Before we even moved to Mexico, we repeatedly asked ourselves how much money we should actually set aside. The honest answer we can give today is: It depends heavily on where you live, how you live – and how well prepared you are. In this article, we give you realistic figures from our own daily lives, not glossy calculations from the internet.
One-time costs before moving
Before the first peso is even spent on monthly living expenses, costs arise that many underestimate:
- Visa feesDepending on the visa type (tourist visa, temporary or permanent resident visa), the costs and requirements vary significantly. As a rough guide: the consular fee for a temporary resident visa is around 56 USD; the total administrative costs over the entire length of stay (including card issuance and renewals until permanent resident status) can now amount to around 2,700 USD, converted into local currency.
- Translations & ApostillesBirth certificates, certificates of good conduct, and other documents often need to be officially translated and apostilled.
- Flight & first moveOne-way flights, possibly freight for furniture or personal items.
- Security deposit for the first apartmentIn many regions, 1-3 months’ rent is required as a deposit plus advance payment. In our case, it was a month’s rent – in our case around 19,000 pesos. However, rents here vary widely: depending on the location, amenities, and apartment, they are significantly cheaper, but also significantly more expensive than in our country.
- Buffer for the first few weeksUntil bank account, apartment, and everyday life are established, there should be sufficient cash reserve available.
Our recommendation: Plan a solid one-time cost buffer in addition to your ongoing expenses, so that unexpected expenses don't catch you off guard. Bureaucratic hurdles not immediately put you in financial distress.
The monthly living costs
Here, reality often diverges from the cliché that „Mexico is ridiculously cheap“. It’s true – compared to Germany, it’s much cheaper in many regions.. But the differences within Mexico are enormous.
Factors that most strongly influence costs:
- RegionTourist hotspots and popular emigration regions are noticeably more expensive than rural or less well-known areas.
- Living arrangement: A furnished apartment in an expat-friendly neighborhood often costs many times as much as an apartment in a local neighborhood.
- LifestyleThose who shop and eat locally save massively compared to imported products and visits to restaurants in the „tourist price segment“.
- MobilityHaving your own car vs. public transport/taxi/colectivos makes a big difference in the monthly balance.
Costs that are often forgotten
- Health insurance: A private foreign health insurance or a local Mexican insurance is a recurring, non-negotiable expense.
- Bank fees & currency exchangeTransfers from Europe and cash withdrawals can add up due to fees and exchange rates.
- Tax adviceAnyone who continues to earn income in Germany or who establishes a company in Mexico often cannot do without tax advice (also regarding the issue of double taxation agreements).
- Returning to the homelandFamily visits, Christmas, important occasions – these have a greater impact in the long run than many people plan.
Our honest assessment
There is no universal number that applies to every expat – anyone who claims that is usually selling you a course or a coaching program. What we can say from our own experience: anyone who arrives with a solid safety cushion and is willing to carefully monitor what the money actually goes towards in the first few months can save themselves a lot of financial stress.
Our advice for getting started
- Research the cost of living specifically for your destination region, not for „Mexico“ in general.
- Plan for a generous starting reserve for the first 3-6 months.
- Be aware of the first few weeks as a „local“ to get a realistic sense of the actual expenses before committing to a long-term arrangement (e.g., with a year-long rental agreement).
- Get health and travel insurance before you land, not after.
Would you like to learn more about our journey to Mexico? Take a look at our Videos on YouTube where we have been accompanying our story from the very beginning – even since the first preparations in Austria.
By the way: Everything about finances, insurance and health insurance can be found in detail in our Checklists for emigration to Mexico.
This might also interest you
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- Car buying in Baja California Sur: Chocolate cars, imports and paperwork
- Fideicomiso or company? How we, as foreigners, actually bought land in Mexico
- Is life in Mexico really that much cheaper?
An important note about our contributions
Everything we share here is based on our own experiences and on research that we conduct to the best of our knowledge and conscience.
However, we are not lawyers, tax advisors or other professionals, and we cannot guarantee that all information is complete or up-to-date.
Laws and regulations may change, and depending on the region in Mexico, the situation may differ.
Our advice: Before relying on the information in this blog, please check with the relevant authorities or local professionals yourself.
We want to help you with our experience, but you cannot take the responsibility for your own decisions away from us. 😊