Video by Our Rich Journey
Silver Coast, Portugal: What a Family of Four Spends
Our Rich Journey, a family of four who retired early in Portugal, say that, leaving out housing (paid in cash) and school fees, they are paying less than $20,000 a year on the Silver Coast. Their monthly budget had $15 property tax, $60 gas and electricity, no water bill thanks to a well, and $125 family health insurance.
What it cost them
As stated in the video, September 2020. Prices change; these are theirs.
| Property taxhouse paid in cash, no mortgage | $15 a month | ▶ 2:03 |
|---|---|---|
| Property insurance | $22 a month | ▶ 2:03 |
| Home maintenance fundset aside; renovations budgeted separately | $100 a month | ▶ 2:33 |
| Gas and electricityno water bill; house is on a well | $60 a month | ▶ 3:36 |
| Cable, internet and four cell phonessame package as in Lisbon | $90 a month | ▶ 4:07 |
| Groceriesestimate | about $300 a month | ▶ 4:40 |
| Eating outestimate | about $200 a month | ▶ 4:40 |
| Car insurancecar bought with cash | $35 a month | ▶ 5:45 |
| Diesel fuelexpected | about $75 a month | ▶ 5:45 |
| Vacation fund, including local activities | $200 a month | ▶ 7:51 |
| Private health insurance, family of fourincludes low co-payments | $125 a month | ▶ 8:54 |
| Colonoscopy co-paypaid with change from his pocket | a little more than $3 | ▶ 9:27 |
Their situation
- Place
- Silver Coast, Portugal ▶ 0:00
- Household
- Family of four, retired early after leaving federal jobs ▶ 1:01
- Before the move
- Almost a year in Lisbon ▶ 1:01
- Time in the house
- About a month; figures are what they expected to spend ▶ 1:01
- Housing
- House bought with cash, no mortgage ▶ 1:31
- Currency
- US dollars, since they transfer money from US bank accounts ▶ 2:33
Questions this video answers
How much is property tax on their Silver Coast house?
Our Rich Journey say property tax on the house they paid cash for is only $15 a month, and property insurance is $22 a month. ▶ 2:03
Do they pay a water bill on the Silver Coast?
No. They say the house is on a well that has been tested and is safe to drink, so they have no water bill. The pump uses electricity, and gas and electricity come to $60 a month. ▶ 3:36
How much do they spend on food each month?
They estimated about $300 a month on groceries and about $200 a month on eating out. They hope their garden will eventually supply most of their groceries. ▶ 4:40
What does their health insurance in Portugal cost?
They pay $125 a month for private health care coverage for their family of four, with low co-payments. He says his co-pay for a recent colonoscopy was a little more than $3. ▶ 8:54
What is their total yearly cost of living on the Silver Coast?
Leaving out housing, which they paid in cash, and their daughters' school fees, they say they are paying less than $20,000 a year, well below what their early-retirement plan assumed. ▶ 11:34
The moments, in order
Press ▶ to play the video from that second.
- ▶ 2:03
They paid cash for the house, so they have no mortgage. Property tax on it comes to only $15 a month and property insurance to $22 a month.
as stated, September 2020
- ▶ 3:36
The house runs on a well that has been tested as safe to drink, so they pay no water bill. The pump runs on electricity, and gas and electricity together come to $60 a month.
as stated, September 2020
- ▶ 4:07
A $90 a month package covers cable, internet and phones, including 12 GB of data on each of the family's four cell phones. They moved the same package over from Lisbon at the same price.
as stated, September 2020
- ▶ 4:40
They estimate about $300 a month on groceries and about $200 a month on eating out, and hope their garden will one day supply most of their food. They say a full-course meal can cost less than $10 (the price given for a beer is unclear in the captions).
as stated, September 2020
- ▶ 5:14
In Lisbon they mostly used public transport, but on the Silver Coast they need a car. They bought one with cash and set aside $50 a month for its maintenance.
as stated, September 2020
- ▶ 5:45
Car insurance costs $35 a month. They chose diesel because diesel cars are common there, keep a higher resale value, cost less to fuel and get better mileage. They expect to spend about $75 a month on diesel.
as stated, September 2020
- ▶ 7:20
In Lisbon they paid a private Portuguese tutor for a while. Since the move they learn the language on their own, so that cost is gone.
- ▶ 8:54
Private health insurance for the family of four costs $125 a month and includes low co-payments. They call it a great deal.
as stated, September 2020
- ▶ 9:27
His co-pay for a recent colonoscopy was a little over $3, which he paid with change from his pocket. He says you can get state-of-the-art care the next day rather than waiting months.
as stated, September 2020
- ▶ 11:34
Leaving out housing (paid in cash) and school fees, they are paying less than $20,000 a year. That is well under what their early-retirement plan assumed, and they call it a pleasant surprise. The monthly total they give is unclear in the captions.
as stated, September 2020
This is their experience, retold in our words, and not medical, insurance or financial advice.