Welcome to our financial review for 2023! Below, we’ll detail how we each got on this year, including progress towards our FIRE goals. 

We’ll also be posting a more personal review from Mr Way, as well as our annual spending summary for 2023, so keep an eye out for those! 

Continue reading “2023 Financial Review” →

Summary 

We’ve been living in the Caribbean for over a year now. Time flies! We wanted to provide a summary of our first year of Turks and Caicos living costs. This includes all setup costs like a new car, housing deposits etc. 

Our first year abroad also included a couple of expensive trips away which don’t help the total here! We really wanted to make the most of our time here because we aren’t certain how long this adventure will last.  

We break our main expenses down into broad categories starting with the big 3; housing, food and transport. Everything else falls into the entertainment/misc category. 

Category	Amount (£)	Amount ($)	Notes
Housing	£36,178	$43,414	See below
Food	£8,739	$10,487	See below
Transport	£14,348	$17,217	See below
Entertainment/misc	£17,573	$21,087	See below
Total ($)		$92,205
Total (£)	£76,838

Housing 

Our housing costs have rocketed due to the cost of living in Turks and Caicos. Our rent here is more than our entire living costs were in the UK! 

When we moved, there were very few options available for long term rental. Most landlords in Turks and Caicos have gone to short term rentals to maximise profits.  

We ended up in a very nice place, but it really hurt us financially. We’re spending $2,850 per month for a 2 bedroom, before any bills.  

Luckily we keep our bills very low by refusing to use the air conditioning! This gets much harder in the sweaty summer months….. 

We could have gone for somewhere cheaper for rent, but we would have probably ended up needing a second car, so the costs would have distributed elsewhere. It also feels incredibly safe where we are and we can walk to one of the best beaches in the world!

Food 

Our food costs have also increased significantly due to our new location. With everything being imported, costs are 2-3x what we’re used to, which is typical of the cost of living generally in Turks and Caicos. We still try to be as savvy as possible though! 

The ‘food’ category contains everything we spend in the supermarket, so it has some toiletries etc thrown in.  

We always go to a ‘local/bulk’ supermarket to try and keep costs down, with anything else being bought at the bigger supermarket.  

Transport 

Our transport spending has been significantly distorted by the cost of purchasing a new car after moving to Turks and Caicos. We did sell our car in the UK, with the new Caribbean vehicle only costing slightly more, so it’s not as bad as it seems.  

We wanted to include this in the total spending for the year because it’s an essential for getting set up in a new country. Especially one with no public transport!  

Aside from that, we actually keep our costs quite low. Mr Way cycles to work almost every day and we walk as much as possible. This is very unheard of on the island and we get lots of strange looks! 

This is one of our biggest gripes about living here. Nothing has been planned logically, so most places are not walkable and in fact many areas don’t even have a footpath.

It’s unfortunate to see such a beautiful place not being planned properly for pedestrian use – unfortunately car usage here is very high and most vehicles are huge American trucks! Don’t get me started on the driving – most people are on their phone every time they drive and drink-driving is worryingly common!

Entertainment/Misc 

This category has been inflated by a big trip to New York in December, as well as lots of general sightseeing, activities and eating out in our new country. All well worth it! 

We also had a trip to Antigua, which was very expensive. 

All in all, a very fun and very expensive year.  

That’s All for Now, Folks! 

In theory, the living costs would settle down somewhat after the initial year in Turks and Caicos. Big purchases like the car are out of the way, and we’ve started to settle into more of a routine here. 

Unfortunately, we’re about to flip that on it’s head! 

We’re moving country again this summer for Mr Way’s job.  

We’ll still be in the Caribbean but will now be exploring a new country. We’re hoping we will be able to find somewhere cheaper to live, so that will be a significant help on the accommodation expenses.  

However, Mrs Way won’t be working as she was unable to find a job. This means we lose her income which will have a significant impact on our overall financial picture. If we spend the same as we have this year, we’ll be in trouble! Time to go back to our frugal ways and see how low we can push our living costs for the coming year.  

Savings 

This year, despite our huge spending total, we’ve still managed to contribute some funds to our FIRE Fund. This totals approximately $30k and is possible due to both of us working. As mentioned above, this won’t be the case soon, so we’ll have to see how the coming year progresses.  

Even if we can’t contribute to our FIRE Funds in the next 12 months, we’re still keen to go on this new journey and explore a new country within the Caribbean. We’re enjoying the adventure as a family and that’s what it’s all about for us.  

Our FIRE Fund targets remain at £375,000, or £15,000 annual spending each. While this seems low compared to our current costs, it’s still our aim to retire in the UK, or somewhere with similarly low expenses. 

We’ll continue to post our spending every month, and we also do a more in-depth review of our spending at the end of the calendar year.  

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