Your Money Shrinkage

[chico bill]

The US Census Bureau reported that the median family has lost a total of $7,180 in real income since 2019.
2019 was pre-pandemic. I wonder how closely the DR tracks real spending power.
Of course the only way I can gauge this is how my own living in DR has been impacted.

I buy food and fuel and some hardware items as well as Amazon on my credit card.
I track all this on a spreadsheet and it fluctuates in some months because of insurances, or dentist bills, etc.
But my average credit card monthly expenditures have gone from about $1,400 in 2019 to $2,300 this year.
That's a whopping 64% increase in 4 years, or 16% per year.

I am sure other have some measure of their real cost of living in DR and I would be curious to hear what magnitude others reflect ?

 

[NanSanPedro]

I also keep that stuff in a spreadsheet. I have only noticed an increase in the last year. But, given that I'm saving between $750 - 1000 each month on rent and utilities, I'm not complaining.

 

[Northern Coast Diver]

about $1,400 in 2019 to $2,300 this year.
That's a whopping 64% increase in 4 years, or 16% per year.

I am sure other have some measure of their real cost of living in DR and I would be curious to hear what magnitude others reflect ?

Sounds about right. But we are both on the North Coast, other parts of the country might have a different tale to tell.

 

[cavok]

I keep pretty close track of my expenses. With inflation and the drop in exchange rate, my expenses have gone up 30% in just the last two years and I have cut back on some things.

 

[Peterj]

To avoid stress and a bad feeling I keep absolutely no track of my expenses.
This has been working very well since last millenium.

BTW when I hear/read the word shrinkage only Seinfeld comes to mind

 

[JD Jones]

I also keep that stuff in a spreadsheet. I have only noticed an increase in the last year. But, given that I'm saving between $750 - 1000 each month on rent and utilities, I'm not complaining.

Same here.

Mine is a little different. I record my total worth every month, a sum of my bank accounts after I pay my card and receive my SS.

 

[NanSanPedro]

Same here.

Mine is a little different. I record my total worth every month, a sum of my bank accounts after I pay my card and receive my SS.

Interesting but I do mine on an annual basis. I track from my retirement anniversary. For the first 3 years, my net worth actually increased because of the market.

 

[keepcoming]

Just a reminder all posts must be DR related, money shrinkage effects in DR.

 

[JD Jones]

Interesting but I do mine on an annual basis. I track from my retirement anniversary. For the first 3 years, my net worth actually increased because of the market.

You and I and the rest of us doing this are lightyears ahead of most folks living here.

During my entire career of working in Free Zones, I tried to get my employees to track their money like this. The first step in budgeting and learning to control their expenses.

Sounds easy, but I can count on one hand how many of them did it while they were my employees.

Dominicans can be very fatalistic in their opinions about money/saving/budgets.

 

[NanSanPedro]

If you figure on average I have saved $800/month, for 60 months by living in the DR. That's $48k. That's a big chunk of chain for someone with dwindling years left.

 

[chico bill]

You and I and the rest of us doing this are lightyears ahead of most folks living here.

During my entire career of working in Free Zones, I tried to get my employees to track their money like this. The first step in budgeting and learning to control their expenses.

Sounds easy, but I can count on one hand how many of them did it while they were my employees.

Dominicans can be very fatalistic in their opinions about money/saving/budgets.

Budgets are not something most Dominicans do. They spend till it's gone.
It's like that old joke about the blond who said she couldn't be out of money because she still had checks.

 

[NanSanPedro]

Budgets are not something most Dominicans do. They spend till it's gone.
It's like that old joke about the blond who said she couldn't be out of money because she still had checks.

Same with Haitians. However I have convinced my kid to save and he has quite a nice nest egg saved up.

 

[william webster]

For those spending more, has nobody calculated which items in the budget are the culprits ??

You can't remedy the problem without doing knowing where the problem(s) is/are

 

[NanSanPedro]

For those spending more, has nobody calculated which items in the budget are the culprits ??

You can't remedy the problem without doing knowing where the problem(s) is/are

For me it's food more than anything else. Utilities maybe contribute a little, but not that much. Other expenses remain the same.

 

[william webster]

I guess you can';t tell which food items ...... but if you start to follow it, you might see

 

[AlterEgo]

For me it's food more than anything else. Utilities maybe contribute a little, but not that much. Other expenses remain the same.

I agree, food costs went up a lot. In supermarkets and restaurants. Paying help in house and finca more. Insurance stayed about the same, I don’t buy clothing there. Fixed rate electricity went up a little.

 

[AlterEgo]

I guess you can';t tell which food items ...... but if you start to follow it, you might see

Chicken and meats, coffee. Limes. Platanos.

 

[chico bill]

For those spending more, has nobody calculated which items in the budget are the culprits ??

You can't remedy the problem without doing knowing where the problem(s) is/are

Food mainly, dog and human, but also sundries. I have cut back some on driving so my fuel costs are limited.
And don't get me started on electricity !
But Claro offered me a new plan with less talk ( I never talk) and more data for 500 pesos less - so there is that

 

[chico bill]

Chicken and meats, coffee. Limes. Platanos.

Cereal, peanut butter, cheese bread, yogurt, real butter. Beer too and bacon. Fruit is outrageously high and the apples are almost always soft.
Eggs might be the only item holding the line at a decent price.

Oh and laundry detergent and toothpaste - all higher

 

[chico bill]

I agree, food costs went up a lot. In supermarkets and restaurants. Paying help in house and finca more. Insurance stayed about the same, I don’t buy clothing there. Fixed rate electricity went up a little.

Me either - I've gone commando