Expat Community > Colombia

fecherklyn
Joined 2015
Posts: 1459

Variable cost structures in Colombia

2 years ago

“Variable Cost Structures in Colombia” sounds as if what I am about to post is very complex, but it isn’t – I just cannot think of another title. What I am posting is the result of my latest examination of HOW my costs in Colombia have changed over time. Obviously, my cost structure, and how it changes are very personal, so I will not be stating actual COP values, but simply the %age changes.

It also helps that when I quit working I “borrowed” one of my ex-employers financial management models which permit me to track my incomes/expenditures in a very easy manner. Example, the main budget/cashflow summary statements contain approx 500 line items; but it only takes me a few minutes each day to update. I have been using this technique since 2000, so I have a remarkable tool to see exactly what I have been up to (bad memories too often).

Today, I am presenting how my COLOMBIAN expenditures have varied between 2016 and today. These results only concern what/how I have spent money in Colombia.
The main cost centers are as follows:

Optional/personal costs: 2016/20.52% - 2022/32.91%
Household costs: 2016/45.99% - 2022/30.35%
Healthcare: 2016/19.99% - 2022/26.97%
Pet costs: 2016/2.76% - 2022/zero %
Vehicle/taxi costs: 2016/2.71% - 2022/2.54%
Postal, notary & legal costs: 2016/2.17% - 2022/0.37%
Colombia taxes: 2016/2.11% - 2022/a.19%
Gifts & charities: 2016/1.57% - 2022/4.09%
Leisure & entertainment: 2016/1.02% - 2022/1.21%
Exceptional/unbudgeted: 2016/1.01% - 2022/zero%
Other costs: 2016/0.16% - 2022/0.37%

As you can see, a few of my cost structure items have changed significantly. None of these changes is a mystery to me as they simply represent the manner in which my household has reacted to, not only inflation, but also our own family attitudes and desires.

What I think could interest forum members is the high %age we spend on healthcare and personal/optional costs. To enlighten you, we are an elderly family and this illustrates clearly how aging gradually flexes its muscles within the overall budget. Would be retirees looking to live in Colombia need to take into this into account as healthcare OUTSIDE the EPS services is not cheap.

As for personal/optional costs, we take the view we are entitled to enjoy ourselves after a long working life and our budgetary means allow us to do so. Clearly, expats coming to Colombia because of its lower “living” costs may not be able to indulge themselves to the same extent.

I will not go on, and on, but go ahead and ask questions if you want to.

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Living in Colombia Guide

Expats in Colombia discuss the pros and cons of living in Colombia. From the Colombian people to driving to taxes and more. As challenging as it can be, expats in Colombia clearly find that there is a lot to love about a country that is a surprising expat hot spot.

Colombia Forum
Join our Colombia forum to meet other expats and talk about living in Colombia.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Colombia.

Best Places to Live in Colombia

If you're considering a move to Colombia, here are the 15 Best Places to Live in Colombia in 2023.

Healthcare in Colombia

Our guide to healthcare in Colombia covers public and private healthcare in Colombia, hospitals, vaccinations, prescription medications and more.

Cost of Living in Colombia

Expats offer insight into the cost of living in Colombia.

Moving to Colombia Guide

With its bustling cities, beautiful beaches and friendly Colombians, Colombia is an increasingly popular destination for expats of all ages. Expats in Colombia offer insightful tips for those moving to Colombia.

Real Estate in Colombia

Real estate listings in popular cities and towns in Colombia.

Pros & Cons of Living in Colombia

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Colombia.

Retiring in Colombia

Advice for people retiring in Colombia.

10 Tips for Living in Colombia

If you've recently arrived in Colombia, here are 10 tips for digital nomads living in Colombia.

Additional Information:

Visit our Colombia Index for a Full List

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Contribute
Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.

Login

Or, Send Login Link

Expat Community > Colombia

Variable cost structures in Colombia

Login