Thread: what is the real cost of moving to spain

I have a predicament:
I have the opportunity of moving to Spain.I am 50yr old.I have bought outright a small cortijo and have £400000 savings.Can i have a reasonable standard of life on this amount for the next maybe 30years?.I have no pension and no skills that would add to my income.

I have no doubt that your funds are available to use so you should be able to invest to give you an income. We (mother-i-law, wife and self) have only my pensions of approx €1100 per month to live on. We not only get by, but our money in the bank increases, month by month. True we don't have an extravagant lifestyle and invariably eat at home, none of us drinks or smokes. We are in a village up in the mountains so need a car to get around and we are very comfortable in a 2005 Citroën Berlingo.

Of course if you want to go for a more extravagant lifestyle (including a posh villa and a luxury car), then you may find that your capital may only last a year or two.

Originally Posted by mark1

I have a predicament:
I have the opportunity of moving to Spain.I am 50yr old.I have bought outright a small cortijo and have £400000 savings.Can i have a reasonable standard of life on this amount for the next maybe 30years?.I have no pension and no skills that would add to my income.

Hi Mark

If you were frugal, lived inland and lived a simple life you may well be able to survive on this amount. Also I assume you would want to minimise any risk on your capital and thus would only be looking at offerings from savings accounts, gilt edged bonds or similar in order to increase your capital? That said I've noticed recently despite the recession some banks are offering more favourable rates on savings (although always invest with care)......Have a good look round at what's on offer, I think your'll be pleasantly surprised ;-)

Another big positive you have is that you don't have to worry about mortgage or rent and your monthly income from capital purely has to cover food, rates etc. Baldilocks has already illustrated how his family live a happy, comfortable life on approx €1100 per month.

BTW where is your cortijo located?

I am sure the interest on 400 k would give you aprox 900 to 1200 euro per month. So you should be ok as long as you stick to a budget like Baldilocks. Good luck anyway whatever you decide.

Originally Posted by baldilocks

I have no doubt that your funds are available to use so you should be able to invest to give you an income. We (mother-i-law, wife and self) have only my pensions of approx €1100 per month to live on. We not only get by, but our money in the bank increases, month by month. True we don't have an extravagant lifestyle and invariably eat at home, none of us drinks or smokes. We are in a village up in the mountains so need a car to get around and we are very comfortable in a 2005 Citroën Berlingo.

Of course if you want to go for a more extravagant lifestyle (including a posh villa and a luxury car), then you may find that your capital may only last a year or two.

Is it any wonder you can all survive on €1100pm, when you keep trying to nick someone elses 'Shepherds Pie' !!!

Originally Posted by cadiar

Is it any wonder you can all survive on €1100pm, when you keep trying to nick someone elses 'Shepherds Pie' !!!

Your Shepherd's Pie (irrespective of whether you wear green or black wellies when you are making it) beats swmbo's lentils and rice any day!

EEEEWW never was fond of it but gone right of that pie now

Well I still like shepherds pie Gwen makes a good one dont know about Cadiars probably never will

Originally Posted by tonto

Well I still like shepherds pie Gwen makes a good one dont know about Cadiars probably never will

One can live in hope.