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Family of 4 on a USD $90k Salary

Family of 4 on a USD $90k Salary

Old Feb 21st 2019, 7:25 am
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Default Family of 4 on a USD $90k Salary

Hi,
I have been offered a role in the Cayman Islands and we are going to move there in a few months. My question is simple:
We are from the UK and have 2 daughters in school age. we do not go out for dinner that often and i think that we can get along with 1 car to start with. can we afford to live in a 3 bedroom condo with a shared pool, close to the beach in George Town and have both my daughters in private education (around CI$20K a year for both?)
I know this question has been asked before but i am tailoring it to my specific situation. to be honest.... i didnt think they would offer the role but they did so now I am terrified of the idea of ha=ving to move as I have come to realize how expensive the Islands are and I dont know if my salary would be enough to cover our family expenses and allow me to take care of them.

Thanks for all your help!
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Old Feb 21st 2019, 12:08 pm
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Default Re: Family of 4 on a USD $90k Salary

It would help if you told us what job ("role") you have. Is it with government? Also, where your accommodation would be. Have you read all the other enquiries in this Cayman section?

Last edited by Gordon Barlow; Feb 21st 2019 at 12:11 pm.
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Old Feb 22nd 2019, 1:35 am
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Default Re: Family of 4 on a USD $90k Salary

All prices in CI$:
10K per annum Each per kid for education
Rental for 3 bed in decent area 30k per annum (can be cheaper depending on where see ecaytrade.com) Prices seriously rising
Medical for 3 dependants can be easily 10k per annum (check with employer)
Times your UK food and drinks bill by 2.5
Leccy can be easily over $200 a month in the summer prob more like $300 for a family (prices have risen 20% in a year)
Water for a family of 5 should be a 2/3 bucks a day
Cost of a car is ridiculous (see ecaytrade.com), factor about $500 to insure per annum

You could live on USD$90k but your standard of living will probably drop. My gut instinct is, nowhere near enough
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Old Feb 22nd 2019, 12:46 pm
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Default Re: Family of 4 on a USD $90k Salary

Thanks for that!... so what salary do I need then to be able to live a simple life in the Caymans?
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Old Feb 22nd 2019, 1:25 pm
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Default Re: Family of 4 on a USD $90k Salary

Will PM you
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Old Feb 22nd 2019, 3:53 pm
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Default Re: Family of 4 on a USD $90k Salary

To the OP. TandD knows his stuff, and will guide you well. My wife and I were talking about your dilemma just now, and agreed that several things might stand in the way of your being comfortably off here on CI$75,000. That's a good high wage, but not so high with two children in tow. Questions:

How much will you yourselves have to pay for medical insurance? The Law - as I remember it - requires that an employer pay half of his employee's insurance; some employers pay half of his dependents' insurance as well; and some pay the whole family's. Next: where will you be working, and how close do you want to live? What will your hours be? If you have to face the rush-hour traffic, that would add anything up to 90 minutes to your working day. If your place of work is Camana Bay and you live nearby, you'll save on the commute but pay a higher rent. Three-bedroom units might cost more than $30K a year, up around there. If you live a distance away from your workplace, you might need more than one car. (We've always had two cars, even in retirement. Also, $300 a month sounds pretty cheap for electricity, with full air-con in a three-bedroom place. Does it have to be three bedrooms?

Would this be your first time away from Britain? (If so, the culture-shock has to be factored in.) Also, have you visited Cayman before, or anywhere else in the region? Would you want to go home every year for holidays? Our budget includes $8-10,000 a year for airfares, for either us to visit or grandchildren to visit..

$20K seems a bit on the low side for schooling and all the expenses that go with kids' after-school expenses.
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Old Feb 25th 2019, 5:58 pm
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Default Re: Family of 4 on a USD $90k Salary

Hi TanD2017
i cant see private messages as I am a new member.
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Old Feb 26th 2019, 10:41 pm
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Default Re: Family of 4 on a USD $90k Salary

Ah, OK
It was mostly a link to Cayman Resident regarding cot of living as an idea of prices here
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Old Feb 27th 2019, 4:35 am
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Default Re: Family of 4 on a USD $90k Salary

Originally Posted by rasty1980 View Post
Hi TanD2017
i cant see private messages as I am a new member.
you can now you have three posts
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Old Feb 27th 2019, 6:21 am
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Default Re: Family of 4 on a USD $90k Salary

Originally Posted by TandD2017 View Post
Ah, OK
It was mostly a link to Cayman Resident regarding cot of living as an idea of prices here
It would be helpful if you could put that on the forum so that anybody else reading, now or in the future, can benefit too.

Thx.
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Old Feb 28th 2019, 12:06 am
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Default Re: Family of 4 on a USD $90k Salary

https://caymanresident.com/move/cost...uple-children/
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Old Mar 15th 2019, 7:35 pm
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Default Re: Family of 4 on a USD $90k Salary

To Rasty - the OP... So what did you decide, in the end? I'm sure the rest of us want to know!
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