month - I don't know how accurate that is though because I know that on that site they seriously underestimate income in Korea.

But if somebody can live with the quoted MEX income, it must be possible to save if one is making more

http://www.globaltesol.com/teach_english/mexico.php

Thanks for your replies.

MELEE · Posted: Tue Apr 08, 2008 10:18 pm Post subject:

If you got a job paying 15,000 to 16,000 pesos (after taxes?) you could save 4000 or 5000 of it. You probably wouldn't have to scrimp and save, but you wouldn't be able to spend without thinking either...

I think in 2008 6-7000 would be the minimum to break even. I imagine that information is old. But I admit I have no idea what the average salary is.

ls650 · Joined: 10 May 2003 Posts: 3484 Location: British Columbia

I think it'd be difficult to save more than say $300 per month.

Oreen Scott · Joined: 11 Jan 2008 Posts: 179 Location: Oaxaca, Mexico

This piece of information may prove helpful. I haven't checked this out with the Mexican consulate, so this figure may be a little out of date, but to receive an FM3 visa to live in Mexico as a retiree you need to prove income of some sort in the amount to $1,100/month American and $600/month for each dependent.

So, someone in the Mexican bureaucracy decided that was the amount needed to prevent immgrants from living off the fat of the Mexican land, where there likely is very little fat.

Snowmeow · Joined: 03 Oct 2005 Posts: 24

Thanks, I will use that figure as a cost of living estimate for a foreigner in Mexico. I don't mean to draw any attention to myself I just didn't have any idea of what kind of expenses I might have, nor did I know what my pay was going to be. I found out earlier that my pay, if hired, will be much more than I expected earlier so I may not have any problems (it's not ESL teaching, sorry if I am breaking the rules of the forum).

What is the income tax rate? Around 30%?

I'll just keep my posts limited about life in Mexico after this

J Sevigny · Joined: 26 Feb 2006 Posts: 161

I think it would be absolutely impossible to save $500 US a month in Mexico unless you were earning close to 12,000 or 15,000 pesos and living in a very economical situation, with say, three roommates.

Standard of living is a really subjective thing. For me, 10,000 a month is what I need to survive in Monterrey. But buses here cost between 6 and 8 pesos, rent is more expensive, etc.

Leo726 · Joined: 27 Mar 2008 Posts: 37

Rent in Monterrey is more expensive than...?

dixie · Joined: 23 Apr 2006 Posts: 644 Location: D.F

guatetaliana · Posted: Wed Apr 09, 2008 5:32 pm Post subject:

MikeySaid · Joined: 10 Nov 2004 Posts: 509 Location: Torreon, Mexico

After taxes and everything I was making about 9,000 a month and the school provided my housing. I saw clean apartments in the city for 2,500-3,500 a month though. Renting a house with a couple of roommates could make your rent even lower.

All that said, I was saving 5,000 to 7,000 a month. So subtract 3,500 off of that and you're down to 150 to 350 dollars a month of savings if I had been paying rent. I think saving 500 a month would be difficult without teaching privates or having a really good paying job or getting free housing from your school.

FreddyM · Joined: 05 Jan 2006 Posts: 180 Location: Mexico

I think it's doable but it depends on a lot of factors like others have said. I manage to save that much, if not more, on average taking the entire year into account, making only about $10k take home cash a month, living in DF, renting an apt on my own. Of course, I do depend on vales, fondo de ahorro, aguinaldo, and various other opportunities to earn some money from the school throughout the year to bump up the savings (I don't do private classes). I don't socialize a lot, but don't do completely without either. So, it's not impossible, but might be difficult if you make less than $10k a month, want to live in a really nice place, and enjoy spending your money on the "good things in life."
If you have a reason for saving, some greater goal you are saving up for, you might be more motivated. I want to eventually buy my own place in DF, and the prices are expensive...so I have to do this if I ever want to realize that goal.